SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

~~PURSUANT~~Pursuant TOto ~~SECTION~~Section 13 ORor 15(d) OFof ~~THE SECURITIES~~the ~~EXCHANGE~~Securities ~~ACT~~and OFExchange Act of 1934

Date of Report (Date of earliest event reported) ~~July 7~~ May 23, ~~2006~~ 2007

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STANDARD MANAGEMENT CORPORATION

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(Exact Name of Registrant as Specified in its Charter)

Indiana	0-20882	35-1773567
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

Indiana 0-20882 35-1773567

10689 North Pennsylvania, Indianapolis, Indiana		46280
(Address of Principal Executive Offices)		(Zip Code)

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~~Registrant’s~~(State ~~telephone~~or ~~number,~~other ~~including~~jurisdiction (Commission ~~area~~File ~~code (317~~Number) ~~574-6200~~ (IRS Employer

of incorporation) Identification No.)

10689 North Pennsylvania, Indianapolis, Indiana

46280

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(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (317) 574-6200

Not Applicable

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(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oCheck ~~Written communications pursuant to Rule 425 under~~ the ~~Securities~~appropriate ~~Act~~box ~~(17~~below ~~CFR~~if ~~230.425) o Soliciting material pursuant to Rule 14a-12 under~~ the ~~Exchange~~Form ~~Act (17 CFR 240.14a~~8-~~12) o~~K ~~Pre-commencement~~filing ~~communications~~is ~~pursuant~~intended to ~~Rule 14d-2(b)~~simultaneously ~~under~~satisfy the ~~Exchange~~filing ~~Act~~obligation ~~(17~~of ~~CFR~~the ~~240.14d-2(b)) o~~registrant ~~Pre-commencement~~under ~~communications~~any ~~pursuant~~of ~~to Rule 13e-4(c) under~~ the ~~Exchange~~following ~~Act~~provisions (17see ~~CFR~~General ~~240~~Instruction A.~~13e-4(c~~2.)) :

~~Item 2.04. Triggering~~o ~~Events~~Written ~~That~~communications ~~Accelerate~~pursuant orto ~~Increase~~Rule a425 ~~Direct Financial~~under ~~Obligation~~the orSecurities anAct ~~Obligation~~(17 ~~Under~~CFR ~~an Off-Balance Sheet Arrangement~~230. 425)

Ono ~~July 7,~~Soliciting ~~2006,~~material ~~the~~pursuant ~~Registrant~~to ~~received~~Rule ~~a notice from John Tac Hung Tran, Cynthia J. Wareing~~14a-~~Tran~~12 ~~and The Jonathan Tran Irrevocable Trust u/a/d 8/23/2004 (the “Lenders”) advising the Registrant that the Lenders were accelerating the payment obligations of the Registrant~~ under ~~two promissory notes made in favor of~~ the ~~Lenders~~Exchange inAct ~~the aggregate original principal amount of $1,500,000~~ (~~the~~17 ~~“Rainier~~CFR ~~Seller Notes” or the “Notes”) and related guarantees~~240. 14a-12)

~~Background~~ o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Ono ~~July 21,~~Pre-commencement ~~2005,~~communications the Registrant acquired Rainier Home Health Care Pharmacy, Inc. (“Rainier”) for approximately $12 million in a combination of cash, Registrant common stock, the Rainier Seller Notes and assumption of debt. The Lenders were the shareholders of Rainier. The Rainier Seller Notes are payable by Rainier (now a subsidiary of the Registrant). The Registrant guaranteed the payment obligations under the Rainier Seller Notes pursuant to ~~two~~Rule ~~separate Guarantees dated July 21, 2005 made by the Registrant in favor of the Lenders~~ 13e-4(~~the “Guarantees”~~c). ~~The Rainier Seller Notes bear interest at 7% per annum, with interest payable on September 1, December 1, March 1 and June 1 of each year until the outstanding principal amount~~ under the ~~Notes~~Exchange isAct ~~paid~~(17 inCFR ~~full~~240. The Notes provide that an event of default shall exist if the obligor fails to make any payments required under the Notes within 10 days of such payment becoming due. The Notes further provide that if an event of default occurs and is continuing, the Lenders may declare all or any portion of the outstanding amount to be immediately due and payable. 13e-4(c))

~~Events~~ ITEM ~~Giving Rise to Filing~~ 2.02

~~The~~REULTS ~~notice~~OF ~~received~~OPERATIONS byAND ~~the~~FINANCIAL Registrant on July 7, 2006 stated that the June 1, 2006 interest payment under the Notes was not made and that the Lenders were accelerating all amounts due under the Notes and the Guarantees. The Registrant tendered the interest payments at issue to the Lenders on July 11, 2006, but the Lenders rejected such payment. The Lenders are demanding immediate payment of “all sums owed under the [Notes][aggregate principal amount of $1,500,000], including without limitation, principal, interest, default interest, late charges and attorneys fees,” but have not specified an exact amount. The Registrant is engaged in discussions with the Lenders to arrive at a mutually acceptable resolution of the default. CONDITION

On May 23, 2007, the Registrant issued the press release attached as Exhibit 99.1 to this Form 8-K and incorporated by reference herein. This press release announced the company's operating results for the first quarter ended March 31, 2007.

ITEM 7.01. REGULATION FD DISCLOSURE

See "Item 2.02. Results of Operations and Financial Condition" which is incorporated by reference in this Item 7.01.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) The following exhibit is furnished as a part of this Report:

99.1 Press Release dated May 23, 2007

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	STANDARD MANAGEMENT CORPORATION
	By:	/s/ Stephen M. Coons
		Name: Stephen M. Coons Title: Executive Vice President and General Counsel
Dated: July 13, 2006



						STANDARD MANAGEMENT CORPORATION



						By: /s/Ronald D. Hunter
						Name: Ronald D. Hunter
						Title: Chairman, President and Chief Executive Officer

Dated:

May 23, 2007

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