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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0145 Expires: December 31, 2005 Estimated average burden hours per response . . . .11 SCHEDULE 13D Diedrich Coffee, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 253675 (CUSIP Number) John F. Milani (Name, Address and Telephone Number of Person 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 that is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e), 240.13d-1(f) or 140.13d-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 section 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 the disclosures provided in a prior cover page. The information required in 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). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). 2. Check the Appropriate Box if a Member of a Group (See Instructions) 3. SEC Use Only 4. Source of Funds (See Instructions) AF 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____ 6. Citizenship or Place of Organization California Number of Shares Beneficially Owned by Each Reporting Person With 7. Sole Voting Power -0- 8. Shared Voting Power 1,163,560 9. Sole Dispositive Power -0- 10. Shared Dispositive Power 1,163,560 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,163,560 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13. Percent of Class Represented by Amount in Row (11) 21.7% 14. Type of Reporting Person (See Instructions) IA 00 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). 2. Check the Appropriate Box if a Member of a Group (See Instructions) 3. SEC Use Only 4. Source of Funds (See Instructions) AF 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____ 6. Citizenship or Place of Organization United States Number of Shares Beneficially Owned by Each Reporting Person With 7. Sole Voting Power -0- 8. Shared Voting Power 1,163,560 9. Sole Dispositive Power -0- 10. Shared Dispositive Power 1,163,560 11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,163,560 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13. Percent of Class Represented by Amount in Row (11) 21.7% 14. Type of Reporting Person (See Instructions) HC IN 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). 2. Check the Appropriate Box if a Member of a Group (See Instructions) 3. SEC Use Only 4. Source of Funds (See Instructions) WC 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____ 6. Citizenship or Place of Organization Tennessee Number of Shares Beneficially Owned by Each Reporting Person With 7. Sole Voting Power -0- 8. Shared Voting Power 310,457 9. Sole Dispositive Power -0- 10. Shared Dispositive Power 310,457 11. Aggregate Amount Beneficially Owned by Each Reporting Person 310,457 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See 13. Percent of Class Represented by Amount in Row (11) 6.0% 14. Type of Reporting Person (See Instructions) EP Item 1. Security and Issuer This statement relates to shares of Common Stock (the "Stock") of Diedrich Coffee, Inc. (the "Issuer"). The principal executive office of the Issuer is located at 2144 Michelson Drive, Irvine, California 92612. Item 2. Identity and Background The persons filing this statement and the persons enumerated in Instruction C of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons, and the information regarding them, are as follows: (a) Westcliff Capital Management, LLC ("Westcliff LLC"), Richard S. Spencer III and Noranda Finance Inc. Retirement Plan for Affiliated Companies Trust ("Noranda," and collectively, the "Filers"). Westcliff LLC and Mr. Spencer are filing this Schedule 13D as a group and disclaim membership in a group with any other person. Noranda is filing jointly with the other Filers, but not as a member of a group, and disclaims membership in a group. The beneficial ownership of the Stock by Westcliff Master Fund, L.P. ("Westcliff Master"), an investment limited partnership of which Westcliff LLC is the investment adviser, no longer exceeds 5% of the outstanding Stock. As a result, Westcliff Master is no longer a Filer and will no longer file reports under Section 13 of the Securities Exchange Act of 1934 unless otherwise required by law to do so. (b) The business address of the Filers is: (c) Present principal occupation or employment or the Filers and the name, principal business and address of any corporation or other organization in which such employment is conducted: (d) During the last five years, none of the Filers has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of the Filers was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) For citizenship of the Filers, see Item 6 of the cover sheet for each Filer. Item 3. Source and Amount of Funds or Other Consideration The source and amount of funds used in purchasing the Stock were as follows: Purchaser Source of Funds Amount Westcliff LLC(1) AF(1) $2,895,061(2) Richard S. Spencer III AF(1) $2,895,061(2) Noranda WC $1,215,760(3) (2)
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
Shartsis, Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, California 94111
Authorized to Receive Notices and Communications)
Westcliff Capital Management, LLC
(a) x
(b)
Richard S. Spencer III
(a) x
(b)
Noranda Finance Inc. Retirement Plan for Affiliated Companies Trust
(a)
(b) x
Instructions)
200 Seventh Avenue, Suite 105, Santa Cruz, California 95062 (for Westcliff LLC and Mr. Spencer)
1000 Corporate Centre Drive, Suite 300, Franklin, Tennessee 37067 (for Noranda)
Westcliff LLC is an investment adviser registered with the Securities and Exchange Commission. It is the investment adviser and general partner of certain investment funds and the investment adviser of other client accounts (including Noranda). Mr. Spencer is the manager and controlling owner of Westcliff LLC and a director of the Issuer.
(1)Purchases were made for the accounts of investment funds or other investment advisory clients, including Noranda, for which Westcliff LLC is the general partner, investment adviser or both.
(3)
Total purchase price paid for 402,197 shares of the Stock purchased in open market transactions.Item 4. Purpose of Transaction
None of the Filers has any present plans or intentions to acquire or dispose of any securities of the Issuer other than on behalf of advisory clients of Westcliff LLC for the purpose of investment. Other than as described herein, none of the Filers has any present plans or proposals which relate to, or would result in, any of the transactions or events described in Item 4 of Schedule 13D.
Westcliff LLC may decide to purchase at any time or times on behalf of its advisory clients (including Noranda) additional shares of Stock or other securities of the Issuer. Westcliff LLC may at any time or times cause its advisory clients (including Noranda) to dispose of any or all securities of the Issuer in any lawful manner. Westcliff LLC's advisory clients (including Noranda) reserve all of their rights as stockholders of the Issuer and may exercise those rights in any manner that they or Westcliff LLC consider to be in the interests of such clients.
Item 5. Interest in Securities of the Issuer
The beneficial ownership of the Stock by each Filer at the date hereof is reflected on that Filer's cover page.
The Filers engaged in the following public market transactions in the Stock through an unaffiliated broker on the dates indicated, and such transactions are the only transactions in the Stock by the Filers since 60 days before date on cover page:
Name |
Purchase or Sale |
Date |
Number of Shares |
Price Per Share |
Westcliff LLC / Richard S. Spencer III ("WLLC/RSS")(1) |
Sale |
05/12/03 |
195,600 |
$3.55 |
WLLC/RSS(1) |
Purchase |
05/12/03 |
195,600 |
$3.55 |
Noranda |
Sale |
05/12/03 |
91,740 |
$3.55 |
(1)Represents (i) the sale of shares for the accounts of certain investment funds of which Westcliff LLC is the investment adviser and, in some cases, the general partner (including Westcliff Master), and certain investment advisory clients (including Noranda) of which Westcliff LLC is the investment adviser and (ii) the purchase of an equal number of shares for the accounts of other Westcliff LLC investment advisory clients. Such purchases and sales were effected through a broker unaffiliated with Westcliff LLC or Mr. Spencer. This amount includes sales for the account of Noranda.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Westcliff LLC is the general partner of certain investment limited partnerships pursuant to agreements of limited partnership granting to Westcliff LLC the discretionary authority, among other things, to invest the assets of such investment limited partnerships in the Stock, to vote and dispose of Stock and to file this statement on behalf of such investment limited partnerships. Pursuant to such agreements, Westcliff LLC is entitled to allocations based on assets under management and realized and unrealized gains.
Westcliff LLC is the investment adviser to certain client accounts (including Noranda) pursuant to investment management agreements granting to Westcliff LLC the discretionary authority, among other things, to invest the assets of such client accounts in the Stock, to vote and dispose of Stock and to file this statement on behalf of such client accounts.
Each Filer disclaims beneficial ownership of the Stock for purposes of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, except to the extent of its pecuniary interest in the Stock.
Item 7. Material to Be Filed as Exhibits
Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G, attached hereto, which amends, restates and supersedes the Agreement previously filed.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct.
Dated: May 20, 2003
WESTCLIFF CAPITAL MANAGEMENT, LLC
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/s/ Richard S. Spencer III |
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Noranda Finance Inc. Retirement Plan for Affiliated Companies Trust By: Noranda Finance Inc. Authorized Person By: /s/ A.K. Brown |
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EXHIBIT P
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G (and any amendments or supplements thereto) required under section 13(d) of the Securities Exchange Act of 1934, as amended, in connection with purchases by the undersigned of the securities of any issuer. For that purpose, the undersigned hereby constitute and appoint Westcliff Capital Management, LLC, a California limited liability company, as their true and lawful agent and attorney-in-fact, with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to the exercise of the foregoing power, a s fully as the undersigned might or could do if personally present.
Dated: May 20, 2003
WESTCLIFF CAPITAL MANAGEMENT, LLC
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/s/ Richard S. Spencer III |
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Noranda Finance Inc. Retirement Plan for Affiliated Companies Trust By: Noranda Finance Inc. Authorized Person By: /s/ A.K. Brown |
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