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U.S. Securities and Exchange Commission

Americorp Securities, Inc. and Drew Edgar Schaefer — Notice of Extension of Claims Period

On August 11, 1999, the SEC obtained cease-and-desist orders against Americorp Securities, Inc. and Drew Schaefer in connection with their fraudulent scheme involving the initial public offering of securities in PHC, Inc. The SEC alleged that the defendants illegally delayed the execution of customer orders for PHC stock so that they could sell the stock from Americorp's own inventory at higher prices. For more information about the SEC's action, you can read Administrative Proceeding Nos. 33-7436 (Aug. 18, 1997) 33-7722 (Aug. 11, 1999), and 33-7781 (Nov. 23, 1999).

As part of his offer of settlement, Schaefer was required to pay $200,000 into a Disgorgement Fund established to compensate retail customers of Americorp who purchased PHC common shares on March 3, 1994.

On November 1, 2000, the SEC approved a Distribution Plan in this matter. In accordance with the Distribution Plan, in November 2000, the Administrator of the Disgorgement Fund sent all potential claimants a Proof of Claim Form informing them that they were entitled to receive a certain amount of money from the Disgorgement Fund. Claimants were asked to complete and return the Proof of Claim Form to the Administrator at the SEC's Northeast Regional Office at 7 World Trade Center in New York City.

As a result of the destruction of the SEC's Northeast Regional Office on September 11, 2001, the Proof of Claim Forms that were returned were lost. Accordingly, the Claims Administrator is seeking to obtain copies of Proof of Claim Forms that were submitted before September 11, 2001, and to locate eligible claimants who have not previously received or returned a Proof of Claim Form.

You may be eligible to receive a portion of the Disgorgement Fund if you purchased PHC common shares and Americorp executed your trade at the end of the day on March 3, 1994, at a price of $6.00 per share (including markup).

If you submitted a Claim Form after October 15, 2001, you do not have to do anything and you should be receiving a distribution shortly. You do not have to contact us.

If you, however, have never submitted a Proof of Claim Form or submitted a Proof of Claim Form before September 11, 2001, but have not resubmitted a Proof of Claim Form since the reopening of the SEC's Northeast Regional Office on October 15, 2001, you should contact Barbara Bailin at her e-mail address BailinB@sec.gov or by phone at (646) 428-1634. She will ask you to submit a copy of your original Claim Form or send you a new Claim Form.

Please respond promptly. To receive a portion of the Disgorgement Fund you must submit (or resubmit) a Proof of Claim Form postmarked no later than February 24, 2003.

http://www.sec.gov/divisions/enforce/claims/americorp.htm


Modified: 08/23/2002