The second-largest stockholder of AmeriHealth is leading a proxy fight to take control of the Atlanta-based hospital chain.
Lenox Healthcare, a Pittsfield, Mass.-based investment firm, said it and other stockholders filed proxy materials with the Securities and Exchange Commission to replace the AmeriHealth board with their own representatives. The stockholder group owns about 10% of AmeriHealth's outstanding shares.
AmeriHealth owns three hospitals and manages nine others in five states. It lost $151,000 on revenues of $44.3 million in 1993.
Stockholders are unhappy because AmeriHealth hasn't announced any offers to buy its assets after about three months on the block (April 11, p. 6). Meanwhile, it now is in default on a $19 million loan with the Resolution Trust Corp., said Thomas Clarke, Lenox president.
AmeriHealth has delayed its annual meeting indefinitely, Mr. Clarke said. It originally was scheduled for May, then postponed until August. The group is considering legal action to force a meeting or methods to remove AmeriHealth's directors without such a meeting, he said.
"The board and management are only entrenching themselves further and avoiding the issues, which must be addressed to ensure AmeriHealth's future," he said.