SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
January 24, 1997
ENSTAR INC.
(Exact name of registrant as specified in its charter)
Minnesota 331-10134 41-1831611
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
6479 City West Parkway
Eden Prairie, Minnesota 55344
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612) 941-3200
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
On January 24, 1997 ENStar Inc. ("ENStar"), a wholly-owned subsidiary of
North Star Universal, Inc. ("NSU"), sold 200,000 shares of common stock, .0001
par value per share, of CorVel Corporation ("CorVel") to CorVel at a price of
$25.75 per share. ENStar continues to hold 1,025,000 shares of CorVel common
stock, comprising 23% of the outstanding common shares of CorVel.
ENStar intends to distribute the proceeds of the sale of CorVel shares to
NSU in the form of a cash dividend, which will be used by NSU to reduce the
amount of NSU's net assumed liabilities for purposes of the reorganization of
NSU and Michael Foods, Inc. The reorganization is expected to be completed
during the first quarter of 1997.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99. News Release dated January 24, 1997.
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, hereto duly authorized.
ENStar Inc.
Date: January 31, 1997
By__/s/ Thomas S. Wargolet___
Thomas S. Wargolet
Chief Financial Officer
and Secretary
<PAGE>
EXHIBIT INDEX
Exhibit Description of Exhibit Page Number
99 News Release dated January 24, 1997 4
<PAGE>
EXHIBIT 99
NEWS RELEASE
CorVel Corporation
1920 Main St., Suite 1090
DATE: January 24, 1997 Irvine, CA 92614
http://www.corvel.
Contact: Gordon Clemons
(714) 851-1473
North Star Universal
6479 City West Parkway
Eden Prairie, MN 55344
Contact: Peter Flynn
(612) 941-3200
FOR IMMEDIATE RELEASE
CORVEL ANNOUNCES EXPANDED SHARE BUYBACK:NORTHSTAR ANNOUNCES SALE OF STOCK
Irvine, CA . . . January 24, 1997. CorVel Corporation (CRVL - NASDAQ National
Market), reported the purchase of an additional 200,000 shares of its common
stock, and approved the future repurchase of an additional 70,000 shares. The
company had previously repurchased 78,000 shares during the fourth quarter of
1996.
The 200,000 shares were purchased Friday, January 24 at $25.75 per share from
North Star Universal, Inc. (NSRU-NASDAQ). North Star, located in Minneapolis,
MN, continues to hold 1,025,000 shares of CorVel stock, comprising 23% of the
outstanding common shares of CorVel. "This sale of CorVel stock was necessary
to optimize our restructuring of North Star," said Jeff Michael, North Star's
President and CEO. "We have been long term investors in CorVel, and continue
<PAGE>
to be the largest shareholder. CorVel's prospects in managed care reflect
the kind of investment in which we like to be positioned," Mr. Michael
continued.
In a series of transactions expected to be completed during the first quarter
of 1997, North Star is distributing its position in CorVel together with its
two technology companies: Americable, Inc. and Transition Networks, Inc. The
remaining assets of North Star will be merged with Michael Foods, Inc. (MIKL-
NASDAQ), a food processing and distribution company originally founded by
North Star. Mr. Michael and North Star's executive vice-president, Peter
Flynn, have been members of CorVel's board of directors since prior to its
original public offering of stock in July of 1991.
"CorVel has been generating cash in excess of its operating needs, and is
pursuing stock repurchases as a part of its overall plan to optimize long term
shareholder value," said Gordon Clemons, CorVel's chairman. CorVel has
4,397,000 shares outstanding after the purchase.
CorVel Corporation is an independent, nationwide provider of managed care
services to employers and insurers. The company builds and operates networks
of providers (PPO's) who deliver healthcare services to employees insured
under employee benefit programs as well as workers compensation and auto
statutes. CorVel supports its PPO's with patient management and provider
reimbursement services, delivered through a network of 150 offices in 48
states.
BVH/NSU/Corp Reorg/ENStar Docs/Form 8-k/1.31.97
