FORM 4
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check if no longer
subject to Section 16.
Form 4 or Form 5 obliga-
tions may continue. See
Instructions 1(b).
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
1. Name and Address of Reporting Person
SOLVation Inc. d/b/a Smith Management Co.
885 Third Avenue
New York, NY 10022
2. Issuer Name and Ticker or Trading Symbol
Regency Health Services, Inc.
3. IRS or Social Security Number of Reporting Person
(Voluntary)
Not furnished
4. Statement for Month/Year
May, 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X] 10% Owner
[ ] Officer (give title [ ] Other (Specify below)
below)
_____________________________________<PAGE>
<TABLE>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount
3. Trans- 4. Securities of Securi-
action Acquired (A) or ties Bene- 6. Owner-
Code Disposed of (D) ficially ship Form: 7. Nature of
(Instr. 8) (Instr. 3, 4 & 5) Owned at Direct(D) Indirect
2. Trans- _________ ___________________ End of or Indirect Beneficial
1. Title of Transaction (A) or Month (I) Ownership
Security Date Code V Amount (D) Price (Inst. 3&4) (Instr. 4) (Instr. 4)
(Instr. 3) (Mo./day/yr.)
_________________ ___________ ____ ___ ______ _____ _____ ________ ___________ _________
<S> <C> <S> <C> <S>
Common Stock,
$1.00 Par Value 5/01/96 P 2,383 A 9.19 1,120,011 I Energy
Management
Common Stock,
$1.00 Par Value 5/01/96 P 18,206 A 9.68 1,141,071 D
Common Stock,
$1.00 Par Value 5/01 P 31,932 A 9.88 385,287 I Pengo
Securities
</TABLE>
<PAGE>
<TABLE>
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
9.
Price
5. Number 7. Title of
of Deriv- 6. Date and Amount Deriv- 10. Own-
ative Sec- Exercisable of Under- ative ership
urities & Expiration lying Sec- Secur- Form of 11.
Acquired Date urities (In- ities Deriva- Nature
4. Trans- (A) or (Mo./day/yr.)str. 3 & 4) 8. Benefi- tive Sec- of In-
2. Conver- action Disposed _____________ _____________ Price cially urity: direct
sion or 3. Trans- Code of (D) Amount of Owned Direct(D) Bene-
1. Title of Exercise action (Instr. 8) (Instr. 3, or Deriv- at End or In- ficial
Derivative Price of Date) 4 and 5) Date Expir- Number ative of direct(I) Owner-
Security Derivative (Month/ ____________________ Exer- ation of Security Month (Instr. ) ship
(Instr. 3) Security day/yr.) Code V (A) (D) cisable Date Title Shares (Instr. (Instr. 4) (Instr.
5) 4) 4)
____________ _________ ________ ____ _ ______ ____ _______ _____ _____ ______ ________ _______ _________ _______
<S> <C> <C> <S>
Explanation of Responses:
</TABLE>
DAVID A. PERSING JUNE 6, 1996
______________________ ________________
David A. Persing Date
Senior Vice President
