-----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, BYvYI+InnnGX4SmvgnkmNLLCmHhO0O0wZysX3O84g+YjXqQBhazxVgms8hCNcXPQ P2Po2YOEKv0/OnboWzjZEg== 0001021408-02-009811.txt : 20020725 0001021408-02-009811.hdr.sgml : 20020725 20020725121148 ACCESSION NUMBER: 0001021408-02-009811 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020725 GROUP MEMBERS: GREGORY M. DEPRINCE GROUP MEMBERS: JOHN D. RACE GROUP MEMBERS: VICTOR A. ZOLLO, JR. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PLANVISTA CORP CENTRAL INDEX KEY: 0000942319 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 133787901 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-48980 FILM NUMBER: 02710587 BUSINESS ADDRESS: STREET 1: 3501 FRONTAGE RD CITY: TAMPA STATE: FL ZIP: 33607 BUSINESS PHONE: 8132891000 MAIL ADDRESS: STREET 1: 3501 FRONTAGE RD CITY: TAMPA STATE: FL ZIP: 33607 FORMER COMPANY: FORMER CONFORMED NAME: HEALTHPLAN SERVICES CORP DATE OF NAME CHANGE: 19950321 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DEPRINCE RACE & ZOLLO INC CENTRAL INDEX KEY: 0001008894 IRS NUMBER: 593299598 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 201 S ORANGE AVENUE STREET 2: SUITE 850 CITY: ORLANDO STATE: FL ZIP: 32801 BUSINESS PHONE: 4074209903 MAIL ADDRESS: STREET 1: 201 ORANGE AVENUE STREET 2: SUITE 850 CITY: ORLANDO STATE: FL ZIP: 32801 SC 13D 1 dsc13d.txt SCHEDULE 13-D - JUNE 25, 2002 Page 1 of 10 United States Securities and Exchange Commission Washington, D.C. 20549 Schedule 13D Under the Securities Exchange Act of 1934 (Amendment No. __________) * PlanVista Corporation --------------------- (Name of Issuer) Common Stock ------------ (Title of Class of Securities) 72701P105 --------- (CUSIP Number) Victor A. Zollo, Jr., DePrince, Race & Zollo, Inc. 201 S. Orange Ave., Suite 850 Orlando, FL 32801 407-420-9903 ------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices & Communications) June 25, 2002 (Date of Event which requires Filing of this Statement) If the filing person has previously filed a statement on Schedule G to report the acquisition which is the subject of this Section 13D, and is filing this schedule because of Sections 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 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 persons' 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. 72701P105 Schedule 13D Page 2 of 10 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON DePrince, Race & Zollo, Inc. 59-3299598 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO - Funds of Investment Advisory Clients - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Incorporated in the State of Florida - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES None ---------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 5,940,200 ---------------------------------------------------------- EACH 9. SOLE DISPOSITIVE POWER REPORTING None ---------------------------------------------------------- PERSON 10. SHARED DISPOSITIVE POWER WITH 5,940,200 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,940,200 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 35.50% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* IA - -------------------------------------------------------------------------------- CUSIP No. 72701P105 Page 3 of 10 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Gregory M. DePrince - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO, PF - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - ------------------------------ ------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 31,300 ------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 5,940,200 ------------------------------------------------------- EACH 9. SOLE DISPOSITIVE POWER REPORTING 31,300 ------------------------------------------------------- PERSON 10. SHARED DISPOSITIVE POWER WITH 5,940,200 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,971,500 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 35.68% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- CUSIP No. 72701P105 Page 4 of 10 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON John D. Race - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO, PF - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 167,700 ------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 5,940,200 ------------------------------------------------------- EACH 9. SOLE DISPOSITIVE POWER REPORTING 167,700 ------------------------------------------------------- PERSON 10. SHARED DISPOSITIVE POWER WITH 5,940,200 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,107,900 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 36.50% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- CUSIP No. 72701P105 Page 5 of 10 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Victor A. Zollo, Jr. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO, PF - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2 (C) OR 2(E) [_] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 66,580 ------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 5,940,200 ------------------------------------------------------- EACH 9. SOLE DISPOSITIVE POWER REPORTING 66,580 ------------------------------------------------------- PERSON 10. SHARED DISPOSITIVE POWER WITH 5,940,200 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,006,780 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 35.90% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Page 6 of 10 Item 1. Security and Issuer (a) Name of Issuer: PlanVista Corporation (b) Address of Issuer's Principal Executive Offices: 3501 Frontage Road Tampa, FL 33607 (c) Title and Class of Securities: Common Stock Item 2. Identity and Background (a) Name: DePrince, Race & Zollo, Inc. ("DRZ") Gregory M. DePrince John D. Race Victor A. Zollo, Jr. (b) Business Address: 201 South Orange Ave., Suite 850 Orlando, FL 32801 (c) Present Principal Employment: DRZ: Registered Investment adviser Gregory M. DePrince: Executive Vice President of DRZ John D. Race: Executive Vice President of DRZ Victor A. Zollo, Jr.: President of DRZ 201 South Orange Ave. Suite 850 Orlando, FL 32801 (d) Record of Convictions: During the last five years, Filing Persons were not convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors.) (e) Record of Civil Proceedings: Following a routine examination of DRZ, SEC staff expressed the view that DRZ and John D. Race had not updated its Form ADV and existing procedures under Investment Advisers Act Rule 204A with sufficient promptness and detail to address Mr. Race's service as a director of the Issuer. DRZ revised its Form ADV and applicable procedures accordingly. In addition, on June 12, 2002, DRZ and Mr. Race agreed to the entry of an order by the SEC that they cease and desist from any violations of Investment Advisers Act Sections 204 and 204A and related Rule 204-1. The order requires DRZ to retain an independent consultant who will review DRZ's Page 7 of 10 pertinent internal policies and to agree to implement any recommendations that the consultant might make. (f) Citizenship: DRZ is a Florida corporation. Gregory M. DePrince, John D. Race, and Victor A. Zollo, Jr. are citizens of the United States. Item 3. Source and Amount of Funds or Other Consideration Gregory M. DePrince ,Victor A. Zollo, Jr. and John D. Race all own shares of the Issuer in their individual capacity. DRZ directed the purchase of 5,920,200 shares of the Issuer for its investment advisory clients for an aggregate purchase price of $49,299,504. All of the shares were paid for by cash assets in the respective clients' accounts. Of these shares, 553,500 shares with an aggregate purchase price of $3,797,712 are restricted. In addition, DRZ directed the purchase of 20,000 shares of the Issuer for it Employee Profit Sharing Plan for an aggregate purchase price of $62,900. Item 4. Purpose of Transaction. The securities referred to herein were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the Issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes of effect. Filing Persons reserve the right to discuss management and other proposals with other persons The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although one or more of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive. In order to avoid any question as to whether their beneficial ownership is being reported on the proper form and in order to provide greater investment flexibility and administrative uniformity, these persons have decided to file their beneficial ownership reports on the more detailed Schedule 13D form rather than on the short-form Schedule 13G and thereby to provide more expansive disclosure than is necessary. Effective October 10, 2000 John D. Race is a member of the Board of Directors of Issuer. Item 5. Interest in Securities of the Issuer (a) Amount and percentage beneficially owned: DRZ: 5,940,200 35.50* Gregory M. DePrince: 5,971,500 35.68* John D. Race: 6,107,900 36.50* Victor A. Zollo, Jr.: 6,006,780 35.90* * Disclaims beneficial ownership of these shares Page 8 of 10 (b) Number of shares as to which such person has: (i) sole power to vote or direct the vote: DRZ: none Gregory M. DePrince: 31,300 John D. Race: 167,700 Victor A. Zollo, Jr.: 66,580 (ii) shared power to vote or direct the vote: DRZ: 5,940,200 Gregory M. DePrince: 5,940,200 John D. Race: 5,940,200 Victor A. Zollo, Jr.: 5,940,200 (iii) sole power to dispose or to direct the disposition: DRZ: none Gregory M. DePrince: 31,300 John D. Race: 167,700 Victor A. Zollo, Jr.: 66,580 (iv) shared power to dispose or direct the disposition: DRZ: 5,940,200 Gregory M. DePrince: 5,940,200 John D. Race: 5,940,200 Victor A. Zollo, Jr.: 5,940,200 Reporting Persons may be deemed to share power to vote and dispose of shares referred to herein as a result of control relationships (Gregory M. DePrince, John D. Race and Victor A. Zollo, Jr. with respect to all of the DRZ shares) and pursuant to investment advisory relationships with advisory clients. The shares reported above for sole power are attributable to investments by Gregory M. DePrince, John D. Race and Victor A. Zollo, Jr. on their own behalf. Reporting Persons disclaim beneficial ownership of the shares for which they share power. (c) A schedule of transactions effected in the last sixty days is attached hereto. (d) Ownership of More than Five Percent on Behalf of Another Person: The investment advisory clients and Employee Benefit Plan have the right to receive the dividends from, or the proceeds from the sale of the securities in their respective accounts. To the best of Reporting Person's knowledge, other than the shares reported herein, no person has such interest relating to more than 5% of the outstanding class of securities. Page 9 of 10 (e) Ownership of Less than Five Percent: Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer By virtue of their investment advisory agreements with their clients, DRZ have been given the discretion to dispose or direct the disposition of the securities in the advisory accounts. All such agreements are, however, revocable. All the advisory agreements are pursuant to a standard form. In July, 2001, DRZ purchased 553,500 shares of common stock of Plan Vista Corporation in a private placement transaction on behalf of accounts that DRZ manages. DRZ and PVC executed a Stock Purchase and Registration Rights Agreement in connection therewith. That agreement grants immediate demand and incidental registration rights to DRZ with respect to such shares. In June, 2002, PVC filed a registration statement on Form S-1 with respect to a public offering of its common stock (the "Offering"). DRZ agreed not to exercise its registration rights for a period of 180 days following completion of the Offering. In a letter signed in June, 2002 to Friedman, Billings, Ramsey & Co., Inc., the underwriter ("Underwriter") for the Offering, DRZ agreed not to sell any PVC shares without the underwriter's consent for a period of 180 days following completion of the offering. Also, a condition to closing of the restructuring of PVC's senior credit facility was an agreement that DRZ be granted the right to designate one Series A Director of PVC and that such director be John Race or a successor satisfactory to the holders of PVC's Class C preferred stock. Item 7. Material to be Filed as Exhibits Exhibit A - 60 days of trading. Page 10 of 10 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 24, 2002 DePrince Race & Zollo, Inc. By: /s/ Victor A. Zollo, Jr. ------------------------------------- Victor A. Zollo, Jr., President Gregory M. DePrince, Individually By: /s/ Gregory M. DePrince ------------------------------------- Gregory M. DePrince John D. Race, Individually By: /s/ John D. Race ------------------------------------- John D. Race Victor A. Zollo, Jr., Individually By: /s/ Victor A. Zoolo, Jr ------------------------------------- Victor A. Zollo, Jr. Exhibit A - 60 day transaction summary DEPRINCE, RACE & ZOLLO, INC. TRANSACTION MADE AS INVESTMENT ADVISOR ON BEHALF OF CLIENTS Tran Trade Trade Code Security Date Quantity Amount - ---- ---------------------- ----- ------------- --------- There have been no transactions made during the 60 days -----END PRIVACY-ENHANCED MESSAGE-----