UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
CITIZENS, INC.
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(Name of Issuer)
Class A Common Stock, no par value
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(Title of Class of Securities)
174740 10 0
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(CUSIP Number)
June 25, 2007
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(Date of Event which Requires Filing of this Statement)
GAMASE Policyholders Trust
c/o Gala Management Services, Inc.
Scotia Plaza, 9th Floor
Federico Boyd Avenue 18 and 51 Street
Panama 5
Republic of Panama
Attention: Tomas Herrera
with a copy to:
Roxanne K. Beilly, Esq.
Schneider Weinberger & Beilly LLP
2200 Corporate Boulevard, N.W., Suite 210
Boca Raton, Florida 33431
Telephone: 561-362-9595
Facsimile No: 561-361-9612
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this
Schedule 13D, and is filing this schedule because of Section 240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box [ ].
*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 on this cover page shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities
of the Act but shall be subject to all other provisions of the Act
(however, see the Notes)
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page
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1 NAME OF REPORTING PERSONS
Galindo, Arias & Lopez
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
11,220,952
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,220,952
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.8%
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 3
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1 NAME OF REPORTING PERSONS
Gala Management Services, Inc.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,839,292
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,839,292
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.95%
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 4
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1 NAME OF REPORTING PERSONS
GAMASE Insureds Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,518,246
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,518,246
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.15%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 5
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1 NAME OF REPORTING PERSONS
Regal Trust (BVI) Ltd.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
4,381,660
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,381,660
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.86%
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 6
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1 NAME OF REPORTING PERSONS
CICA Policyholders Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4
SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
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10 SHARED DISPOSITIVE POWER
3,864,734
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,864,734
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.58%
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14 TYPE OF REPORTING PERSON*
OO
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This Amendment ("Amendment No. 7") is being jointly filed
by each of the following persons pursuant to Rule 13d-1(k) of the
Securities and Exchange Commission (the "Commission") pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"): (1) Galindo, Arias & Lopez, a partnership organized
under the laws of the Republic of Panama ("GA&L"), (2) Gala Management
Services, Inc., a corporation organized under the laws of the Republic
of Panama ("Gala Management"), (3) GAMASE Insureds Trust, a trust
established under the laws of the Republic of Panama ("GAMASE Insureds
Trust"), (4) Regal Trust (BVI) Ltd., a corporation organized under
the laws of the British Virgin Islands ("Regal"), and (5) CICA
Policyholders Trust, a trust established under the laws of the British
Virgin Islands ("Regal Policyholders Trust", together with GA&L, Gala
Management, GAMASE Insureds Trust, and Regal, collectively, the
"Reporting Persons" and each, a "Reporting Person").
This Amendment No. 7 amends the Schedule 13D originally
filed by the Reporting Persons with the Commission on October 11, 2005
(the "Original Schedule 13D"), Amendment No. 1 to the Original
Schedule 13D originally filed by the Reporting Persons with the
Commission on February 24, 2006 ("Amendment No. 1"), Amendment No. 2
to the Original Schedule 13D originally filed by the Reporting Persons
with the Commission on May 4, 2006 ("Amendment No. 2"), Amendment No.
3 to the Original Schedule 13D originally filed by the Reporting
Persons with the Commission on September 1, 2006 ("Amendment No. 3"),
Amendment No. 4 to the Original Schedule 13D originally filed by the
Reporting Persons with the Commission on December 13, 2006 (Amendment
No. 4"), Amendment No. 5 to the Original Schedule 13D originally filed
by the Reporting Persons with the Commission on March 20, 2007
("Amendment No. 5") and Amendment No. 6 to the Original Schedule 13D
originally filed by the Reporting Persons with the Commission on June
14, 2007 ("Amendment No. 6"). The Original Schedule 13D, Amendment No.
1, Amendment No. 2, Amendment No. 3, Amendment No. 4 , Amendment No. 5
and Amendment No. 6 are collectively referred to as the "Schedule
13D."
All terms used but not defined in this Amendment No. 7 are
as defined in the Schedule 13D. The summary descriptions (if any)
contained herein of certain agreements and documents are qualified in
their entirety by reference to the complete text of such agreements
and documents filed as Exhibits hereto or incorporated herein by
reference.
Item 4 of the Schedule 13D is amended and supplemented as follows:
Item 4. Purpose of the Transaction
The Trustees are processing the delivery of shares of
Common Stock to certain settlors of the Trusts who had directed that
their participation in the Trusts be liquidated.
Item 5 of the Schedule 13D is amended and supplemented as follows:
Item 5. Interest in Securities of the Issuer
(a) The Reporting Persons may be deemed to be a group as
defined in Rule 13d-5(b) under the Exchange Act and, as such a group,
may be deemed to beneficially own an aggregate of 11,220,952 shares of
the Common Stock, which constitute approximately 27.8% of the
outstanding shares of the Common Stock, based on 40,337,933 shares of
the Common Stock outstanding as of August 1, 2007 according to the
Company's Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2007, filed with the Commission on August 9, 2007, on which
are based all of the percentages of outstanding shares of Common Stock
set forth herein. The foregoing and all other amounts of beneficial
ownership set forth herein are calculated pursuant to Rule 13d-3 under
the Exchange Act ("Rule 13d-3").
GAMASE Insured Trust holds 6,518,246 shares of the Common Stock
(constituting approximately 16.15% of the outstanding Common Stock)
and may be deemed to beneficially own such shares pursuant to Rule
13d-3.
Regal Policyholders Trust holds 3,864,734 shares of the Common
Stock (constituting approximately 9.58% of the outstanding Common
Stock) and may be deemed to beneficially own such shares pursuant to
Rule 13d-3.
Gala Management is the sole trustee of GAMASE Insureds Trust and
GAMASE Agents Trust, a trust established under the laws of the
Republic of Panama ("GAMASE Agents Trust") and holds 321,046 shares of
the Common Stock (constituting approximately 0.79% of the outstanding
Common Stock) and may be deemed to beneficially own such shares
pursuant to Rule 13d-3, and therefore may be deemed to beneficially
own 6,839,292 shares of the Common Stock (constituting approximately
16.95% of the outstanding Common Stock) pursuant to Rule 13d-3.
Regal is the sole trustee of Regal Policyholders Trust and CICA
Associates Trust, a trust established under the laws of the British
Virgin Islands ("Regal Associates Trust") and holds 516,926 shares of
the Common Stock (constituting approximately 1.28% of the outstanding
Common Stock) and may be deemed to beneficially own such shares
pursuant to Rule 13d-3, and therefore may be deemed to beneficially
own 4,381,660 shares of the Common Stock (constituting approximately
10.86% of the outstanding Common Stock) pursuant to Rule 13d-3.
GA&L owns a 100% interest in each of Gala Management and Regal,
and therefore may be deemed to beneficially own 11,220,952 shares
(constituting approximately 27.8% of the outstanding Common Stock)
pursuant to Rule 13d-3.
(c) The following not-for-value transfers in Common Stock
were effected by the Reporting Persons over the past 60 days:
Reporting Person Date Number
of Shares
---------------- ---- ----------
Regal Policyholders Trust June 25, 2007 159,492
GAMASE Insureds Trust June 25, 2007 212,970
Gala Management(1) June 25, 2007 212,970
Regal(2) June 25, 2007 172,377
GA&L(3) June 25, 2007 385,347
Regal Policyholders Trust July 9, 2007 49,170
GAMASE Insureds Trust July 9, 2007 128,369
Gala Management(4) July 9, 2007 128,369
Regal(5) July 9, 2007 49,170
GA&L(6) July 9, 2007 177,539
Regal Policyholders Trust July 12, 2007 23,618
GAMASE Insureds Trust July 12, 2007 35,503
Gala Management(7) July 12, 2007 35,503
Regal(8) July 12, 2007 23,618
GA&L(9) July 12, 2007 59,121
Regal Policyholders Trust July 27, 2007 107,473
GAMASE Insureds Trust July 27, 2007 45,022
Gala Management(10) July 27, 2007 45,022
Regal(11) July 27, 2007 107,473
GA&L(12) July 27, 2007 152,495
Regal Policyholders Trust August 6, 2007 34,352
GAMASE Insureds Trust August 6, 2007 51,272
Gala Management(13) August 6, 2007 51,272
Regal(14) August 6, 2007 34,352
GA&L(15) August 6, 2007 85,624
(1) Includes not-for-value transfers on June 25, 2007 by GAMASE
Insureds Trust of 212,970.
(2) Includes not-for-value transfers on June 25, 2007 by Regal
Policyholders Trust of 159,492 shares and by Regal Associates Trust of
12,885.
(3) Includes not-for-value transfers on June 25, 2007 by GAMASE
Insureds Trust of 212,970 shares, Regal Policyholders Trust of 159,492
and Regal Associates Trust of 12,885.
(4) Includes not-for-value transfers on July 9, 2007 by GAMASE
Insureds Trust of 128,369.
(5) Includes not-for-value transfers on July 9, 2007 by Regal
Policyholders Trust of 49,170 shares.
(6) Includes not-for-value transfers on July 9, 2007 by GAMASE
Insureds Trust of 128,369 shares and Regal Policyholders Trust of
49,170.
(7) Includes not-for-value transfers on July 12, 2007 by GAMASE
Insureds Trust of 35,503 shares.
(8) Includes not-for-value transfers on July 12, 2007 by Regal
Policyholders Trust of 23,618 shares.
(9) Includes not-for-value transfers on July 12, 2007 by GAMASE
Insureds Trust of 35,503 shares and Regal Policyholders Trust of
23,618 shares.
(10) Includes not-for-value transfers on July 27, 2007 by GAMASE
Insureds Trust of 45,022 shares.
(11) Includes not-for-value transfers on July 27, 2007 by Regal
Policyholders Trust of 107,473 shares.
(12) Includes not-for-value transfers on July 27, 2007 by GAMASE
Insureds Trust of 45,022 shares and Regal Policyholders Trust of
107,473 shares.
(13) Includes not-for-value transfers on August 6, 2007 by
GAMASE Insureds Trust of 51,272 shares.
(14) Includes not-for-value transfers on August 6, 2007 by Regal
Policyholders Trust of 34,352 shares.
(15) Includes not-for-value transfers on August 6, 2007 by
GAMASE Insureds Trust of 51,272 shares and Regal Policyholders Trust
of 34,352 shares.
In the foregoing transfers, which were made upon the request of
settlors, the trustees delivered shares of the Common Stock to such
settlors to the extent of their respective liquidations of their
participation in the Trusts. As noted, each transfer of shares was
made without consideration.
Item 7 of the Schedule 13D is amended and supplemented as follows:
Item 7. Material to be filed as Exhibits
Exhibit 7. Powers of Attorney.
SIGNATURES
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.
August 21, 2007
GALINDO, ARIAS & LOPEZ
By: /s/ Tomas Herrera
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Name: Tomas Herrera
Title: Partner
GALA MANAGEMENT SERVICES, INC.
By: /s/ Tomas Herrera
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Name: Tomas Herrera
Title: Attorney-in-fact
GAMASE INSUREDS TRUST
By: /s/ Tomas Herrera
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Name: Tomas Herrera
Title: Attorney-in-fact
REGAL TRUST (BVI) LTD.
By: /s/ Tomas Herrera
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Name: Tomas Herrera
Title: Attorney-in-fact
CICA POLICYHOLDERS TRUST
By: /s/ Tomas Herrera
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Name: Tomas Herrera
Title: Attorney-in-fact