UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 12)
MEDCATH CORPORATION (MDTH)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
58404W109
(CUSIP Number)
David Nierenberg
The D3 Family Funds
19605 NE 8th Street
Camas, WA 98607
(360) 604-8600
With a copy to:
Christopher P. Davis
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue
New York, NY 10176
(212) 986-6000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 2, 2010
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box
o
.
1
|
NAME OF REPORTING PERSONS
The D3 Family Fund, L.P.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
x
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (See Instructions)
WC
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Washington
|
NUMBER OF SHARES
BENEFICIALLY
|
7
|
SOLE VOTING POWER
0
|
OWNED BY
EACH
REPORTING
|
8
|
SHARED VOTING POWER
473,596 common shares (2.1%)
|
PERSON
WITH
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
473,596
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
For the reporting person listed on this page, 473,596; for all reporting persons as a group, 2,940,711 shares (13.1%)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
For the reporting person listed on this page, 2.1%; for all reporting persons as a group, 13.1%
|
14
|
TYPE OF REPORTING PERSON (See Instructions)
PN
|
|
|
|
|
1
|
NAME OF REPORTING PERSONS
The D3 Family Bulldog Fund, L.P.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
x
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (See Instructions)
WC
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Washington
|
NUMBER OF SHARES
BENEFICIALLY
|
7
|
SOLE VOTING POWER
0
|
OWNED BY
EACH
REPORTING
|
8
|
SHARED VOTING POWER
1,798,863 common shares (8.0%)
|
PERSON
WITH
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
1,798,863
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
For the reporting person listed on this page, 1,798,863; for all reporting persons as a group, 2,940,711 shares (13.1%)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
For the reporting person listed on this page, 8.0%; for all reporting persons as a group, 13.1%
|
14
|
TYPE OF REPORTING PERSON
PN
|
|
|
|
|
1
|
NAME OF REPORTING PERSONS
The D3 Family Canadian Fund, L.P.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
x
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (See Instructions)
WC
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Washington
|
NUMBER OF SHARES
BENEFICIALLY
|
7
|
SOLE VOTING POWER
0
|
OWNED BY
EACH
REPORTING
|
8
|
SHARED VOTING POWER
170,586 common shares (0.8%)
|
PERSON
WITH
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
170,586
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
For the reporting person listed on this page, 170,586 shares; for all reporting persons as a group, 2,940,711 shares (13.1%)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
For the reporting person listed on this page, 0.8%; for all reporting persons as a group, 13.1%
|
14
|
TYPE OF REPORTING PERSON
PN
|
|
|
|
|
1
|
NAME OF REPORTING PERSONS
The DIII Offshore Fund, L.P.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
x
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (See Instructions)
WC
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
|
NUMBER OF SHARES
BENEFICIALLY
|
7
|
SOLE VOTING POWER
0
|
OWNED BY
EACH
REPORTING
|
8
|
SHARED VOTING POWER
497,666 common shares (2.2%)
|
PERSON
WITH
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
497,666
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
For the reporting person listed on this page, 497,666; for all reporting persons as a group, 2,940,711 shares (13.1%)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
For the reporting person listed on this page, 2.2%; for all reporting persons as a group, 13.1%
|
14
|
TYPE OF REPORTING PERSON
PN
|
|
|
|
|
1
|
NAME OF REPORTING PERSONS
Nierenberg Investment Management Company, Inc.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
x
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (See Instructions)
AF
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Washington
|
NUMBER OF SHARES
BENEFICIALLY
|
7
|
SOLE VOTING POWER
0
|
OWNED BY
EACH
REPORTING
|
8
|
SHARED VOTING POWER
2,940,711 common shares (13.1%)
|
PERSON
WITH
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
2,940,711
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
For the reporting person listed on this page, 2,940,711; for all reporting persons as a group, 2,940,711 shares (13.1%)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
For the reporting person listed on this page, 13.1%; for all reporting persons as a group, 13.1%
|
14
|
TYPE OF REPORTING PERSON
CO
|
|
|
|
|
1
|
NAME OF REPORTING PERSONS
Nierenberg Investment Management Offshore, Inc.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
x
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (See Instructions)
AF
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
|
NUMBER OF SHARES
BENEFICIALLY
|
7
|
SOLE VOTING POWER
0
|
OWNED BY
EACH
REPORTING
|
8
|
SHARED VOTING POWER
497,666 common shares (2.2%)
|
PERSON
WITH
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
497,666
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
For the reporting person listed on this page, 497,666; for all reporting persons as a group, 2,940,711 shares (13.1%)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
For the reporting person listed on this page, 2.2%; for all reporting persons as a group, 13.1%
|
14
|
TYPE OF REPORTING PERSON
CO
|
|
|
|
|
1
|
NAME OF REPORTING PERSONS
David Nierenberg
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
x
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (See Instructions)
AF
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
|
NUMBER OF SHARES
BENEFICIALLY
|
7
|
SOLE VOTING POWER
0
|
OWNED BY
EACH
REPORTING
|
8
|
SHARED VOTING POWER
2,940,711 common shares (13.1%)
|
PERSON
WITH
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
2,940,711
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
For the reporting person listed on this page, 2,940,711; for all reporting persons as a group, 2,940,711 shares (13.1%)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
For the reporting person listed on this page, 13.1%; for all reporting persons as a group, 13.1%
|
14
|
TYPE OF REPORTING PERSON
IN
|
|
|
|
|
This Amendment No.12 to Schedule 13D (this “Amendment”) amends the below-indicated items from the Schedule 13D with respect to the shares of common stock (the “Common Stock”) of MedCath Corporation (“MDTH”) previously filed by or on behalf of the Reporting Persons (as defined below), as previously amended (the “Schedule 13D”), by
supplementing such Items with the information below.
The names of the persons filing this Amendment (collectively, the “Reporting Persons”) are: The D3 Family Fund, L.P. (the “Family Fund”), The D3 Family Bulldog Fund, L.P. (the “Bulldog Fund”), The D3 Family Canadian Fund, L.P. (the “Canadian Fund”), The DIII Offshore Fund, L.P. (the “Offshore Fund”), Nierenberg Investment
Management Company, Inc. (“NIMCO”), Nierenberg Investment Management Offshore, Inc. (“NIMO”) and David Nierenberg (“Mr. Nierenberg”).
Item 4. Purpose of Transaction
We fully support the decision by MDTH’s management and Board of Directors to pursue a sale of the company, or its individual hospitals and assets to maximize shareholder value. We also support the Board’s decision to engage Dr. Edward Casas and Navigant Capital Advisors to be its financial advisors in connection with the(se) transaction(s).
We believe that prior sales of individual MDTH hospitals, including the recent sale of the Heart Hospital of Austin, have demonstrated repeatedly that MDTH’s hospitals may have considerable value to strategic in-market acquirers. Thus it is possible that a series of individual transactions conceivably might yield substantially greater value to MDTH’s shareholders than the
March 2, 2010 closing price.
For this reason we urge MDTH’s Board of Directors to consider using some of the proceeds from hospital and other asset sales to repurchase open market shares of MDTH stock, once the company has extinguished its debt and paid taxes. If because of skepticism or to misunderstandings about the repayment of inter-company debt there might be a substantial difference between the
current share price and the potential ultimate share value, there could be an attractive opportunity for MDTH to bolster shareholder value through shrewd, opportunistic share repurchases.
Item 5. Interest in Securities of the Issuer.
(a) The Reporting Persons, in the aggregate, beneficially own 2,940,711 shares of Common Stock, constituting approximately 13.1% of the outstanding shares.
(b) The Family Fund, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 473,596 shares of Common Stock held by the Family Fund.
The Bulldog Fund, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 1,798,863 shares of Common Stock held by the Bulldog Fund.
The Canadian Fund, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 170,586 shares of Common Stock held by the Canadian Fund.
The Offshore Fund, NIMO, NIMCO and Mr. Nierenberg have shared power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 497,666 shares of Common Stock held by the Offshore Fund.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in the Statement is true, complete and correct.
March 3, 2010
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March 3, 2010
-------------------------
March 3, 2010
-------------------------
March 3, 2010
-------------------------
March 3, 2010
-------------------------
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The D3 Family Fund, L.P., The D3 Family
Bulldog Fund, L.P., and The D3 Family
Canadian Fund, L.P.
By: Nierenberg Investment Management Company, Inc.
Its: General Partner
By: /s/ David Nierenberg
-----------------------------------------
David Nierenberg, President
The DIII Offshore Fund, L.P.
By: Nierenberg Investment Management Offshore, Inc.
Its: General Partner
By: /s/ David Nierenberg
-----------------------------------------
David Nierenberg, President
Nierenberg Investment Management
Company, Inc.
By: /s/ David Nierenberg
-----------------------------------------
David Nierenberg, President
Nierenberg Investment Management
Offshore, Inc.
By: /s/ David Nierenberg
-----------------------------------------
David Nierenberg, President
/s/ David Nierenberg
----------------------------------
David Nierenberg
|