United Boosts Maxicare Stake: In a filing...
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United Boosts Maxicare Stake: In a filing with the Securities and Exchange Commission, United Medical of Haddonfield, N.J., said it holds a 16.5% investment stake in the ailing health maintenance organization. Having acquired 5.7 million shares of Maxicare common stock for $624,125 on the open market, United said it may seek board representation. The Los Angeles-based HMO filed for Chapter 11 bankruptcy March 15, and United said it intends “to monitor closely” the proceedings and “may attempt to influence” any reorganization effort. Chapter 11 allows Maxicare to continue operating while seeking to reorganize.
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