Investors Bolt, Cut Holdings in CompCare Corp.

A group of investors that has been negotiating to take control of financially troubled Comprehensive Care Corp., the nation’s largest alcohol and drug treatment company, has reduced its holdings in the company from about 5% to 3.6%, according to a federal filing.

An attorney for the group, Delbert Weaver, said Wednesday that three of the investor group’s original members have resigned and one has been added. While most of the group is from the Northwest, the newest member is Michael O’Toole, a vice president of Irvine-based Burlington Air Express.

Despite its reduced ownership interest in CompCare, the group said in a filing this week with the Securities and Exchange Commission that it is still considering taking steps to force the company to replace its board of directors.

CompCare last year moved its headquarters from Irvine to St. Louis but still operates treatment facilities in Orange County.