0001010549-17-000020.txt : 20170113 0001010549-17-000020.hdr.sgml : 20170113 20170113161812 ACCESSION NUMBER: 0001010549-17-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20161216 ITEM INFORMATION: Other Events FILED AS OF DATE: 20170113 DATE AS OF CHANGE: 20170113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: New Concept Energy, Inc. CENTRAL INDEX KEY: 0000105744 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752399477 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08187 FILM NUMBER: 17528047 BUSINESS ADDRESS: STREET 1: 1603 LBJ FREEWAY STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 9724078400 MAIL ADDRESS: STREET 1: 1603 LBJ FREEWAY STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: CabelTel International Corp DATE OF NAME CHANGE: 20050211 FORMER COMPANY: FORMER CONFORMED NAME: GREENBRIAR CORP DATE OF NAME CHANGE: 19960514 FORMER COMPANY: FORMER CONFORMED NAME: MEDICAL RESOURCE COMPANIES OF AMERICA DATE OF NAME CHANGE: 19920703 8-K 1 nce8k011317.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act


Date of Report (Date of earliest event reported): December 16, 2016


NEW CONCEPT ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

Nevada
000-08187
75-2399477
(State or other
jurisdiction of incorporation)
(Commission
File No.)
(I.R.S. Employer
Identification No.)
     
1603 LBJ Freeway, Suite 300
Dallas, Texas
75234
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code 972-407-8400



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:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Section 8 – Other Events

Item 8.01.  Other Events

On December 16, 2016, New Concept Energy, Inc. (the "Registrant" or the "Issuer" or "NCE") consummated the transfer of all of the Membership Interest in its wholly owned subsidiary, Desoto Development, LLC, to an unrelated third party for the sum of $700,000, payable in cash. Desoto Development, LLC is the owner of approximately 7.4 acres of undeveloped land in Desoto, Texas, a suburb of Dallas, Texas. The property was originally acquired in February 2014 by the Registrant as an investment. The Registrant will recognize a gain of $50,000 on the transaction, and the funds received will be utilized by the Registrant to settle current obligations.

On December 26, 2016, Chief Judge, United States of Bankruptcy Court, Southern District of West Virginia, entered an order in three related bankruptcy cases, approving a Compromise between Mountaineer State Energy, Inc. (a subsidiary of the Registrant) and the Trustee of the Estates of Eddie Burl Smith and Donald Paul Smith (the "Order"). Such Order approved a joint motion filed, allowing various offsets and permitting a payment by Mountaineer of the sum of $650,000 to the Smith Estates and trust to be deemed fully released and discharged from any further obligations under prior agreements and orders. Under previous arrangements created in September 2008, when the Carl E. Smith entities were acquired, the Smith Estates were owed current and future payments, the present value and accounting value of which is $1,540,000, all of which was settled for the one-time payment now of $650,000.



 
 
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 10, 2017
NEW CONCEPT ENERGY, INC.
By: /s/ Gene S. Bertcher
Gene S. Bertcher, President and Chief
Financial Officer
 
 
 
 
 
 
 
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