-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Of+2yWtFPiaVuDgsX+R6F6YN7SDsaznn4pGRUk5zLhoGDoLg1DA9tiXLVk+N8XiI XEMxdDrMSzvLh97u/UXuvQ== 0001013594-10-000290.txt : 20100303 0001013594-10-000290.hdr.sgml : 20100303 20100303152919 ACCESSION NUMBER: 0001013594-10-000290 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100303 DATE AS OF CHANGE: 20100303 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MEDCATH CORP CENTRAL INDEX KEY: 0001139463 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC [8062] IRS NUMBER: 562248952 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-62451 FILM NUMBER: 10653270 BUSINESS ADDRESS: STREET 1: 10720 SIKES PLACE SUITE 300 CITY: CHARLOTTE STATE: NC ZIP: 28277 BUSINESS PHONE: 7047086600 MAIL ADDRESS: STREET 1: 10720 SIKES PLACE SUITE 300 CITY: CHARLOTTE STATE: NC ZIP: 28277 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Nierenberg Investment Management Company, Inc. CENTRAL INDEX KEY: 0001282683 IRS NUMBER: 911677205 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 19605 NE 8TH ST CITY: CAMAS STATE: WA ZIP: 98607 BUSINESS PHONE: 360-604-8600 MAIL ADDRESS: STREET 1: 19605 NE 8TH ST CITY: CAMAS STATE: WA ZIP: 98607 FORMER COMPANY: FORMER CONFORMED NAME: NIERENBERG INVESTMENT MANAGEMENT CO DATE OF NAME CHANGE: 20040304 SC 13D/A 1 medcath13da-030310.htm MARCH 3, 2010

 


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

MEDCATH CORPORATION (MDTH)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

58404W109

(CUSIP Number)

David Nierenberg

The D3 Family Funds

19605 NE 8th Street

Camas, WA 98607

(360) 604-8600

With a copy to:

Christopher P. Davis

Kleinberg, Kaplan, Wolff & Cohen, P.C.

551 Fifth Avenue

New York, NY 10176

(212) 986-6000

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

March 2, 2010

(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.

 


 

1

NAME OF REPORTING PERSONS

The D3 Family Fund, L.P.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)  x

(b)  o

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

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

Washington

NUMBER OF SHARES

BENEFICIALLY

7

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

8

SHARED VOTING POWER

473,596 common shares (2.1%)

PERSON

WITH

 

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

473,596

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

For the reporting person listed on this page, 473,596; for all reporting persons as a group, 2,940,711 shares (13.1%)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

For the reporting person listed on this page, 2.1%; for all reporting persons as a group, 13.1%

14

TYPE OF REPORTING PERSON (See Instructions)

PN

 

 


1

NAME OF REPORTING PERSONS

The D3 Family Bulldog Fund, L.P.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)  x

(b)  o

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

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

Washington

NUMBER OF SHARES

BENEFICIALLY

7

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

8

SHARED VOTING POWER

1,798,863 common shares (8.0%)

PERSON

WITH

 

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,798,863

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

For the reporting person listed on this page, 1,798,863; for all reporting persons as a group, 2,940,711 shares (13.1%)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

For the reporting person listed on this page, 8.0%; for all reporting persons as a group, 13.1%

14

TYPE OF REPORTING PERSON

PN

 

 


1

NAME OF REPORTING PERSONS

The D3 Family Canadian Fund, L.P.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)  x

(b)  o

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

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

Washington

NUMBER OF SHARES

BENEFICIALLY

7

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

8

SHARED VOTING POWER

170,586 common shares (0.8%)

PERSON

WITH

 

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

170,586

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

For the reporting person listed on this page, 170,586 shares; for all reporting persons as a group, 2,940,711 shares (13.1%)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

For the reporting person listed on this page, 0.8%; for all reporting persons as a group, 13.1%

14

TYPE OF REPORTING PERSON

PN

 


 

1

NAME OF REPORTING PERSONS

The DIII Offshore Fund, L.P.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)  x

(b)  o

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

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

Bahamas

NUMBER OF SHARES

BENEFICIALLY

7

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

8

SHARED VOTING POWER

497,666 common shares (2.2%)

PERSON

WITH

 

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

497,666

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

For the reporting person listed on this page, 497,666; for all reporting persons as a group, 2,940,711 shares (13.1%)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

For the reporting person listed on this page, 2.2%; for all reporting persons as a group, 13.1%

14

TYPE OF REPORTING PERSON

PN

 

 


1

NAME OF REPORTING PERSONS

Nierenberg Investment Management Company, Inc.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)  x

(b)  o

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

AF

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Washington

NUMBER OF SHARES

BENEFICIALLY

7

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

8

SHARED VOTING POWER

2,940,711 common shares (13.1%)

PERSON

WITH

 

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

2,940,711

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

For the reporting person listed on this page, 2,940,711; for all reporting persons as a group, 2,940,711 shares (13.1%)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

For the reporting person listed on this page, 13.1%; for all reporting persons as a group, 13.1%

14

TYPE OF REPORTING PERSON

CO

 

 


1

NAME OF REPORTING PERSONS

Nierenberg Investment Management Offshore, Inc.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)  x

(b)  o

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

AF

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Bahamas

NUMBER OF SHARES

BENEFICIALLY

7

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

8

SHARED VOTING POWER

497,666 common shares (2.2%)

PERSON

WITH

 

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

497,666

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

For the reporting person listed on this page, 497,666; for all reporting persons as a group, 2,940,711 shares (13.1%)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

For the reporting person listed on this page, 2.2%; for all reporting persons as a group, 13.1%

14

TYPE OF REPORTING PERSON

CO

 

 


1

NAME OF REPORTING PERSONS

David Nierenberg

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)  x

(b)  o

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

AF

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

NUMBER OF SHARES

BENEFICIALLY

7

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

8

SHARED VOTING POWER

2,940,711 common shares (13.1%)

PERSON

WITH

 

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

2,940,711

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

For the reporting person listed on this page, 2,940,711; for all reporting persons as a group, 2,940,711 shares (13.1%)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

For the reporting person listed on this page, 13.1%; for all reporting persons as a group, 13.1%

14

TYPE OF REPORTING PERSON

IN

 

 


This Amendment No.12 to Schedule 13D (this “Amendment”) amends the below-indicated items from the Schedule 13D with respect to the shares of common stock (the “Common Stock”) of MedCath Corporation (“MDTH”) previously filed by or on behalf of the Reporting Persons (as defined below), as previously amended (the “Schedule 13D”), by supplementing such Items with the information below.

The names of the persons filing this Amendment (collectively, the “Reporting Persons”) are: The D3 Family Fund, L.P. (the “Family Fund”), The D3 Family Bulldog Fund, L.P. (the “Bulldog Fund”), The D3 Family Canadian Fund, L.P. (the “Canadian Fund”), The DIII Offshore Fund, L.P. (the “Offshore Fund”), Nierenberg Investment Management Company, Inc. (“NIMCO”), Nierenberg Investment Management Offshore, Inc. (“NIMO”) and David Nierenberg (“Mr. Nierenberg”).

Item 4. Purpose of Transaction

We fully support the decision by MDTH’s management and Board of Directors to pursue a sale of the company, or its individual hospitals and assets to maximize shareholder value. We also support the Board’s decision to engage Dr. Edward Casas and Navigant Capital Advisors to be its financial advisors in connection with the(se) transaction(s).

We believe that prior sales of individual MDTH hospitals, including the recent sale of the Heart Hospital of Austin, have demonstrated repeatedly that MDTH’s hospitals may have considerable value to strategic in-market acquirers. Thus it is possible that a series of individual transactions conceivably might yield substantially greater value to MDTH’s shareholders than the March 2, 2010 closing price.

For this reason we urge MDTH’s Board of Directors to consider using some of the proceeds from hospital and other asset sales to repurchase open market shares of MDTH stock, once the company has extinguished its debt and paid taxes. If because of skepticism or to misunderstandings about the repayment of inter-company debt there might be a substantial difference between the current share price and the potential ultimate share value, there could be an attractive opportunity for MDTH to bolster shareholder value through shrewd, opportunistic share repurchases.

Item 5. Interest in Securities of the Issuer.

(a)        The Reporting Persons, in the aggregate, beneficially own 2,940,711 shares of Common Stock, constituting approximately 13.1% of the outstanding shares.

(b)        The Family Fund, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 473,596 shares of Common Stock held by the Family Fund.

The Bulldog Fund, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 1,798,863 shares of Common Stock held by the Bulldog Fund.

 


The Canadian Fund, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 170,586 shares of Common Stock held by the Canadian Fund.

The Offshore Fund, NIMO, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 497,666 shares of Common Stock held by the Offshore Fund.

 


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in the Statement is true, complete and correct.

 

 

 

 

 

 

 

 

March 3, 2010

-------------------------

 

 

 

 

 

 

 

March 3, 2010

-------------------------

 

 

 

 

March 3, 2010

-------------------------

 

 

 

 

 

March 3, 2010

-------------------------

 

 

March 3, 2010

-------------------------

The D3 Family Fund, L.P., The D3 Family

Bulldog Fund, L.P., and The D3 Family

Canadian Fund, L.P.

 

By: Nierenberg Investment Management Company, Inc.

 

Its: General Partner

By: /s/ David Nierenberg

-----------------------------------------

     David Nierenberg, President

 

The DIII Offshore Fund, L.P.

 

By:     Nierenberg Investment Management Offshore, Inc.

 

Its: General Partner

By: /s/ David Nierenberg

-----------------------------------------

     David Nierenberg, President

 

Nierenberg Investment Management

Company, Inc.

 

By: /s/ David Nierenberg

-----------------------------------------

     David Nierenberg, President

 

Nierenberg Investment Management

Offshore, Inc.

 

By: /s/ David Nierenberg

-----------------------------------------

     David Nierenberg, President

 

/s/ David Nierenberg

----------------------------------

     David Nierenberg

 

 

 

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