<PAGE> OMB Number 3235-0104
Expires: September 30, 1998
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person
<< Lynx Capital Group, LLC >>
______________________________________________________________________
(Last) (First) (Middle)
<< 2601 Fair Oaks Blvd., Sacramento, CA 95864 >>
2. Date of Event Requiring Statement (Month/Day/Year)
<< 7-2-98 >>
3. IRS or Social Security Number of Reporting Person (Voluntary) ________
4. Issuer Name and Ticker or Trading Symbol
<< Provident American Corporation (PAMC) >>
5. Relationship of reporting person to issuer
(Check all applicable)
____ Director ____ 10% Owner
____ Officer (give XXXX Other (specify
title below) below)
<< Former 10% Owner>>
6. If Amendment, Date of Original (Month/Day/Year)
<< 7-13-98 >>
7. Individual or Joint/Group Filing (Check Applicable line)
XX Form filed by one Reporting Person
____ Form filed by More than One Reporting Person
<PAGE>
FORM 3 (continued) Page 2 of 6 Pages
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security
<< Common Stock >>
2. Amount of Securities Beneficially Owned (Inst. 4)
<< 659,200 >>
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)
<< I >>
4. Nature of Indirect Beneficial Ownership (Inst. 5)
<< As general partner of limited partnerships, manager of limited
liability companies and investment adviser of managed accounts. >>
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person,
see Instruction 5(b)(v). SEC 1473 (7-96)
<PAGE>
FORM 3 (continued) Page 3 of 6 Pages
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
1. Title of Derivative Security
<< Options >>
2. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
<< 3-26-98 3-26-01 >>
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title Amount or Number of Shares
<< Common Stock 150,000 >>
4. Conversion or Exercise Price of Derivative Security
<< 3.695 >>
5. Ownership Form of Derivative Security:
Direct (D) or Indirect (I) (Instr. 5)
<< D >>
6. Nature of Indirect Beneficial Ownership (Instr. 5) ___________
<PAGE>
FORM 3 (continued) Page 4 of 6 Pages
1. Title of Derivative Security
<< Options >>
2. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
<< 6-2-98 6-2-01 >>
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title Amount or Number of Shares
<< Common Stock 50,000 >>
4. Conversion or Exercise Price of Derivative Security
<< 5.94 >>
5. Ownership Form of Derivative Security:
Direct (D) or Indirect (I) (Instr. 5)
<< D >>
6. Nature of Indirect Beneficial Ownership (Instr. 5)
<PAGE>
FORM 3 (continued) Page 5 of 6 Pages
1. Title of Derivative Security
<< Options >>
2. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
<< 7-2-98 12-2-03 >>
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title Amount or Number of Shares
<< Common Stock 917,920 >>
4. Conversion or Exercise Price of Derivative Security
<< 0.91 >>
5. Ownership Form of Derivative Security:
Direct (D) or Indirect (I) (Instr. 5)
<< I >>
6. Nature of Indirect Beneficial Ownership (Instr. 5)
<< As general partner of investment limited partnership >>
___________________________________________________________________________
<PAGE>
FORM 3 (continued) Page 6 of 6 Pages
Explanation of Responses: Lynx Capital Group, LLC December 22, 1998
By: /s/Michael Ashker
Michael Ashker, Manager
The reporting person has only **Signature of Reporting Person Date
a pro rata interest in the
securities reported and
disclaims beneficial ownership
of the securities reported
except to the extent of the
reporting person's pecuniary interest.
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection
of information contained in this form are not required
to respond unless the form displays a currently valid OMB Number.
C:\DMS\4450/12/1020639
