Axelrod Has 9.5% Share of National Health
Arthur D. Axelrod, the Santa Ana businessman recently named president of National Health Care Systems Inc., is one of the largest single shareholders in the Irvine-based dental plan, The Times has learned.
Axelrod had refused Wednesday to reveal how much of the company he owns.
But documents filed with the Securities and Exchange Commission show that the one-time investment broker, who raised millions of dollars that were invested by convicted swindler J. David Dominelli, acquired a 9.5% stake in the company in a private transaction on May 16, when he purchased 433,324 shares of National Health at an average price of 25 cents.
U.T. (Tommy) Thompson, who along with Axelrod was a founder of Newport Beach-based Pacific National Bank and who is chairman of National Health, acquired a 16.1% stake in the struggling dental plan in a private transaction on May 16.
William Hornbaker, who was president of National Health until May, remains the company’s single largest shareholder with an 18% stake. Hornbaker, a licensed dentist, had been the company’s president for a time in the early 1970s before assuming the post of director of marketing in mid-1983.
Top Post Regained in ’83
Later, in December of 1983, Hornbaker bested another company insider, Andrew Wong, for the post of president, vacated by the resignation of Dan Maruna, who still owns 7.8% of the company. Since the arrival of Axelrod and Thompson in May, Hornbaker has been heading up sales and marketing, primarily in the Inland Empire area.
Other major holdings include director Carl Bozzo’s 13.3% stake in National Health.
