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Securities and Exchange Commission
Washington, DC 20549
FORM 10-Q/A
(Mark One)
[x] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Quarterly Period Ended June 30, 1996
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or
[ ] Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Transition Period From to
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Commission file number 0-27456
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EQUIMED, INC.
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(Exact name of registrant as specified in its charter)
Delaware 25-1668112
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(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
3754 LaVista Rd.
Tucker, Georgia 30084-5637
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(Address of principal executive offices) (Zip Code)
(404) 320-6211
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter periods that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
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Indicate the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practical date. Common Stock, $.0001 par value
per share, 28,589,717 shares outstanding as of August 15, 1996.
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PART II - OTHER INFORMATION
Item 1: Legal Proceedings
Oncology Services, Inc. ("OSI"), an entity which, between 1986 and
1989, developed and managed eight of the Company's current radiation
oncology centers, is a party to litigation brought in September 1989
in the Court of Common Pleas of Allegheny County, Pennsylvania, by
Union National Bank (the "Bank") against OSI and the former holders of
the minority interests (the "Minority Holders") in the
non-professional component of these eight radiation oncology centers
(the "Centers"). This litigation is based upon alleged defaults on
three lines of credit totaling approximately $8,000,000. The Company
is not a party to this litigation. The Bank alleged that OSI and the
Minority Holders are jointly and severally liable under the lines of
credit.
On March 27, 1996, a jury verdict was returned finding that, with
respect to a $1,000,000 line of credit, OSI was neither jointly nor
severally liable. With respect to a $5,000,000 line of credit, the
jury determined that OSI was jointly and severally liable with an
entity controlled by the Minority Holders. No judgment has been
entered on either finding pending the resolution of certain issues and
no such judgment is expected until the end of 1996. In addition, on
June 26, 1996, a forebearance agreement was entered into by and among
the successor to the Bank and one of the Minority Holders and its
shareholders providing that the Bank would forebear from executing
against the assets of OSI in consideration of the agreement of one of
the Minority Holders and its shareholders to pay directly to the Bank
any proceeds of the Delaware appraisal action involving the Company,
OSI and the Minority Holders, to the extent of the lines of credit.
Based upon this forebearance agreement, on July 5, 1996, the court
entered an order staying all of the parties from further execution.
Because the Company is not a party to this litigation, it does not
believe that any judgment may be directly entered against the
individual radiation oncology centers, or their successor entities.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EQUIMED, INC.
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(Registrant)
/s/ Larry W. Pearson
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Larry W. Pearson
President and Chief Executive Officer
September 24, 1996 /s/ William E. Pritts II
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William E. Pritts II
Chief Financial Officer