D3 asks MedCath to increase share repurchases

By Lisa Kerner

Charlotte, N.C., March 5 - Investors led by the D3 Family Fund urged MedCath Corp.'s board of directors to increase the company's $59 million share repurchase program by $100 million.

In a March 5 letter to the board, D3 recommended MedCath pay off debt and fund the $100 million follow-on share repurchase through a master sale/leaseback of virtually all MedCath's hospital land and buildings.

The investors beneficially own 2,934,511 shares, or 13.8%, of MedCath.

Based in Charlotte, N.C., MedCath owns and operated hospitals in partnership with physicians.

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