SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 21, 1999
MD HealthShares Corporation
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(Exact name of registrant as specified in its charter)
Louisiana 0-22421 72-1301480
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3029 S. Sherwood Forest Blvd., Suite 200, Baton Rouge, LA 70816
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (225) 293-3272
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(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS.
On July 21, 1999, the Company's operating subsidiary, Patient's
Choice, Inc. ("Patient's Choice"), was placed under the supervision of the
Louisiana Department of Insurance ("DOI") due to the deteriorating financial
condition of Patient's Choice. The Company has presently exhausted its efforts
to secure additional capital to fund the operations of Patient's Choice, and it
anticipates that the operations of Patient's Choice may be assumed by the DOI in
a rehabilitation or receivership proceeding. In any such event, it is unlikely
that the Company will realize any material recovery of its investment in
Patient's Choice. The Company has no material assets other than its investment
in Patient's Choice, and absent new capital and a new business plan, which are
not anticipated at this time, the Company will have no alternative but to cease
operations. Under the circumstances, it would appear unlikely that the
shareholders of the Company would recover any material portion of their
investments in the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MD HEALTHSHARES CORPORATION
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(Registrant)
Date August 13, 1999 BY: /s/ PATRICK POWERS
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NAME: Patrick Powers
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TITLE: CEO
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