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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
Provident American Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
743832107
(CUSIP Number)
Christopher J. Rupright, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 2, 1998
(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(e), 13d-1(f) or 13d-1(g), check
the following box / /.
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
* 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 ("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).
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 control number.
SEC 1746 (10-97)<PAGE>
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CUSIP No. 743832107 Page 2 of 12
Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Lynx Capital Group, LLC
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,038,680
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,467,120
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,727,120
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.3
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO and IA
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 3 of 12
Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Michael Ashker
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF and PF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 61,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,038,680
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 61,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,467,120
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,788,120
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.9
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
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CUSIP No. 743832107 Page 4 of 12
Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Van Kasper & Company
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 228,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
228,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
228,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BD and CO
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 5 of 12
Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Lynx Private Partners, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 229,480
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
917,920
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
917,920
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 6 of 12
Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Lynx Tech Fund, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 123,300
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
123,300
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,300
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 7 of 12
Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Lynx Healthtech Fund, LLC
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 185,900
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
185,900
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
185,900
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
<PAGE>
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CUSIP No. 743832107 Page 8 of 12
Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Provident
American Corporation, a Pennsylvania corporation ("PAC"). The principal
executive office of PAC is located at 2500 DeKalb Pike, Norristown,
Pennsylvania 19404-0511.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and controlling
persons, and the information regarding them, are as follows:
(a) Lynx Capital Group, LLC, a California limited liability company
("LCG"), Van Kasper & Company, a California corporation ("VK"), Lynx Private
Partners, L.P. ("LPP") and Lynx Tech Fund, L.P. ("LTF"), both California
limited partnerships, Lynx Healthtech Fund, LLC, a California limited
liability company ("LHTF"), and Michael Ashker ("Ashker").
(b) The business address of LCG, LPP, LTF, LHTF and Ashker is 2601 Fair
Oaks Boulevard, Sacramento, CA 95864. The business address of VK is 600
California St., Suite 1700, San Francisco, CA 94108-2704.
(c) LCG is the investment adviser to and a general partner of LPP and
LTF, each of which is an investment limited partnership. LCG is the
investment adviser to and manager of LHTF, which is an investment limited
liability company. Ashker is the sole manager of LCG and a registered
representative of VK. VK is a broker-dealer.
(d) During the last five years, none of such persons has been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
(f) Ashker is a citizen of the United States of America.
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 9 of 12
Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
LCG Funds Under Management (1) $ 553,500.00
LPP Working Capital $2,753,760.00
LTF Working Capital $ 941,087.94
LHTF Working Capital $1,115,400.00
VK Discretionary Brokerage Accounts $ 905,160.00
Ashker Personal Funds $ 200,690.00
(1) Consists of funds of LPP, LTF and separate account clients of LCG
invested in Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons have acquired the Stock for investment purposes. LCG,
however, is a consultant to PAC and may influence control of PAC as such a
consultant. In addition, Ashker is the president of a division of PAC.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
LCG 1,727,120 15.3 -0- 1,038,680 -0- 1,467,120
ASHKER 1,788,120 15.9 61,000 1,038,680 61,000 1,467,120
VK 228,000 2.0 -0- 228,000 -0- 228,000
LPP 917,920 8.1 -0- 229,480 -0- 917,920
LTF 123,300 1.1 -0- 123,300 -0- 123,300
LHTF 185,900 1.6 -0- 185,900 -0- 185,900
In the past 60 days, the Reporting Persons have made the following
transactions in Stock:
On June 15, 1998, members of LHTF contributed 185,900 shares of Stock to
LHTF.
On July 2, 1998, Clemens-Beaver Creek Partners, L.P. became a limited partner
of LPP and contributed to LPP options to purchase 917,920 shares of Stock
(the "Option"). In connection therewith, LCG, as the general partner of LPP,
granted a proxy to Valerie Clemens to vote 688,440 of shares acquired on the
exercise of the Option. In addition, LCG may not dispose of the Option or
any shares purchased on exercise of the Option, without the consent of
Valerie Clemens.
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 10 of 12
Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
LCG is the general partner of LTF, pursuant to a limited partnership
agreement providing to LCG the authority, among other things, to invest the
funds of LTF in Stock, to vote and dispose of Stock and to file this
statement on behalf of LTF. Except as described above, LCG is the general
partner of LPP, pursuant to a limited partnership agreement providing to LCG
the authority, among other things, to invest the funds of LPP in Stock, to
vote and dispose of Stock and to file this statement on behalf of LPP.
Pursuant to such limited partnership agreements, the general partner of LTF
and LPP is entitled to allocations based on assets under management and/or
realized and unrealized gains.
Ashker is a registered representative of VK, which has discretion over
certain brokerage accounts that are invested in Stock.
LCG is the manager of LHTF, pursuant to a limited liability company agreement
providing to LCG the authority, among other things, to invest the funds of
LHTF in Stock, to vote and dispose of Stock and to file this statement on
behalf of LHTF. Pursuant to such limited liability company agreement, the
general partner of LHTF is entitled to allocations based on realized and
unrealized gains.
LCG also has investment management agreements with clients that provide to
LCG voting and/or dispositive power over Stock and may also provide for an
investment management fee.
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 11 of 12
Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(previously filed).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: July ___, 1998
LYNX CAPITAL GROUP, LLC LYNX PRIVATE PARTNERS, L.P.
By: /s/ Michael Ashker By: LYNX CAPITAL GROUP, LLC
Michael Ashker, Manager General Partner
By: /s/ Michael Ashker
Michael Ashker, Manager
LYNX TECH FUND, L.P. VAN KASPER & COMPANY
By: LYNX CAPITAL GROUP, LLC By: /s/ John Chung
John Chung
General Counsel
By: /s/ Michael Ashker
Michael Ashker, Manager
LYNX HEALTHTECH FUND, LLC /s/ Michael Ashker
Michael Ashker
By: LYNX CAPITAL GROUP, LLC
By: /s/ Michael Ashker
Michael Ashker, Manager
<PAGE>
<PAGE>
CUSIP No. 743832107 Page 12 of 12
Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of
the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of Common Stock of Provident American Corporation. For
that purpose, the undersigned hereby constitute and appoint Lynx Capital
Group, LLC, a California limited liability company, as their true and lawful
agent and attorney-in-fact, with full power and authority for and on behalf
of the undersigned to prepare or cause to be prepared, sign, file with the
SEC and furnish to any other person all certificates, instruments, agreements
and documents necessary to comply with section 13(d) and section 16(a) of the
Securities Exchange Act of 1934, as amended, in connection with said
purchases, and to do and perform every act necessary and proper to be done
incident to the exercise of the foregoing power, as fully as the undersigned
might or could do if personally present.
DATED: July ___, 1998
LYNX CAPITAL GROUP, LLC LYNX PRIVATE PARTNERS, L.P.
By: /s/ Michael Ashker By: LYNX CAPITAL GROUP, LLC
Michael Ashker, Manager General Partner
By: /s/ Michael Ashker
Michael Ashker, Manager
LYNX TECH FUND, L.P. VAN KASPER & COMPANY
By: LYNX CAPITAL GROUP, LLC By: /s/ John Chung
John Chung
General Counsel
By: /s/ Michael Ashker
Michael Ashker, Manager
LYNX HEALTHTECH FUND, LLC /s/ Michael Ashker
Michael Ashker
By: LYNX CAPITAL GROUP, LLC
By: /s/ Michael Ashker
Michael Ashker, Manager
C:\DMS\9000\001\0270979.WP
