SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Amendment No. )*
Under the Securities Exchange Act of 1934
AMERICAN COMMUNITY BANCSHARES, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
02520W106
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(CUSIP Number)
NOVEMBER 22, 2002
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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)
[x] Rule 13d-1(c)
[ ] 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 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).
CUSIP No. 02520W106
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1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (entities only)
HOT CREEK CAPITAL, L.L.C.
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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
Nevada
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Number of (5) Sole Voting Power 0
Shares ---------------------------------------------------------
Beneficially (6) Shared Voting Power 143,200
Owned by ---------------------------------------------------------
Each Reporting- (7) Sole Dispositive Power 0
Person ---------------------------------------------------------
With (8) Shared Dispositive Power 143,200
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9) Aggregate Amount Beneficially Owned by Each Reporting Person
143,200
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10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
Not applicable
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11) Percent of Class Represented by Amount in Row 9
5.1%
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12) Type of Reporting Person (See Instructions)
OO
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CUSIP No 02520W106
--------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (entities only)
HOT CREEK INVESTORS, L.P.
--------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3) SEC Use Only
--------------------------------------------------------------------------------
4) Citizenship or Place of Organization
Nevada
--------------------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares ---------------------------------------------------------
Beneficially (6) Shared Voting Power 143,200
Owned by ---------------------------------------------------------
Each Reporting- (7) Sole Dispositive Power 0
Person ---------------------------------------------------------
With (8) Shared Dispositive Power 143,200
--------------------------------------------------------------------------------
9) Aggregate Amount Beneficially Owned by Each Reporting Person
143,200
--------------------------------------------------------------------------------
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
Not applicable
--------------------------------------------------------------------------------
11) Percent of Class Represented by Amount in Row 9
5.1%
--------------------------------------------------------------------------------
12) Type of Reporting Person (See Instructions)
PN
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CUSIP No 02520W106
--------------------------------------------------------------------------------
1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (entities only)
David M. W. Harvey
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3) SEC Use Only
--------------------------------------------------------------------------------
4) Citizenship or Place of Organization
U.S.A.
--------------------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares ---------------------------------------------------------
Beneficially (6) Shared Voting Power 143,200
Owned by ---------------------------------------------------------
Each Reporting- (7) Sole Dispositive Power 0
Person ---------------------------------------------------------
With (8) Shared Dispositive Power 143,200
--------------------------------------------------------------------------------
9) Aggregate Amount Beneficially Owned by Each Reporting Person
143,200
--------------------------------------------------------------------------------
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
Not applicable
--------------------------------------------------------------------------------
11) Percent of Class Represented by Amount in Row 9
5.1%
--------------------------------------------------------------------------------
12) Type of Reporting Person (See Instructions)
IN
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Item 1:
(a) Name of Issuer:
American Community Bancshares, Inc. (the "Issuer")
(b) Address of Issuer's Principal Executive Offices:
2593 West Roosevelt Boulevard
Monroe, North Carolina 28111
Item 2:
(a) Name of Person Filing:
This Schedule 13G 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
Investors, L.P. ("Investors"), and (iii) David M. W. Harvey, the
principal member of the General Partner ((i), (ii), and (iii)
being collectively, the "Filing Persons"). The Common Stock and
Warrants of the Issuer (the "Stock") which are the subject of
this Schedule 13G is held by Investors. The other Filing Persons
are joining in this Schedule 13G because they exercise voting and
investment power over the Common Stock held by Investors. The
Filing Persons have entered into a Joint Filing Agreement, dated
as of November 25, 2002, a copy of which is filed with this
Schedule 13G 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. The Filing Persons
expressly disclaim that they have agreed to act as a group.
(b) Address of Principal Business Office or, if none, Residence:
Post Office Box 3178
Gardnerville, Nevada 89410
(c) Citizenship:
Nevada for Investors and the General Partner;
David M. W. Harvey is a citizen of the U.S.A.
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
02520W106
Item 3: Not applicable
Item 4: Ownership.
(a) Amount beneficially owned:
143,200 shares of Stock may be deemed beneficially owned within
the meaning of Rule 13d-3 of the Act by each of the Filing
Persons. Such number of shares includes the sum of (i) 60,600
shares of Common Stock issuable upon the assumed exercise of
Warrants held by Investors and (ii) 82,600 shares of Common Stock
held by Investors. The General Partner and David M. W. Harvey
expressly disclaim direct and beneficial ownership of the Stock
reported as deemed to be beneficially owned by them.
Based on Form 10-QSB dated November 14, 2002, the Issuer had
2,824,376 shares of Common Stock issued and outstanding after
such date. Accordingly, the 143,200 shares of Stock which may be
deemed to be beneficially owned by Investors represent
approximately 5.1 percent (5.1%) of the Issuer's issued and
outstanding Stock thereafter.
(b) Percent of class: 5.1%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote 0
(ii) Shared power to vote or to direct the vote 143,200
(iii) Sole power to dispose or to direct the disposition of 0
(iv) Shared power to dispose or to direct the disposition of 143,200
Item 5: Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6: Ownership of More than Five 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.
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.
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.
HOT CREEK CAPITAL, L.L.C.
By: /s/ David M. W. Harvey
Dated: November 25, 2002 ----------------------------------
Name: David M. W. Harvey
Title: Managing Member
HOT CREEK INVESTORS, L.P.
By its General Partner
HOT CREEK CAPITAL, L.L.C.
By: /s/ David M. W. Harvey
Dated: November 25, 2002 ----------------------------------
Name: David M. W. Harvey
Title: Managing Member
By: /s/ David M. W. Harvey
Dated: November 25, 2002 ----------------------------------
Name: David M. W. Harvey
Exhibit A
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AGREEMENT REGARDING THE JOINT FILING
OF SCHEDULE 13G
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The undersigned hereby agree as follows:
(i) Each of them is individually eligible to use the Schedule
13G to which this Exhibit is attached, and such Schedule 13G is filed
on behalf of each of them; and
(ii) Each of them is responsible for the timely filing of
such Schedule 13G and any amendments thereto, and for the completeness
and accuracy of the information concerning such person contained
therein; but none of them is responsible for the completeness or
accuracy of the information concerning the other persons making the
filing, unless such person knows or has reason to believe that such
information is inaccurate.
HOT CREEK CAPITAL, L.L.C.
By: /s/ David M. W. Harvey
Dated: November 25, 2002 ----------------------------------
Name: David M. W. Harvey
Title: Managing Member
HOT CREEK INVESTORS, L.P.
By its General Partner
HOT CREEK CAPITAL, L.L.C.
By: /s/ David M. W. Harvey
Dated: November 25, 2002 ----------------------------------
Name: David M. W. Harvey
Title: Managing Member
By: /s/ David M. W. Harvey
Dated: November 25, 2002 ----------------------------------
Name: David M. W. Harvey