SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 1 to Schedule 13D (Final)
Under the Securities Exchange Act of 1934
Exsorbet Industries, Inc.
(Name of Issuer)
Common Stock, $.001 Par Value
(Title of Class of Securities)
30222 P 10 3
(CUSIP Number)
Timothy L. LaFrey, Esq.
Small, Craig & Werkenthin, P.C.
100 Congress Avenue, Suite 1100
Austin, Texas 78701 (512) 472-8355
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
November 26, 1996
(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 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 ("Act") 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).
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1 Name of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
American Physicians Service Group, Inc.
IRS Identification Number: 751458323
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ] (b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC Use Only
- ----------- --------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
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5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 Citizenship or Place of Organization
No Change
- ----------------------------- -------- -----------------------------------------
Number of 7 Sole Voting Power
Shares None
Beneficially
Owned by
Each
Reporting
Person
With
-------- -----------------------------------------
8 Shared Voting Power
None
-------- -----------------------------------------
9 Sole Dispositive Power
None
-------- -----------------------------------------
10 Shared Dispositive Power
None
- ----------- --------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
None
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12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
- ----------- --------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
N/A
- ----------- --------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
No Change
- ----------- --------------------------------------------------------------------
Amendment No. 1 to Schedule 13D (Final)
Item 1. Security and Issuer - No Change.
Item 2. Identity and Background - No Change.
Item 3. Source and Amount of Funds or Other Consideration - Not Applicable
<PAGE>
Item 4. Purpose of Transaction - Not Applicable.
Item 5. Interest in Securities of the Issuer - Not Applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
American Physicians Service Group, Inc. ("APS") exercised its right under
the September 30, 1996 Stock Put Agreement to cause Exsorbet Industries, Inc.
("Exsorbet") to repurchase 1,200,000 shares of Exsorbet stock at $2.75/share
which is the same price paid by APS on September 30, 1996. In addition, APS
failed to exercise its right under the Warrant, Contingent Warrant or Option
Agreements before the expiration of the respective exercise period.
Item 7. Material to be Filed as Exhibits - Not Applicable
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.
Date: December 2, 1996
AMERICAN PHYSICIANS SERVICE GROUP, INC.
By: /s/ William H. Hayes
William H. Hayes
Senior Vice President - Finance
