<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
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(Title of Class of Securities)
767597107
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(CUSIP NUMBER)
BLAVIN & COMPANY, INC.
29621 Northwestern Highway
Southfield, Michigan 48034
Tel. No.: (248) 213-0457
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(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 17, 1998
- --------------------------------------------------------------------------------
(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.
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CUSIP NO. 767597107
13D
- --------------------------------------------------------------------------------
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)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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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
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7 SOLE VOTING POWER
NUMBER OF
SHARES 1,034,000
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
1,034,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,034,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.25%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
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CUSIP NO. 767597107
13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Paul W. Blavin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)[ ]
(b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 1,034,000
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
1,034,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,034,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.25%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
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SCHEDULE 13D
This 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, relating to shares of Class A Common Stock of
Riscorp, Inc. (the "Issuer").
This 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) two institutional
clients for which BCI acts as investment advisor (collectively, the "Clients").
ITEM 1. SECURITY AND ISSUER
Securities acquired: Shares of Class A Common Stock,
par value $0.01 per share
Issuer: Riscorp, Inc.
1390 Main Street
Sarasota, Florida 34236
Tel. No. (941) 906-2000
ITEM 2. IDENTITY AND BACKGROUND
Blavin & Company, Inc., a Delaware corporation, provides
investment management services to private individuals and institutions and is
located at 29621 Northwestern Highway, Southfield, MI 48034. Mr. Blavin is
the principal of BCI. The principal occupation of Mr. Blavin is investment
management, and he is a United States citizen. His business address is 29621
Northwestern Highway, Southfield, MI 48034. Neither BCI nor Mr. Blavin has
been convicted in a criminal proceeding during the last five years. Neither
BCI nor Mr. Blavin is and during the past five years was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and,
as a result thereof, subject to any judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS
As of March 27, 1998, BCI had invested (i) $1,194,843.06 in
shares of Class A Common Stock through PWB and (ii) $703,576.85 and $303,929.18
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.
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ITEM 4. PURPOSE OF THE TRANSACTION
BCI and Mr. Blavin acquired shares of Class A Common Stock
for portfolio investment purposes and do not have any present plans or
proposals that relate to or would result in any change in the business,
policies, management, structure or capitalization of the Issuer, but BCI and
Mr. Blavin reserve the right to consider or make such plans and/or proposals in
the future. BCI and Mr. Blavin reserve the right to acquire, or dispose of,
additional securities of the Issuer, in the ordinary course of business, to the
extent deemed advisable in light of BCI's general investment and trading
policies, market conditions or other factors. BCI may contact the Issuer and/or
other shareholders regarding potential strategies to increase shareholder
value. Other than as described above, neither BCI nor Mr. Blavin has present
plans or proposals which would result in any of the following:
1) any extraordinary corporate transaction, such
as a merger, reorganization or liquidation, involving the
issuer or any of its subsidiaries;
2) any sale or transfer of a material amount of
assets of the issuer or any of its subsidiaries;
3) any change in the present board of directors or
managers of the issuer;
4) any material change in the present
capitalization or dividend policy of the issuer;
5) any other material change in the issuer's
business or corporate structure;
6) any change in the issuer's charter, by-laws or
instruments corresponding thereto or other actions which may
impede the acquisition of control of the issuer by any person;
7) causing a class of securities of the issuer to
be delisted from a national securities exchange or to cease to
be authorized to be quoted in an interdealer quotation system
of a registered national securities association;
8) causing a class of securities of the issuer to
become eligible for termination of registration pursuant to
Section 12(g)(4) of the Act; or
9) any action similar to any of those enumerated
above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of March 27, 1998, BCI and Mr. Blavin are
beneficial owners of 1,034,000 shares of Class A Common Stock of the Issuer or
8.25% of the shares outstanding. The 1,034,000 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.
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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 18, 1998 is based on 12,533,671
outstanding shares of Class A Common Stock as of January 28, 1998 as reported
in the Issuer's Proxy Statement filed with the Commission on March 3, 1998.
(b) BCI and Mr. Blavin for the account of each of PWB and
the Clients have the power to vote and dispose of the shares of Class A Common
Stock held by each such entity.
(c) The transactions in the Issuer's securities by BCI
during the last sixty days are listed as Annex A attached hereto and made apart
hereof.
(d) Not Applicable.
(e) Not Applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Not Applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not Applicable.
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ANNEX A
<TABLE>
<CAPTION>
Transaction Buy/Sell Quantity Price per
Date (shares) Share ($)
----------- -------- --------- ---------
<S> <C> <C> <C>
2/20/98 Buy 15,000 1.3012
2/23/98 Buy 14,000 1.3860
2/24/98 Buy 16,500 1.3950
2/26/98 Buy 5,000 1.4575
2/27/98 Buy 10,000 1.4887
3/02/98 Buy 35,500 1.5789
3/06/98 Buy 163,500 2.1343
3/09/98 Buy 131,800 2.1527
3/11/98 Buy 132,500 2.1671
3/12/98 Buy 67,500 2.1700
3/13/98 Buy 30,000 2.1700
3/17/98 Buy 53,500 2.1756
3/18/98 Buy 70,800 2.2273
3/19/98 Buy 32,500 2.2580
3/20/98 Buy 55,000 2.2444
3/23/98 Buy 58,900 2.2387
3/24/98 Buy 32,500 2.2541
3/25/98 Buy 73,000 2.3012
3/26/98 Buy 11,500 2.3615
3/27/98 Buy 25,000 2.3843
---------
1,034,000
</TABLE>
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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: March 27, 1998
Blavin & Company, Inc.
By: /s/ Paul W. Blavin
----------------------------------------
PAUL W. BLAVIN, President
/s/ Paul W. Blavin
-------------------------------------------
PAUL W. BLAVIN
