AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 1, 2001
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 of the Securities Exchange Act of 1934
May 21, 2001
Date of Report (Date of earliest event reported)
FORTUNE FINANCIAL, INC.
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(Exact Name of registrant as Specified in its Charter)
Florida 000-6764 59-1218935
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
10475-103 Fortune Parkway
Jacksonville, Florida 32256
(Address of principal executive offices)
(904) 363-6339
Registrant's telephone number, including area code
Mobile America Corporation
(Former name or former address, if changed since last report)
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Item 5. Other Events
Fortune Financial, Inc. announced that its primary operating subsidiary,
Fortune Insurance Company, has consented to the appointment of the Florida
Department of Insurance as Receiver for purposes of rehabilitation. Fortune
Insurance Company suspended the writing of all new and renewal insurance
policies on May 15, 2001 because of its inadequate capital base. The Department
of Insurance will oversee Fortune Insurance Company's operations to ensure the
orderly run-off of the Company's existing policies, including the normal
processing of endorsements, handling of customer service and payment of claims.
Fortune Financial, Inc. is continuing to evaluate financing alternatives to
allow resumption of its insurance business through one of its other insurance
subsidiaries.
A copy of the press release announcing these matters is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
Signature
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.
FORTUNE FINANCIAL, INC.
Date: June 1, 2001 By: /s/ MARK P. BROCKELMAN
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Mark P. Brockelman
Vice President & Chief Financial Officer
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Exhibit Index
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Exhibit Description
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99.1 Press Release on Fortune Insurance Company Agreeing to Voluntary
Rehabilitation
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Exhibit 99.1
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May 30, 2001
For Release:
FORTUNE INSURANCE AGREES TO VOLUNTARY REHABILITATION
Fortune Financial, Inc. announced that its primary operating subsidiary, Fortune
Insurance Company, has consented to the appointment of the Florida Department of
Insurance as Receiver for purposes of rehabilitation. Fortune Insurance Company
suspended the writing of all new and renewal insurance policies on May 15, 2001
because of its inadequate capital base. The Department of Insurance will oversee
Fortune Insurance Company's operations to ensure the orderly run-off of the
Company's existing policies, including the normal processing of endorsements,
handling of customer service and payment of claims.
Fortune Financial, Inc. is continuing to evaluate financing alternatives to
allow resumption of its insurance business through one of its other insurance
subsidiaries.
Fortune Financial, Inc. is an insurance holding company headquartered in
Jacksonville, Florida. Its property and casualty insurance subsidiaries write
personal nonstandard automobile insurance and homeowner's insurance through
independent specialty agents.
For further information, please contact: Mark Brockelman
Vice President and CFO
Fortune Financial, Inc.
10475-103 Fortune Parkway
Jacksonville, FL 32256
Telephone: 904-363-6339, ext. 2319
E-mail: MBrockelman@Fortune.net
Forward-Looking Statements
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Some statements made in this informational release are forward-looking within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
and are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors and prospective investors are referred
to the Company's Form 10-Q for the quarter ended September 30, 2000 and its most
recently filed Form 10-K for the year ended December 31, 1999 for a more
detailed discussion of the factors that could cause actual results to differ.
The Company disclaims any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information, future
events or otherwise.
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