UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)
CALIFORNIA COASTAL COMMUNITIES INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
129915203
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(CUSIP Number)
December 31, 2007
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1 (b)
|_| Rule 13d-1 (c)
|X| Rule 13d-1 (d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 129915203
(1) Names and I.R.S. Identification Nos. (entities only) of reporting
persons.
Fursa Alternative Strategies LLC
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(2) Check the appropriate box if a member of a group (see instructions)
(a)|_|
(b)|_|
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(3) SEC use only.
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(4) Citizenship or place of organization.
Delaware
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Number of shares beneficially owned by each reporting person with:
(5) Sole voting power: 949,869
(6) Shared voting power: 0
(7) Sole dispositive power: 949,869
(8) Shared dispositive power: 0
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(9) Aggregate amount beneficially owned by each reporting person.
949,869
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(10) Check if the aggregate amount in Row (9) excludes certain shares |_|
(see instructions).
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(11) Percent of class represented by amount in Row 9.
8.75%
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(12) Type of Reporting Person (see instructions).
IA
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Item 1(a). Name of Issuer:
California Coastal Communities Inc. ("Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
6 Executive Circle, Suite 250
Irvine, California 92614
Item 2(a). Name of Person Filing:
Fursa Alternative Strategies LLC
Item 2(b). Address or Principal Business Office or, If None, Residence:
444 Merrick Road, 1st Floor
Lynbrook, NY 11563
Item 2(c). Citizenship:
Delaware
Item 2(d). Title of Class of Securities:
Common Stock, par value $0.05 per share
Item 2(e). CUSIP No.:
129915203
Item 3. If this statement is filed pursuant to ss.ss.13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) |_| Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) |_| Bank as defined in section 3(a)(6) of the Act
(15 U.S.C.78c).
(c) |_| Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C. 78c).
(d) |_| Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C 80a-8).
(e) |X| An investment adviser in accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance
with ss.240.13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance
with ss.240.13d- 1(b)(1)(ii)(G);
(h) |_| A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) |_| A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) |_| Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
Item 4. Ownership
(a) Amount beneficially owned: 949,869
(b) Percent of class: 8.75%
(c) Number of shares as to which such person has:
(i) Sole power to direct the vote: 949,869
(ii) Shared power to direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 949,869
(iv) Shared power to dispose or direct the disposition of: 0
Note: The Reporting Person is a registered investment adviser, and serves as
investment advisor to affiliated investment funds and separately managed
accounts over which it exercises discretionary authority. By virtue of its
relationship with such affiliated funds and separately managed accounts, the
Reporting Person may be deemed to have sole voting and dispository power of the
shares of the Issuer's securities, and so may be deemed to beneficially own such
shares.
Item 5. Ownership of 5 Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than 5
percent of the class of securities, check the following |_|
Item 6. Ownership of More than 5 Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or Control
Person.
Not applicable
Item 8. Identification and Classification of Members of the Group.
Not applicable
Item 9. Notice of Dissolution of Group.
Not applicable
Item 10. Certifications
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Fursa Alternative Strategies LLC
Date: February 14, 2008 By: /s/ William F. Harley III
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William F. Harley III
Chief Investment Officer