CUSIP No. 111444105 Page 1 of 10 Pages
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20552
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
BROADWAY FINANCIAL CORPORATION
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
111444105
(CUSIP Number)
David M.W. Harvey
Hot Creek Capital, L.L.C.
Post Office Box 3178
Gardnerville, Nevada 89410
(775) 265-3016
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 12, 2003
(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 Rule 13d-1(b)(3) or (4), check the following box [ ].
CUSIP No. 111444105 Page 2 of 10 Pages
========== ========================================================================================================================
1 NAME OF REPORTING PERSON
HOT CREEK CAPITAL, L.L.C.
---------- ------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- ------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
---------- ------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
---------- ------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEVADA
--------------------------- --------- ---------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY --------- ---------------------------------------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING 401,912
PERSON --------- ---------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
0
--------- ---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
401,912
----------- -----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
401,912
----------- -----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- -----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
22.2%
----------- -----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
===================================================================================================================================
CUSIP No. 111444105 Page 3 of 10 Pages
========== ========================================================================================================================
1 NAME OF REPORTING PERSON
HOT CREEK VENTURES 1, L.P.
---------- ------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- ------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
---------- ------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
---------- ------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEVADA
--------------------------- --------- ---------------------------------------------------------------------------------------------
NUMBER OF 7
SHARES SOLE VOTING POWER
BENEFICIALLY 0
OWNED BY --------- ---------------------------------------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING 401,912
PERSON --------- ---------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
0
--------- ---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
401,912
----------- -----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
401,912
----------- -----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- -----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
22.2%
----------- -----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
===================================================================================================================================
CUSIP No. 111444105 Page 4 of 10 Pages
========== ========================================================================================================================
1 NAME OF REPORTING PERSON
DAVID M.W. HARVEY
---------- ------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- ------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
---------- ------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
---------- ------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------- --------- ---------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ---------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 401,912
REPORTING --------- ---------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
401,912
----------- -----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
401,912
----------- -----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- -----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
22.2%
----------- -----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
===================================================================================================================================
CUSIP No. 111444105 Page 5 of 10 Pages
ITEM 1. SECURITY AND ISSUER
The class of equity securities to which this Statement relates
is the Common Stock, $0.01 par value, ("Stock") of Broadway Financial
Corporation, a Delaware corporation (the "Issuer"). The Issuer's Stock is traded
over the counter and is listed under the symbol "BYFC." The principal executive
offices of the Issuer are located at 4800 Wilshire Boulevard, Los Angeles,
California 90010.
ITEM 2. IDENTITY AND BACKGROUND
(a) This Schedule 13D is being jointly filed by each of the
following persons pursuant to Rule 13d-1(k)(1) promulgated by the Securities and
Exchange Commission pursuant to Section 13 of the Securities Exchange Act of
1934, as amended (the "Act"): (i) Hot Creek Capital L.L.C. (the "General
Partner"), (ii) Hot Creek Ventures 1, L.P. ("Ventures 1"), and (iii) David M. W.
Harvey, the principal member of the General Partner ((i), (ii), and (iii) being
collectively, the "Filing Persons"). The Stock which is the subject of this
Schedule 13D is held by Ventures 1. The other Filing Persons are joining in this
Schedule 13D because they exercise voting and investment power over the Stock
held by Ventures 1. The Filing Persons have entered into a Joint Filing
Agreement, dated as of January 22, 2003, a copy of which is filed with this
Schedule 13D as Exhibit A, pursuant to which the Filing Persons have agreed to
file this statement jointly in accordance with the provisions of Rule
13d-1(k)(1) under the Act.
(b) The residence or business address of each of the Filing
Persons is:
Post Office Box 3178
Gardnerville, Nevada 89410
(c) Ventures 1 is a Nevada limited partnership formed for the
purpose of investing in, among other things, the equity securities of various
financial services providers. The General Partner, a Nevada limited liability
company, is the general partner of the Partnership. The General Partner is
charged with management of the day-to-day affairs of the Partnership. The
principal member of the General Partner is David M. W. Harvey. Each of the
Filing Persons conducts their business from Post Office Box 3178, Gardnerville,
Nevada, 89410.
(d) and (e) During the last five years, none of the Filing
Persons has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors), nor have any such persons been a party to
any civil proceeding of a judicial or administrative body of competent
jurisdiction which resulted in a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or a finding of violation of any such laws.
(f) Ventures 1 and the General Partner are organized under the
laws of the state of Nevada. David M. W. Harvey is a citizen of the U.S.A.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
CUSIP No. 111444105 Page 6 of 10 Pages
The aggregate purchase price of the Stock covered by this
statement is $2,065,376. Ventures 1 purchased the Stock which is the subject of
this Schedule 13D in an account carried at Banc of America Securities, LLC. No
borrowed funds were used to purchase such Stock.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the acquisition of the shares of Stock by
Ventures 1 is to profit from appreciation in the market price of the Stock
through the assertion of shareholder rights and influencing the policies of the
Issuer by means that are not inconsistent with the provisions of the Rebuttal
Agreement between the Filing Persons and the Office of Thrift Supervision dated
June 8, 2001, attached hereto as Exhibit D. Pursuant to the letter attached
hereto as Exhibit E, Mr. Harvey has requested that the Board of Directors
nominate Mr. Harvey as a Director and include him on the Board's slate of
Directors to be presented to the shareholders at the Issuer's next annual
meeting. In response to this letter, the Chairman of the Board of Directors has
orally informed Mr. Harvey that Mr. Harvey will be included on the Board's slate
of Directors to be presented to the shareholders at the Issuer's next annual
meeting. Pursuant to the letter attached hereto as Exhibit F, the Chairman of
the Board has informed Mr. Harvey that in the event he is elected to the Board
of Directors of the Issuer, Mr. Harvey would also be elected to the Board of
Directors of Broadway Federal Bank, f.s.b.
The Filing Persons believe that Mr. Harvey, as necessary and
solely in connection with Mr. Harvey's performance of his duties as a member of
the Issuer's Board of Directors if he is elected to the Board, may consider
possible methods of maximizing long-term value for shareholders, including, (i)
for the Issuer to improve its business practices, (ii) for the Issuer to improve
its capital management, and (ii) for the Issuer to evaluate strategic
alternatives, including the possibility of a sale to, or merger with, another
financial institution.
The Filing Persons may make further purchases of shares of
Stock. The Filing Persons may dispose of any or all the shares of Stock held by
them, although they have no current intention to do so. To the extent the
actions described herein may be deemed to constitute a "control purpose" with
respect to the Securities Exchange Act of 1934, as amended, and the regulations
thereunder, the Filing Persons have such a purpose. Except as noted in this
Schedule 13D, no Filing Person has any plans or proposals, which relate to, or
would result in, any of the matters referred to in paragraphs (b) through (j),
inclusive of Item (4) of Schedule 13D. Such individuals may, at any time and
from time to time, review or reconsider their positions and formulate plans or
proposals with respect thereto.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY
The percentages used in this Schedule 13D are calculated based
upon the number of outstanding shares of Stock, 1,814,414, reported as the
number of outstanding shares as of September 30, 2002, on the Issuer's Quarterly
Report on Form 10-QSB/A filed on December 23, 2002. All purchases and sales of
Common Stock reported herein were made in open market transactions in the
over-the-counter market.
CUSIP No. 111444105 Page 7 of 10 Pages
(A) Hot Creek Capital L.L.C.
(a)-(b) See cover page.
(c) Hot Creek Capital L.L.C. has made no transactions in Stock in
the last 60 days.
(d) Because he is the managing member of Hot Creek Capital L.L.C.,
and the general partner of Hot Creek Ventures 1, L.P., Mr.
Harvey has the power to direct the affairs of Hot Creek
Capital L.L.C., including the voting and disposition of any
shares of Stock held in the name of Hot Creek Capital L.L.C.
Therefore, Mr. Harvey is deemed to have voting and disposition
power with regard to any such shares of Stock.
(C) Hot Creek Ventures 1, L.P.
(a)-(b) See cover page.
(c) Hot Creek Ventures 1, L.P. has made no transactions in Stock
in the last 60 days.
(d) Because he is the managing member of Hot Creek Capital L.L.C.,
and the general partner of Hot Creek Ventures 1, L.P., Mr.
Harvey has the power to direct the affairs of Hot Creek
Ventures 1, L.P., including the voting and disposition of any
shares of Stock held in the name of Hot Creek Ventures 1, L.P.
Therefore, Mr. Harvey is deemed to have voting and disposition
power with regard to any such shares of Stock.
(D) Mr. David M.W. Harvey
(a)-(b) See cover page.
(c) Mr. Harvey has made no purchases of Stock directly.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE COMPANY.
Except as set forth in Exhibit C, neither of Ventures 1, the
General Partner, or Mr. Harvey has any contract, arrangement, understanding, or
relationship (legal or otherwise) between or among themselves and any person
with respect to securities of the Issuer, including but not limited to transfer
or voting of any of the Stock that is the subject of this Schedule 13D, finder's
fees, joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, division of profits or losses, or the giving or withholding of proxies.
The shares of Stock that are the subject of this Schedule 13D were not acquired
on margin.
CUSIP No. 111444105 Page 8 of 10 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit Description
--------- -----------
A Joint Filing Agreement.*
B Schedule of Purchases**
C Form of Letter to Directors***
D Rebuttal Agreement****
E Form of Letter to Chairman of the Board*****
F Letter from the Chairman of the Board
-----------------------------
*Filed as Exhibit A with an earlier-filed version of this Schedule 13D.
**Filed as Exhibit B with an earlier-filed version of this Schedule 13D.
***Filed as Exhibit C with an earlier-filed version of this Schedule 13D.
****Filed as Exhibit D with an earlier-filed (7/19/01) version of this
Schedule 13D.
***** Filed as Exhibit E with an earlier-filed version of this Schedule 13D.
CUSIP No. 111444105 Page 9 of 10 Pages
SIGNATURES
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: May 12, 2003
----------------------------------------------------
Hot Creek Capital, L.LC.
By: /s/ David M.W. Harvey
Managing Member
----------------------------------------------------
HOT CREEK VENTURES 1, L.P.
By: HOT CREEK CAPITAL, L.L.C.
General Partner
By: /s/ David M.W. Harvey
Managing Member
----------------------------------------------------
/s/ David M.W. Harvey
David M.W. Harvey
----------------------------------------------------
CUSIP No. 111444105 Page 10 of 10 Pages
Exhibit F
Form of Letter from Chairman of the Board
April 15, 2003
Mr. David M. W. Harvey
Hote Creek Capital
144 Summit Ridge Way
Post Office Box 3178
Gardnerville, Nevada 89410-3178
Dear Mr. Harvey:
Thank you for your letter of April 12 wherein you enclosed a copy of your
biography and a Directors' and Officers' Questionnaire.
If elected, you will of course, be elected to the Board of Directors of Broadway
Federal bank, f.s.b.
Very truly yours,
Elbert T. Hudson
Chairman of the Board