Annual Reports

 
Quarterly Reports

 
8-K

 
Other

Penn Treaty American 8-K 2012

Documents found in this filing:

  1. 8-K
  2. Ex-99.1
  3. Ex-99.1

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  July 24, 2012

 

Penn Treaty American Corporation

(Exact name of registrant as specified in its charter)

 

Pennsylvania

 

001-14681

 

23-1664166

(State or other jurisdiction of
incorporation)

 

(Commission File
Number)

 

(IRS Employer Identification
No.)

 

2500 Legacy Drive, Suite 130  Frisco, TX 75034

(Address of Principal Executive Offices)  (Zip Code)

 

Registrant’s telephone number, including area code:  (469) 287-7044

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 8.01. Other Events.

 

As previously reported in a Current Report on Form 8-K filed on May 18, 2010 by Penn Treaty American Corporation (the “Company”), on May 10, 2010, the Insurance Commissioner of the Commonwealth of Pennsylvania (the “Insurance Commissioner”), in his official capacity as Rehabilitator of Penn Treaty Network America Insurance Company (“PTNA”), filed in the Commonwealth Court of Pennsylvania a Complaint against the Company, the parent of PTNA.  The Insurance Commissioner alleged that PTNA is owed approximately $2.3 million from the Company related to a federal tax refund and certain accrued paid time off liabilities.

 

On July 20, 2012, the Insurance Commissioner and the Company entered into a Settlement Agreement and Release (the “Settlement Agreement”) pursuant to which the Company would pay $1.2 million to PTNA.  On July 24, 2012, a Praecipe to Discontinue was filed with the Commonwealth Court of Pennsylvania settling, discontinuing and ending the case between the Insurance Commissioner and the Company.

 

A copy of the form of Settlement Agreement is filed with this Form 8-K and attached hereto as Exhibit 99.1. The foregoing description of the Settlement Agreement is qualified in its entirety by reference to the full text of the form of Settlement Agreement, which is incorporated herein in its entirety by reference.

 

On July 6, 2012, by order of the Commonwealth Court of Pennsylvania (the “Order”), the court granted the Intervenors’ Petition to Recover Professional Fees, Costs and Other Expenses Awarded Pursuant to 40 P.S. §221.18(a) (the “Fee Petition”) whereby the Insurance Commissioner is ordered to reimburse the Intervenors, Eugene J. Woznicki and the Company, for professional fees, costs and other expenses of the defense of the rehabilitation proceeding, in equal amounts from the estates of PTNA and ANIC within ten days of the date of the Order.  The amounts due to the Company pursuant to the Fee Petition were paid by the Insurance Commissioner on July 16, 2012.

 

Item 9.01               Financial Statements and Exhibits.

 

(d)           Exhibits.

 

Exhibit

 

Description

 

 

 

99.1

 

Form of Settlement Agreement and Release dated as of July 20, 2012 by and between Michael F. Consedine, Insurance Commissioner of the Commonwealth of Pennsylvania, in his official capacity as Rehabilitator of Penn Treaty Network America Insurance Company and Penn Treaty American Corporation.

 

2



 

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 hereunto duly authorized.

 

 

 

 

PENN TREATY AMERICAN CORPORATION

 

 

 

 

July 30, 2012

 

By:

/s/ Eugene Woznicki

 

 

 

Eugene Woznicki

 

 

 

Chief Executive Officer

 

3



 

EXHIBIT INDEX

 

Exhibit

 

Description

 

 

 

99.1

 

Form of Settlement Agreement and Release dated as of July 20, 2012 by and between Michael F. Consedine, Insurance Commissioner of the Commonwealth of Pennsylvania, in his official capacity as Rehabilitator of Penn Treaty Network America Insurance Company and Penn Treaty American Corporation.

 

4


Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki