<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
THE CENTRIS GROUP, INC.
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
91182200
(CUSIP Number)
Michael J. Halpern
1999 Avenue of the Stars, Suite 1950
Los Angeles, California 90067
(310) 201-7795
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
November 25, 1997
(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 13-d-1(b)(3) or (4), check the following
box [ ].
Page 1 of 7 Pages<PAGE>
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SCHEDULE 13D
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CUSIP No. 91182200 Page 2 of 7 Pages
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1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Dorchester Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
418,400
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
418,400
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
418,400
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON
PN
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SCHEDULE 13D
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CUSIP No. 91182200 Page 3 of 7 Pages
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1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Dorchester Advisors, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
418,400
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
418,400
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
418,400
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON
CO
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SCHEDULE 13D
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CUSIP No. 91182200 Page 4 of 7 Pages
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1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Michael J. Halpern
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
41,700
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8 SHARED VOTING POWER
418,400
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9 SOLE DISPOSITIVE POWER
41,700
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10 SHARED DISPOSITIVE POWER
418,400
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
460,100
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
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14 TYPE OF REPORTING PERSON
IN
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<PAGE> Page 5 of 7 Pages
SCHEDULE 13D
This Amendment No. 2 to Schedule 13D is filed by (i) Dorchester
Partners, L.P., a Delaware limited partnership ("Partners"), (ii) Dorchester
Advisors, Inc., a California corporation ("Advisors"), and (iii) Michael J.
Halpern, an individual ("Halpern"), (collectively, the "Reporting Persons")
and amends the Schedule 13D filed on November 21, 1996, as amended by
Amendment No. 1 on January 3, 1997, as follows:
Item 3. Source and Amount of Funds of Other Consideration
The aggregate purchase price (including commissions, if any) for the
shares of Common Stock reported on this Amendment No. 2 to Schedule 13D as
held by the Reporting Persons was $7,509,464. The shares of Common Stock
reported herein as beneficially owned by the Reporting Persons were purchase
with working investment capital.
Item 4. Purpose of Transaction
The Shares reported herein were acquired for investment purposes.
Depending upon the Reporting Persons' continuing evaluation of the Issuer's
business and prospects, alternative investment opportunities and any other
factors Reporting Persons deem relevant, the Reporting Persons may, from time
to time, purchase additional Shares on the open market or in privately
negotiated transactions or otherwise. The Reporting Persons have no present
intention of selling any Shares, but reserve the right to do so, in whole or
in part, at any time, in open market transactions, privately negotiated
transactions or otherwise. Except as described in the succeeding paragraph,
the Reporting Persons have no plans or proposals which relate to, or could
result in, any of the matters referred to in paragraphs (b) through (j),
inclusive, of Item 4 of Schedule 13D. However, as a part of their ongoing
review of investment alternatives, the Reporting Persons have not excluded the
possibility of considering such matters in the future, and, from time to time,
the Reporting Persons may seek to hold discussions with other stockholders of
the Issuer and other third parties, including competitors or potential
competitors of the Issuer, regarding possible transactions described in
paragraphs (b) through (j) of Item 4 of Schedule 13D. The Reporting Persons
may also seek to have discussions with management of the Issuer and may make
suggestions and/or recommendations to management of the Issuer with respect to
the business of the Issuer. The Reporting Persons may, at any time and from
time to time, review or reconsider their position with respect to the Issuer,
and formulate plans or proposals with respect to any of such matters.
On November 25, 1997, Partners submitted a proposal to the Issuer
for inclusion in the Issuer's proxy statement relating to its upcoming 1998
annual meeting of stockholders. Such proposal recommends that the Board of
Directors of the Issuer take the steps necessary to promptly consider the
Issuer's strategic options to maximize shareholders value, including a sale of
the Issuer, and to report promptly the results thereof to the shareholders.
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<PAGE> Page 6 of 7 Pages
Partners also submitted to the Issuer a statement in support of its proposal
for inclusion in the Issuer's proxy statement relating to its 1998 annual
meeting of stockholders.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on November 25, 1997, the Reporting
Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to
own beneficially in the aggregate the number and percentage of the Issuer's
Common Stock set forth opposite their names below (based upon the number of
Shares that were reported to be outstanding in the Issuer's Form 10-Q as of
September 30, 1997).
<TABLE>
<CAPTION>
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Name Shares of Common Stock Percentage
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<S> <C> <C>
Partners 418,400 6.9%
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Advisors(1) 418,400 6.9%
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Halpern(2) 460,100 7.6%
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</TABLE>
(1) By virtue of its position as the general partner of Partners, Advisors
may be deemed to beneficially own the shares of Common Stock held by Partners.
(2) The Managed Account is the direct, beneficial owner of 41,700 shares of
Common Stock, which constitutes .7% of the outstanding shares of Common Stock.
Halpern does not directly own any Common Stock, but, by virtue of his control
over the investment and voting decisions of Advisors (and therefore, Partners)
and the Managed Account, Halpern may be deemed to own beneficially the Shares
held by Partners and the Managed Account.
(c) No transactions have been effected by the Reporting Persons
during the past sixty days.
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<PAGE> Page 7 of 7 Pages
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: December 1, 1997
DORCHESTER ADVISORS, INC.
By: /s/ Michael J. Halpern
----------------------------------
Michael J. Halpern
President
DORCHESTER PARTNERS, L.P.
By: DORCHESTER ADVISORS, INC.
as General Partner
By: /s/ Michael J. Halpern
-----------------------------------
Michael J. Halpern
President
/s/ Michael J. Halpern
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Michael J. Halpern
108353
