<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. __)*
Riscorp, Inc.
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(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)
Seth W. Hamot, 35 Hancock St. Boston, MA 02114 (617) 227-8156
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(Name, address and telephone number of person authorized to receive notices and
communications)
September 11, 1998
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(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 (S)(S)240.13d-(e), 240.13d-1(f) or 204.13(d)-1(g),
check the following box [_].
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule. See (S)240.13d-7 for other parties to whom copies
are to be sent.
(Continued on the following pages)
(Page 1 of 9 Pages)
________________________________
*The remainder of this cover page shall be filled out for a reporting person's
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 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).
<PAGE>
SCHEDULE 13D
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CUSIP NO. 767597107 PAGE 2 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Seth W. Hamot
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
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SOLE VOTING POWER
7
NUMBER OF Seth W. Hamot 702,200
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING Seth W. Hamot 702,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
Seth W. Hamot 702,200
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.92%
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TYPE OF REPORTING PERSON*
14
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP NO. 767597107 PAGE 3 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Costa Brava Partnership II Limited Partnership (04-3387028)
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Massachusetts
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SOLE VOTING POWER
7
NUMBER OF Costa Brava II 673,200
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING Costa Brava II 673,200
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
Costa Brava II 673,200
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.72%
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TYPE OF REPORTING PERSON*
14
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP NO. 767597107 PAGE 4 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Roark, Rearden & Hamot Inc. (04-3242639)
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Massachusetts
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF Roark, Rearden & Hamot Inc. 673,200
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING Roark, Rearden & Hamot Inc. 673,200
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
Roark, Rearden & Hamot Inc. 673,200
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.72%
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TYPE OF REPORTING PERSON*
14
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP NO. 767597107 PAGE 5 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Greenwood Investments Inc. (22-3147811)
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF Greenwood Investments Inc. 34,900
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING Greenwood Investments Inc. 34,900
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
Greenwood Investments Inc. 34,900
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.24%
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TYPE OF REPORTING PERSON*
14
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP NO. 767597107 PAGE 6 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven M. Tannenbaum
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
PF
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
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SOLE VOTING POWER
7
NUMBER OF Steven M. Tannenbaum 34,900
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING Steven M. Tannenbaum 34,900
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
Steven M. Tannenbaum 34,900
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.24%
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TYPE OF REPORTING PERSON*
14
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP NO. 767597107 PAGE 7 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Greenwood Capital Limited Partnership (05-0486774]
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Massachusetts
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SOLE VOTING POWER
7
NUMBER OF Greenwood Capital LP 34,900
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING Greenwood Capital LP 34,900
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
Greenwood Capital LP 34,900
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.24%
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TYPE OF REPORTING PERSON*
14
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
ITEM 1. SECURITY AND ISSUER
Securities acquired: Shares of Class A Common Stock
Par value of $0.01 per share
Issuer: Riscorp, Inc.
One Sarasota Tower
Suite 608
2 North Tamiami Trail
Sarasota, Florida 34236
941-366-5015
ITEM 2. IDENTITY AND BACKGROUND
This Schedule D is being filed on behalf of Seth W. Hamot (SWH), Costa Brava
Partnership II Limited Partnership, a Massachusetts limited partnership (CBII),
Roark, Rearden & Hamot, Inc., a Massachusetts corporation (RRH), Steven M.
Tannenbaum (SMT), Greenwood Capital Limited Partnership (GCLP), and Greenwood
Investments, Inc. (GI)
This Schedule 13D relates to shares of Class A Common Stock of the Issuer
purchased by CBII, of which RRH is the general partner, SWH for his own account,
and GCLP, of which GI is the general partner.
Roark, Rearden, & Hamot Inc., a Massachusetts corporation, is the general
partner of CBII, and is located at 35 Hancock St., Boston, MA, 02114. Mr.
Hamot is the principal of RRH. The principal occupation of Mr. Hamot is
investment management, and he is a United States citizen.
Greenwood Investments, Inc., a Delaware corporation, is the general partner of
GCLP, and is located at 125 Country Club Rd., Newton, MA, 02159. Mr.
Tannenbaum is the principal of GI. The principal occupation of Mr. Tannenbaum
is investment management, and he is a United States citizen.
Neither RRH, CBII, SWH, SMT, GCLP, nor GI has been convicted in a criminal
proceeding during the last five years. Neither RRH, CBII, SWH, SMT, GCLP, nor
GI was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and, as a result thereof, subject to any judgement,
decree, or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violations with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS
As of September 25, 1998, CBII had invested $825,319.62, SWH had invested
$66,249.07, and GCLP had invested $65,428.72 in shares of Class a Common Stock.
The sources of all these funds were the working capital of each entity or
personal funds of SWH.
ITEM 4. PURPOSE OF TRANSACTION
CBII, SWH, and GCLP acquired the Shares as an investment and with a view to
making a profit. None of the Reporting Persons has any plans or proposals
which relate to or would result in a) any extraordinary corporate transaction,
such as a merger, reorganization or liquidation, involving the issuer or any of
its subsidiaries; b) any sale or transfer of a material amount of assets of the
issuer or any of its subsidiaries; c)any changes in the present manager of the
Issuer; d) any change in the present capitalization of dividend policy of the
issuer; e) any other material change in the Issuer's business or corporate
structure; f) 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; g) 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 registered
national securities association; h) 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 i) any action similar to those enumerated in this sentence.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) - (b) As of September 25, 1998, SWH is the beneficial owner of 29,000 shares
and may be deemed beneficial owner of 702,200 shares of Class A Common Stock of
the Issuer or 4.92% of the shares outstanding; (ii) CBII is beneficial owner of
and RRH may be deemed the beneficial owner of 673,200 shares of Class A Common
Stock of the Issuer or 4.72% of the shares outstanding; (iii) GCLP is beneficial
owner of and GI and SMT may be deemed beneficial owner of 34,900 shares of Class
A Common Stock of the Issuer or .24% of the shares outstanding. The amount of
shares beneficially owned has been computed in accordance with Rule 13d-3 under
the Act. The percentage of beneficial ownership of SWH, CBII, and GC on
September 25, 1998 is based upon 14,258,671 outstanding shares
<PAGE>
of Common Stock as of July 31, 1998 as reported in the Issuer's Quarterly Report
filed with the Commission on August 19, 1998.
<TABLE>
<CAPTION>
NUMBER OF NUMBER OF
AGGREGATE SHARES: SOLE NUMBER OF SHARES: SOLE
NUMBER POWER TO SHARES: SHARED POWER TO APPROX.
FILING PARTY OF SHARES VOTE POWER TO VOTE DISPOSE PERCENTAGE*
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SWH 702,200 702,200 702,200 4.92%
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CBII 673,200 673,200 673,200 4.72%
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RRH 673,200 673,200 673,200 4.72%
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SMT 34,900 34,900 34,900 .24%
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GCLP 34,900 34,900 34,900 0.24%
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GI 34,900 34,900 34,900 0.24%
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* Based upon 14,258,671 outstanding shares of Common Stock as of July 31, 1998 as reported in the Issuer's
Quarterly Report filed with the Commission on August 19, 1998.
- ------------------------------------------------------------------------------------------------------------
</TABLE>
c) Transactions in the Issuer's securities by CBII, SWH, GCLP during the last
sixty days. All transaction occurred on the NASDAQ OTC market.
<TABLE>
<CAPTION>
DATE PURCHASE/SALE # OF SHARES PRICE PER SHARE ($)
- ------------------------------------------------------------
<C> <S> <C> <C>
FOR CBII
- ----------
7/27/98 P 5,500 $1.16
7/29/98 P 5,000 $1.19
7/30/98 P 10,000 $1.18
8/03/98 P 5,000 $1.19
8/04/98 P 1,000 $1.17
8/05/98 P 5,000 $1.13
8/13/98 P 19,000 $1.22
8/27/98 P 10,000 $1.07
8/28/98 P 2,500 $1.06
8/31/98 P 3,600 $1.06
9/02/98 P 6,600 $1.06
9/03/98 P 2,000 $1.04
9/04/98 P 10,000 $1.05
9/10/98 P 5,000 $1.06
9/11/98 P 5,000 $1.03
9/14/98 P 7,500 $ .99
9/17/98 P 6,000 $1.03
9/21/98 P 5,000 $1.04
9/23/98 P 5,000 $ .94
For GCLP
8/07/98 P 4,000 $1.21
8/17/98 P 1,000 $1.14
9/18/98 P 3,000 $1.14
</TABLE>
d) NA
<PAGE>
e) NA
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
NA
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 7(a): Joint Filing Agreement
<PAGE>
SIGNATURE
After due inquiry, to the best of our knowledge and belief, we certify that
the information set forth in this statement is true, complete and correct.
Dated: September 25, 1998
/s/ Seth W. Hamot
_________________________________________________
Seth W. Hamot
Costa Brava Partnership II Limited Partnership
By: Roark, Reardon & Hamot, Inc., its general partner
By: /s/ Seth W. Hamot
_____________________________________
Seth W. Hamot
Its: President
Greenwood Capital Limited Partnership
By: Greenwood Investments, Inc.
By: /s/ Steven M. Tannenbaum
_____________________________________
Steven M. Tannenbaum
Its: President
Roark, Reardon & Hamot, Inc.
By: /s/ Seth W. Hamot
_____________________________________
Seth W. Hamot
Its: President
Greenwood Investments, Inc.
By: /s/ Steven M. Tannenbaum
_____________________________________
Steven M. Tannenbaum
Its: President
/s/ Steven M. Tannenbaum
_________________________________________________
Steven M. Tannenbaum
<PAGE>
EXHIBIT 7(a)
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934,
as amended, the undersigned agree to the joint filing on behalf of each of them
of a statement on Schedule 13D (including amendments thereto) with respect to
the Class A Common Stock of Riscorp, Inc. and further agree that this agreement
be included as an exhibit to such filing. Each party to the agreement expressly
authorizes each other party to file on its behalf any and all amendments to such
statement. Each party to this agreement agrees that this joint filing agreement
may be signed in counterparts.
In evidence whereof, the undersigned have caused this Agreement to be
executed on their behalf this 25th day of September, 1998
/s/ Seth W. Hamot
_________________________________________________
Seth W. Hamot
Costa Brava Partnership II Limited Partnership
By: Roark, Reardon & Hamot, Inc., its general partner
By: /s/ Seth W. Hamot
_____________________________________
Seth W. Hamot
Its: President
Greenwood Capital Limited Partnership
By: Greenwood Investments, Inc.
By: /s/ Steven M. Tannenbaum
_____________________________________
Steven M. Tannenbaum
Its: President
Roark, Reardon & Hamot, Inc.
By: /s/ Seth W. Hamot
_____________________________________
Seth W. Hamot
Its: President
Greenwood Investments, Inc.
By: /s/ Steven M. Tannenbaum
_____________________________________
Steven M. Tannenbaum
Its: President
/s/ Steven M. Tannenbaum
_________________________________________________
Steven M. Tannenbaum
