Drkoop.com Shareholder Superior Files to Sell 2.75 Mln Shares
By Miles Weiss
Washington, Aug. 2 (Bloomberg) -- Superior Consultant Holdings Corp., an early investor in drkoop.com Inc., quintupled the number of shares it plans to sell in the health-care Web site.
Superior, based in Southfield, Michigan, had filed with the Securities and Exchange Commission on July 24 to sell 500,000 drkoop.com shares, according to data provided by the Washington Service. However, the investor raised the number of shares to be sold to 2.75 million in an amended filing dated July 31 that the SEC released today.
On July 31, MillenniumHealth Communications Inc., a closely held company based in Reston, Virginia, said it had ended merger talks with drkoop.com. MillenniumHealth, which runs a health-care Web site, said the companies couldn't agree on a merger proposal.
Auditors warned in March that drkoop.com, an Austin, Texas, company founded by former U.S. Surgeon General C. Everett Koop, might have trouble staying in business. Company shares, which were unchanged at 1 3/32 today, have lost almost 91 percent of their value so far this year.
Superior has already sold 1.1 million drkoop.com shares so far this year at $1.09 to $12.00 each, according to the Washington Service, which tracks insider trading data. These sales left Superior's stake at 4.1 million shares at the end of May.
Superior originally purchased 3.85 million drkoop.com preferred shares in April 1998 for $6 million, which works out to $1.56 a share. The investor's preferred shares were later converted into 3.96 million common shares.
In addition, drkoop.com said in past regulatory filings that it would issue an additional 1.21 million shares to Superior to settle a purchase option and to compensate the investor for dilution of its stake. A Superior official declined comment. |
