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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
(RULE 13D-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(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)
October 24, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
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 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 13G PAGE 2 OF 7 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Walter E. Riehemann
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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. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5. SOLE VOTING POWER
1,725,000
NUMBER OF
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SHARES 6. SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 1,725,000
PERSON
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WITH 8. SHARED DISPOSITIVE POWER
-0-
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,725,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
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12. TYPE OF REPORTING PERSON
IN
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Page 2 of 7
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CUSIP NO. 767597107 13G PAGE 3 OF 7 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
The Phoenix Management Company, Ltd.
59-3483515
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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. CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
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5. SOLE VOTING POWER
NUMBER OF 1,725,000
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SHARES 6. SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 1,725,000
PERSON
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WITH 8. SHARED DISPOSITIVE POWER
-0-
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,725,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
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12. TYPE OF REPORTING PERSON
PN
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Page 3 of 7
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CUSIP NO. 767597107 13G PAGE 4 OF 7 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Dawson Managers, Inc.
59-3483513
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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. CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
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NUMBER OF 5. SOLE VOTING POWER
SHARES 1,725,000
BENEFICIALLY ------------------------------------------------------
OWNED BY
6. SHARED VOTING POWER
-0-
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 1,725,000
PERSON ------------------------------------------------------
WITH 8. SHARED DISPOSITIVE POWER
-0-
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,725,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
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12. TYPE OF REPORTING PERSON
CO
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ITEM 1(A). NAME OF ISSUER:
RISCORP, Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
2 North Tamiami Trail, Suite 608, Sarasota, Florida 34236-5642
ITEM 2(A). NAME OF PERSON FILING:
This Schedule 13G is being filed by the following persons: (1)
Walter E. Riehemann; (2) Dawson Managers, Inc. ("DMI"); and
(3) The Phoenix Management Company, Ltd. ("Phoenix"), a
limited partnership which has DMI as its sole general partner.
The shares that are the subject of this Schedule 13G filing
were acquired of record by Phoenix on April 1, 1998 pursuant
to a restricted stock grant under the terms of a Management
Agreement dated as of February 18, 1998 among Phoenix and
RISCORP, Inc. and certain of its affiliates. A Schedule 13G
was filed in connection with these shares by Frederick M.
Dawson, F.M. Dawson Company, Inc., DMI and Phoenix. The shares
continue to be owned of record by Phoenix.
On November 11, 1998, Frederick M. Dawson and Karen A. Dawson,
as trustees of the The Frederick M. Dawson Trust dated August
20, 1998, entered into an option agreement with Walter E.
Riehemann that provided an option to Mr. Riehemann to purchase
all of the outstanding stock of DMI. This option became
exercisable only upon the death of Mr. Dawson. Mr. Dawson died
October 24, 1999 and Mr. Riehemann exercised his option
November 12, 1999. The closing of the purchase under the
option agreement occurred effective January 1, 2000.
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
6321 Manatee Avenue, West, Bradenton, Florida 34209
ITEM 2(C). CITIZENSHIP:
The citizenship for each of Mr. Riehemann, Phoenix and DMI is
contained in Item 4 on pages 2, 3 and 4 of this Schedule 13G,
respectively.
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Class A Common Stock, par value $0.01 per share
ITEM 2(E). CUSIP NUMBER:
767597107
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR
13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of
the Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange
Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of
the Exchange Act.
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the
definition of an investment company under Section
3(c)(14) of the Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
(a) Amount beneficially owned:
Each of the persons filing this Schedule 13G are
filing with respect to 1,725,000 shares held of
record by Phoenix.
(b) Percent of class:
12.1%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
1,725,000
(ii) Shared Power to vote or to direct the
vote -0-
(iii) Sole power to dispose or to direct the
disposition of 1,725,000
(iv) Shared power to dispose or to direct the
disposition of -0-
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not applicable.
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ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
WALTER E. RIEHEMANN
January 3, 2000
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(Date)
/s/ Walter E. Riehemann
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(Signature)
THE PHOENIX MANAGEMENT COMPANY, LTD.
by: Dawson Managers, Inc., as General Partner
January 3, 2000
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(Date)
/s/ Walter E. Riehemann
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(Signature)
/s/ Walter E. Riehemann, President
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(Name/Title)
DAWSON MANAGERS, INC.
January 3, 2000
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(Date)
/s/ Walter E. Riehemann
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(Signature)
Walter E. Riehemann/President
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(Name/Title)
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