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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. 3 )*
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Next Health Inc. (formerly known as Sierra Tucson Cos. Inc.)
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(Name of Issuer)
Common Stock, $.01 par value per share
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(Title of Class of Securities)
82 6504102
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(CUSIP Number)
Robert W. Ayling, Esq., c/o Gray Cary Ware & Freidenrich, LLP
4365 Executive Drive, #1600, San Diego, CA 92101
619/677-1425
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 27, 1998
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(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 /x/.
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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 SOLICITATION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A
CURRENTLY VALID OMB CONTROL NUMBER.
1
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SCHEDULE 13D
CUSIP No. 82 6504102 Page 2 of 4 Pages
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(1) NAMES OF REPORTING PERSONS.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
BII (Far East Holdings) Limited
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (See Instructions)
(a) /0/
(b) /0/
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(3) SEC USE ONLY
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(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)
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Hong Kong
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Number of Shares (7) SOLE VOTING POWER
Beneficially Owned -0-
by Each Reporting --------------------------------------------------
Person With (8) SHARED VOTING POWER
-0-
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(9) SOLE DISPOSITIVE POWER
-0-
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(10) SHARED DISPOSITIVE POWER
-0-
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSONS
-0-
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(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)
N/A
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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(14) TYPE OF REPORTING PERSON (See Instructions)
CO
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SCHEDULE 13D
CUSIP No. 82 6504102 Page 3 of 4 Pages
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This Statement constitutes Amendment No. 3 to the Schedule 13D dated April
24, 1992 (the "Statement"), which was filed by BIL (Far East Holdings)
Limited, a Hong Kong corporation ("BFE"), and relates to the shares of Common
Stock, $.01 par value (the "Shares") of Next Health Inc. (formerly known as
Sierra Tucson Cos. Inc.), a Delaware corporation (the "Company"), hereby
amends Items 3 and 5 of the Statement. Unless otherwise indicated, all
capitalized terms used but not defined herein shall have the same meaning as
set forth in the Statement.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and supplemented by adding the following thereto:
Since the last filing, BIL has sold a total of 842,900 shares of Common
Stock of Next Health at an aggregate sales price of $1,475,075. All
sales were through Piper Jaffray Inc.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended by the addition of the following:
As of close of business on February 27, 1998, BIL owns no shares of the
outstanding Common Stock of Next Health. BIL has engaged in the following
transactions with respect to the Common Stock of Next Health since the
last filing on Schedule 13D in June, 1992.
<TABLE>
<CAPTION>
Number of Shares
Trade Date Bought/Sold Price Per Share
------------- ---------------- ---------------
<S> <C> <C>
March 4, 1998 (800,000) $1.75
March 4, 1998 (42,900) $1.75
</TABLE>
All transactions were open market sales made through Piper Jaffray Inc. on
the National Association of Securities Dealers, Inc. NASDAQ/National Market
System.
Based on the above sales and the transactions detailed in the Schedule 13D,
BIL owns no shares of Next Health Common Stock.
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SCHEDULE 13D
CUSIP No. 82 6504102 Page 4 of 4 Pages
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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.
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.
3/18/98
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Date
/s/ Gregory R. Knoke, Director
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Signature
Gregory R. Knoke, Director
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Name/Title
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative (other than an
executive officer or general partner of this filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed
with the statement, provided, however, that a power of attorney for this
purpose which is already on file with the Commission may be incorporated by
reference. The name and any title of each person who signs the statement
shall be typed or printed beneath his signature.
ATTENTION: INTERNATIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS. (SEE 18 U.S.C. 1001)
