-----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, HsU0aSvt7PpJ08v4qE16B3YMwhRJhfV3l3v72oNThxgUKL6sB/uvgSzESwFB4490 lBM8GC8FvrQGJOqDfPXz9g== 0000941302-99-000059.txt : 19990403 0000941302-99-000059.hdr.sgml : 19990403 ACCESSION NUMBER: 0000941302-99-000059 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990401 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RISCORP INC CENTRAL INDEX KEY: 0001003957 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 650335150 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-47357 FILM NUMBER: 99585191 BUSINESS ADDRESS: STREET 1: ONE SARASOTA TOWER STREET 2: SUITE 608 CITY: SARASOTA STATE: FL ZIP: 34236 BUSINESS PHONE: 9419512022 MAIL ADDRESS: STREET 1: 1390 MAIN STREET CITY: SARASOTA STATE: FL ZIP: 34236 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BLAVIN & CO INC /ADV CENTRAL INDEX KEY: 0001049024 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 061433471 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 29621 NORTHWESTERN HWY CITY: SOUTHFIELD STATE: MI ZIP: 48034 BUSINESS PHONE: 2482130457 MAIL ADDRESS: STREET 1: 29621 NORTHWESTERN HIGHWAY CITY: SOUTHFIELD STATE: MI ZIP: 48034 FORMER COMPANY: FORMER CONFORMED NAME: BLAVIN & CO INC /ADV DATE OF NAME CHANGE: 19980327 SC 13D/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D/A (AMENDMENT NO. 3 TO SCHEDULE 13D) Under the Securities Exchange Act of 1934 RISCORP, INC. ------------------------------------------------------------------------- (Name of Issuer) Shares of Class A Common Stock, par value $0.01 per share ------------------------------------------------------------------------- (Title of Class of Securities) 767597107 ------------------------------------------------------------------------- (CUSIP NUMBER) Blavin & Company, Inc. 29621 Northwestern Highway Southfield, Michigan 48034 Tel. No.: (248) 213-0457 ------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) - with copies to - Eliot D. Raffkind, P.C. Akin, Gump, Strauss, Hauer & Feld, L.L.P. 1700 Pacific Avenue, Suite 4100 Dallas, Texas 75201-4618 (214) 969-2800 March 23, 1999 ------------------------------------------------------------------------- (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 [ ] 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, as amended ("Act"), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act. CUSIP No. 767597107 13D/A 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Blavin & Company, Inc. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / 3 SEC USE ONLY 4 SOURCE OF FUNDS* AF, WC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) / / 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF 7 SOLE VOTING POWER 1,695,000 SHARES BENEFICIALLY 8 SHARED VOTING POWER 0 OWNED BY EACH 9 SOLE DISPOSITIVE POWER 1,695,000 REPORTING PERSON WITH 10 SHARED DISPOSITIVE POWER 0 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,695,000 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.89% 14 TYPE OF REPORTING PERSON* CO *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 767597107 13D/A 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Paul W. Blavin 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / 3 SEC USE ONLY 4 SOURCE OF FUNDS* AF, WC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) / / 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA NUMBER OF 7 SOLE VOTING POWER 1,695,000 SHARES BENEFICIALLY 8 SHARED VOTING POWER 0 OWNED BY EACH 9 SOLE DISPOSITIVE POWER 1,695,000 REPORTING PERSON WITH 10 SHARED DISPOSITIVE POWER 0 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,695,000 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.89% 14 TYPE OF REPORTING PERSON* IN *SEE INSTRUCTIONS BEFORE FILLING OUT AMENDMENT NO. 3 TO SCHEDULE 13D This Amendment No. 3 to Schedule 13D (the "Schedule 13D") is being filed on behalf of Blavin & Company, Inc., a Delaware corporation ("BCI"), and Mr. Paul W. Blavin, the principal of BCI, as an amendment to the initial statement on Schedule 13D, relating to shares of Class A Common Stock of Riscorp, Inc. (the "Issuer"), as filed with the Securities and Exchange Commission (the "Commission") on March 27, 1998 and amended by Amendment No. 1 to Schedule 13D filed with the Commission on April 9, 1998 and Amendment No. 2 to Schedule 13D filed with the Commission on July 29, 1998 (as amended, the "Amended Schedule 13D"). This Amendment No. 3 to Schedule 13D relates to shares of Class A Common Stock of the Issuer purchased by BCI for the account of (i) PWB Value Partners, L.P. ("PWB"), of which BCI is the general partner, and (ii) three institutional clients for which BCI acts as investment advisor (collectively, the "Clients"). The Amended Schedule 13D is hereby amended and supplemented as follows: ITEM 1. SECURITY AND ISSUER Item 1 of the Amended Schedule 13D is hereby amended and restated in its entirety to read as follows: Securities acquired: Shares of Class A Common Stock, par value $0.01 per share Issuer: RISCORP, Inc. 2 North Tamiami Trail Suite 608 Sarasota, Florida 34236 Tel. No.: (941) 366-5015 ITEM 3. SOURCE AND AMOUNT OF FUNDS Item 3 of the Amended Schedule 13D is hereby amended and restated in its entirety to read as follows: As of March 23, 1999, BCI had invested (i) $2,000,211.10 in shares of Class A Common Stock through PWB and (ii) $1,058,737.70, $444,072.81 and $59,412.08 in shares of Class A Common through each of the Clients, all as described in Item 5 below. The source of these funds was the working capital of each of PWB and the Clients, as the case may be. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item 5 of the Amended Schedule 13D is hereby amended by amending and restating Items 5(a) and (c) as follows: (a) As of March 23, 1999, BCI and Mr. Blavin are beneficial owners of 1,695,000 shares of Class A Common Stock of the Issuer or 11.89% of the shares outstanding. The 1,695,000 shares described above are beneficially owned by BCI and Mr. Blavin for the account of PWB and each of the Clients, as the case may be. The number of shares beneficially owned by BCI and Mr. Blavin and the percentage of outstanding shares represented thereby have been computed in accordance with Rule 13d-3 under the Act. The percentage of beneficial ownership of BCI and Mr. Blavin on March 23, 1999 is based on 14,258,671 outstanding shares of Class A Common Stock as of March 19, 1999 as reported in the Issuer's Form 10K filed with the Commission on March 23, 1999. (c) The transactions in the Issuer's securities by BCI during the past 60 days are listed as Annex A attached hereto and made apart hereof. ANNEX A Transaction Buy/ Quantity Price per Date Sell (shares) Share ($) ----------- --------- --------- --------- 3/12/99 Sell (10,000) 1.4175 3/15/99 Sell (7,250) 1.4175 3/15/99 Sell (7,750) 1.4176 3/22/99 Buy 86,800 1.4870 3/23/99 Buy 113,200 1.4840 ------- 175,000 ======= Signature After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: April 1, 1999 Blavin & Company, Inc. By: /s/ Paul W. Blavin --------------------------- PAUL W. BLAVIN, President /s/ Paul W. Blavin -------------------------- PAUL W. BLAVIN -----END PRIVACY-ENHANCED MESSAGE-----