UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT
TO RULE 13d-2(a)
(Amendment No. 41)*
First Financial Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
320228109
(CUSIP Number)
Stephen C. Miller, Esq.
Krassa & Miller, LLC
1680 38th Street, Suite 800
Boulder, Colorado 80301
(303) 444-5483
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 18, 2006
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* 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).
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Ernest Horejsi Trust No. 1B
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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. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization Alaska
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Number of 7. Sole Voting Power 1,271,427
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 1,271,427
-----------------------------------------------------
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,271,4277
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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13. Percent of Class Represented by Amount in Row (11) 4.53%
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14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Lola Brown Trust No. 1B
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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
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization Alaska
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Number of 7. Sole Voting Power 3,000,693
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 3,000,693
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 3,000,693
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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13. Percent of Class Represented by Amount in Row (11) 10.69%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Mildred B. Horejsi Trust
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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. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization Alaska
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power 2,305,722
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 2,305,722
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 2,305,722
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 8.22%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi Trust No. 2
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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
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization Alaksa
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Number of 7. Sole Voting Power 2,169,602
---------------------------------------------------
Shares,Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 2,169,602
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 2,169,602
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 7.73%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Susan L. Ciciora Trust
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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
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Alaska
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power 1,737,573
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 1,737,573
-----------------------------------------------------
Person With
10. Shared Dispositive Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,737,573
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 6.19%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Badlands Trust Company, 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. Source of Funds (See Instructions) WC OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization Alaska
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Number of 7. Sole Voting Power 0
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power 1,737,573
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 0
-----------------------------------------------------
Person With
10. Shared Dispositive Power 1,737,573
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,737,573
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 6.19%
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14. Type of Reporting Person (See Instructions) OO
CUSIP No. 320228 10 9
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi
--------------------------------------------------------------------------------
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. Source of Funds (See Instructions) Not applicable
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization United States
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Number of 7. Sole Voting Power 0
---------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power 0
-----------------------------------------------------
Owned by Each
Reporting 9. Sole Dispositive Power 0
-----------------------------------------------------
Person With
10. Shared Dispositive Power 0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 0
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) X
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 0%
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14. Type of Reporting Person (See Instructions) IN
Amendment No. 41 to Statement on Schedule 13D
This amended statement on Schedule 13D relates to the Common Stock, $.001
par value per share (the "Shares"), of First Financial Fund, Inc., a Maryland
corporation (the "Company"). Items 4 and 5 of this statement, previously filed
by the Ernest Horejsi Trust No. 1B (the "Trust"), the Lola Brown Trust No. 1B
(the "Brown Trust"), the Mildred B. Horejsi Trust (the "Mildred Trust"), the
Stewart R. Horejsi Trust No. 2 (the "Stewart Trust"), and the Susan L. Ciciora
Trust (the "Susan Trust") as the direct beneficial owner of Shares, and Badlands
Trust Company LLC ("Badlands LLC") and Stewart R. Horejsi, by virtue of the
relationships described previously in this statement, are hereby amended as set
forth below.
Item 4. Purpose of Transaction.
No change except for the addition of the following:
The Trust sold 129,800 Shares and the Mildred Trust sold 150,750 Shares as
described in Item 5(c) of this statement in order to reduce their equity
interest in the Company and to generate cash flow to pay current and future
obligations. The Reporting Persons previously indicated a present intention to
liquidate Shares subject to limitations imposed by Rule 144 of the Securities
Act of 1933. In furtherance thereof, the Reporting Persons filed Forms 144 with
the Securities and Exchange Commission on November 3, 2004, May 25, 2005, August
24, 2005, November 22, 2005, an Amended Form 144 on January 9, 2006, February
17, 2006, an Amended Form 144 on March 2, 2006, June 8, 2006, and June 20, 2006
giving notice of the proposed sales.
Depending upon their evaluation of the Company's investments and prospects,
and upon future developments (including, but not limited to, performance of the
Shares in the market, the effective yield on the Shares, availability of funds,
alternative uses of funds, and money, stock market and general economic
conditions), any of the Reporting Persons or other entities that may be deemed
to be affiliated with the Reporting Persons may from time to time purchase
Shares, and any of the Reporting Persons or other entities that may be deemed to
be affiliated with the Reporting Persons may from time to time dispose of all or
a portion of the Shares held by such person, or cease buying or selling Shares.
Any such additional purchases or sales of the Shares may be in open market or
privately-negotiated transactions or otherwise.
Item 5. Interest in Securities of the Issuer.
No change except for the addition of the following:
(a) The Trust is the direct beneficial owner of 1,271,427 Shares, or
approximately 4.53% of the 28,061,897 Shares outstanding as of March 31, 2006,
according to information contained in the Company's annual report to
shareholders (the "Outstanding Shares"). The Brown Trust is the direct
beneficial owner of 3,000,693 Shares, or approximately 10.69% of the Outstanding
Shares. The Mildred Trust is the direct beneficial owner of 2,305,722 Shares, or
approximately 8.22% of the Outstanding Shares. The Stewart Trust is the direct
beneficial owner of 2,169,602 Shares, or approximately 7.73% of the Outstanding
Shares. The Susan Trust is the direct beneficial owner of 1,737,573 Shares, or
approximately 6.19% of the Outstanding Shares.
By virtue of the relationships reported in this statement, Mr. Horejsi may
be deemed to share indirect beneficial ownership of the Shares directly
beneficially owned by the Trust, the Brown Trust, the Mildred Trust, the Stewart
Trust and the Susan Trust. Mr. Horejsi disclaims all such beneficial ownership.
(c) The table below sets forth Shares sold by the Trust since June 21,
2006. Such sales were effected by the Trust on the New York Stock Exchange.
Approximate Price
Date Amount of Shares Per Share
(exclusive of commissions)
6/21/2006 5,000 $15.85
6/21/2006 4,000 $15.84
6/21/2006 5,000 $15.89
6/21/2006 5,000 $16.01
6/22/2006 2,000 $15.88
6/22/2006 9,900 $15.85
6/22/2006 2,600 $15.86
6/22/2006 2,000 $15.95
6/22/2006 900 $15.96
6/23/2006 2,000 $15.90
6/23/2006 1,000 $15.85
6/23/2006 4,000 $15.82
6/23/2006 1,300 $15.94
6/27/2006 1,600 $15.55
6/27/2006 3,242 $15.50
6/27/2006 3,000 $15.49
6/27/2006 1,700 $15.46
6/27/2006 2,700 $15.58
6/27/2006 100 $15.59
6/28/2006 8,758 $15.50
6/28/2006 5,000 $15.56
6/28/2006 9,900 $15.59
6/29/2006 5,000 $15.60
6/29/2006 1,400 $15.42
6/29/2006 3,300 $15.40
6/29/2006 3,400 $15.52
6/29/2006 1,900 $15.51
6/29/2006 1,000 $15.56
6/29/2006 5,000 $15.55
6/29/2006 5,000 $15.50
6/29/2006 4,000 $15.53
6/29/2006 5,000 $15.67
6/29/2006 5,000 $15.75
6/29/2006 2,000 $15.92
6/29/2006 1,000 $15.85
6/30/2006 5,000 $15.80
6/30/2006 1,100 $15.82
The table below sets forth Shares sold by the Mildred Trust since June 9,
2006. Such sales were effected by the Mildred Trust on the New York Stock
Exchange.
Approximate Price
Date Amount of Shares Per Share
(exclusive of commissions)
6/9/2006 5,000 $16.51
6/9/2006 5,300 $16.34
6/9/2006 200 $16.30
6/9/2006 22,700 $16.37
6/9/2006 15,300 $16.36
6/9/2006 3,500 $16.35
6/9/2006 3,100 $16.38
6/9/2006 4,000 $16.54
6/12/2006 2,200 $16.37
6/13/2006 5,000 $16.16
6/13/2006 100 $16.42
6/15/2006 4,800 $16.25
6/15/2006 1,200 $16.28
6/15/2006 200 $16.30
6/15/2006 600 $16.29
6/15/2006 4,000 $16.26
6/15/2006 2,000 $16.23
6/16/2006 200 $16.20
6/19/2006 3,000 $16.09
6/19/2006 2,200 $16.05
6/19/2006 1,750 $16.10
6/30/2006 1,000 $15.76
6/30/2006 3,000 $15.79
6/30/2006 2,000 $15.80
6/30/2006 2,000 $15.83
6/30/2006 400 $15.77
7/3/2006 5,000 $15.85
7/3/2006 800 $15.93
7/3/2006 1,200 $15.90
7/3/2006 10,000 $16.03
7/3/2006 5,000 $16.04
7/3/2006 5,000 $16.02
7/5/2006 200 $15.98
7/5/2006 4,800 $15.92
7/5/2006 10,000 $16.00
7/5/2006 10,300 $16.01
7/5/2006 3,700 $16.02
Signature
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.
Date: July 19, 2006
/s/ Stewart R. Horejsi
--------------------------------------------
Stewart R. Horejsi
/s/ Stephen C. Miller
--------------------------------------------
Stephen C. Miller, as President of Badlands Trust
Company, LLC, trustee of the Ernest Horejsi Trust
No. 1B, the Lola Brown Trust No. 1B, the Mildred B.
Horejsi Trust, the Stewart R. Horejsi Trust No. 2,
and the Susan L. Ciciora Trust.