Business
UAHC Receives Distributions of Receivership Funds
UAHC Receives Distributions of Receivership Funds.
About this update from United American Healthcare Corp.
[{"type":"text","content":"\n \n Normal\n 0\n \n \n \n \n false\n false\n false\n \n EN-US\n X-NONE\n X-NONE\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nUnited American Healthcare Corporation Receives\nDistributions of Receivership Funds\n\n \n\nChicago, Illinois, December 7, 2016\n(OTC Pink Sheets: UAHC) – United American Healthcare Corporation (“UAHC”) announced\ntoday that it received two distributions in an aggregate amount of $918,439.46,\nwhich had been held in receivership by the Florida Department of Financial\nServices (“FDFS”) since 1998. The\ndistributions constitute UAHC’s share of excess funds from the estate of\nUltramedix Healthcare Systems, Inc. (“UHS”), as a result of UAHC’s 80%\nownership of the now-dissolved United American of Florida, Inc. (“UAF”), which\nin turn owned 51.4% of UHS.\n\n \n\nThe Circuit Court of the Second\nJudicial Circuit in Leon County, Florida appointed FDFS as receiver for UHS and\nUAF in 1998. Joel S. Mutnick and Fiske\nand Company (the “Authorized Agents”), acting on behalf of all UHS and UAF\nshareholders, filed a “class 10” shareholder claim with FDFS and the Circuit Court\nin September 2012. This action was taken\nin response to a change in Florida’s insurance receivership laws that otherwise\ncould have resulted in forfeiture of remaining assets held in the UHS and UAF receivership\nestates.\n\n \n\nOn June 7, 2016, the Circuit Court\nruled in favor of UHS, UAF, and the Authorized Agents, and ordered a\ndistribution of certain funds held in receivership to the Authorized Agents\nwithin 45 days of the order. The order further required the Authorized Agents to\ndistribute the funds to shareholders of UHS within 120 business days after receiving\nthe funds.\n\n \n\nUAHC initially received proceeds of\n$895,694.11 in July 2016. On November 15,\n2016, UAHC received an additional distribution in the amount of\n$22,745.35. UAHC does not expect to\nreceive any additional funds related to this matter or its ownership interest\nin UAF.\n\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ...