UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.1)*
Metropolitan Health Networks, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
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(CUSIP Number)
Norman H. Pessin
366 Madison Avenue-14th Floor
New York, New York 10017
(212) 661-2670
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
8/25/08
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(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 which is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Check the following box if a fee is being paid with the statement |_|. (A fee is
not required only if the reporting person: (has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; has filed no amendment subsequent thereto
reporting beneficial ownership of five percent or less of such class.)(See Rule
13d-7).
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13-d(a) for other parties to whom copies are to be
sent.
Page 1 of 6 Pages
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 2 of 6 Pages
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1) Names of Reporting Persons, S.S or I.R.S. Identification Nos of Above
Persons:
a) SEP IRA F/B/O Norman H. Pessin ###-##-####
b) Sandra Pessin ###-##-####
c) Norman Pessin ###-##-####
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) N/A
(b) N/A
(c) N/A
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3) SEC Use Only
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4) Source of Funds (See Instructions)
PF
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
of 2(e)
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6) Citizenship or Place of Organization: USA
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7) Sole Voting Power: a) 2,140,534
b) 914,883
c) 185,000
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power: ___________
Beneficially
owned by each
Reporting -------------------------------------------------------------
Person with 9) Sole Dispositive Power: a) 2,140,534
b) 914,883
c) 185,000
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10) Shared Dispositive Power: _____________
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11) Aggregate Amount Beneficially Owned by Each Reporting Person
a) 2,140,534
b) 914,883
c) 185,000
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12) Check if the Aggregate Amount in Row (11) Excludes certain shares:
N/A
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13) Percent of Class Represented by Amount in Row (11):
(a) 4.11%
(b) 1.75%
(c) 0.0035%
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14) Type of Reporting Person (See Instructions):
SEP IRA and IN
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Page 3 of 6 Pages
ITEM 1: IDENTITY AND BACKROUND
1) SEP IRA F/B/O 366 Madison
Avenue-14th Floor
New York, New York 10017
2) Sandra F. Pessin 366 Madison
Avenue-14th Floor New York, New
York 10017
3) Norman Pessin
366 Madison Avenue-14th Floor
New York, New York 10017
Principal Occupation: 1) N.A.
2) Housewife
3) Retired
Criminal convictions: 1) N.A.
2) None
3) None
Civil proceedings: 1) N.A.
2) None
3) None
Citizenship: 1) N.A.
2) United States
3)United States
ITEM 3: SOURCE AND AMOUNT OF FUNDS
SEP IRA F/B/O Norman H. Pessin purchased a total of 2,140,534 shares on
the following dates, amounts and prices:
Date Number of Shares Price per share
12/12/2003 25,400 0.660
12/15/2003 150,000 0.630
12/16/2003 25,000 0.595
12/29/2003 50,000 0.755
01/06/2004 1,258,372 0.685
03/24/2004 50,000 0.990
04/14/2004 6,500 0.980
04/16/2004 100,000 0.940
04/20/2004 69,500 0.940
04/21/2004 12,000 0.940
05/25/2004 25,000 0.870
06/25/2004 15,000 0.860
06/29/2004 10,000 0.860
03/03/2005 50,000 2.630
04/13/2007 25,000 1.951
05/29/2007 10,000 1.752
07/24/2007 25,000 1.840
04/14/2008 20,000 2.081
04/30/2008 14,862 2.180
05/06/2008 600 2.013
07/01/2008 50,000 1.750
07/02/2008 50,000 1.750
07/29/2008 23,300 2.126
07/31/2008 50,000 2.180
08/07/2008 25,000 2.031
TOTAL 2,140,534
The total amount paid for shares is $1,999,001
Sandra Pessin purchased a total of 914,883 shares on the following dates,
amounts and prices:
Date Number of Shares Price per share
11/19/2003 100,000 0.568
11/20/2003 120,000 0.573
11/21/2003 125,000 0.583
11/25/2003 40,000 0.645
12/01/2003 220,883 0.685
12/03/2003 40,000 0.705
12/04/2003 20,000 0.715
12/09/2003 24,000 0.685
12/10/2003 10,000 0.668
03/01/2007 50,000 2.250
03/02/2007 50,000 2.150
03/28/2007 50,000 2.100
04/26/2007 4,100 1.805
04/27/2007 10,900 1.801
06/24/2008 50,000 1.700
TOTAL 914,883
The total amount paid for is $878,261.
Norman H. Pessin purchased a total of 185,000 shares on the following
dates, amounts and prices:
Date Number of Shares Price per share
05/18/2004 50,000 0.900
03/04/2008 50,000 2.397
03/10/2008 30,000 2.381
03/12/2008 20,000 2.300
03/14/2008 35,000 2.290
TOTAL 185,000
The total amount paid for shares is $362,462.
Page 4 of 6 Pages
ITEM 4: PURPOSE OF TRANSACTION
The shares were purchased for investment. Each filer reserves the right to
seek changes in the management of the issuer in the future or in its business.
No such plans currently exist.
ITEM 5: INTEREST IN SECURITIES OF THE ISSUER
(a) SEP IRA F/B/O Norman H. Pessin owns 2,140,534 shares of the Issuer's
Common Stock, constituting thereof.
(b) SEP IRA F/B/O Norman H. Pessin has sole power of disposition over
2,140,534 shares and sole power to vote the 2,140,534 shares.
(c) SEP IRA F/B/O Norman H. Pessin purchased 2,140,534 the shares in open
market transactions.
(d) Not Applicable
(e) Not Applicable
(a) Sandra F. Pessin owns 914,883 shares of the Issuer's Common Stock,
constituting thereof.
(b) Sandra F. Pessin has sole power of disposition over 914,883 shares and
sole power to vote the 914,883 shares.
(c) Sandra F. Pessin purchased the 914,883 shares in open market
transactions.
(d) Not Applicable
(e) Not Applicable
(a) Norman H. Pessin owns 185,000 shares of the Issuer's Common Stock,
constituting thereof.
(b) Norman H. Pessin has sole power of disposition over 185,000 shares and
sole power to vote the 185,000 shares.
(c) SEP IRA F/B/O Norman H. Pessin purchased 185,000 the shares in open
market transactions.
(d) Not Applicable
(e) Not Applicable
ITEM 6: CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
THE SECURITIES OF THE ISSUER.
N/A
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
N/A
Page 5 of 6 Pages
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Signature: /s/ Norman H. Pessins
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SEP IRA F/B/O Norman H. Pessin
Signature: /s/ Sandra F. Pessin
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Sandra F. Pessin
Signature: /s/ Norman H. Pessin
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Norman H. Pessin
August 25, 2008
Page 6 of 6 Pages