-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S4N2iwus6OYmtabc6Uo9NjLeofqB3H3yB1PklEMGgmI9xbqcIZhmWzD+Sjt4UJTf 2QJn5hHM6OWb5G3HjVUZHw== 0000950134-97-009086.txt : 19971203 0000950134-97-009086.hdr.sgml : 19971203 ACCESSION NUMBER: 0000950134-97-009086 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971125 ITEM INFORMATION: FILED AS OF DATE: 19971202 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEARCH FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000318672 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 411356819 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-09539 FILM NUMBER: 97731106 BUSINESS ADDRESS: STREET 1: 600 N PEARL STREET STREET 2: SUITE 2500 CITY: DALLAS STATE: TX ZIP: 75201-2899 BUSINESS PHONE: 2149656000 MAIL ADDRESS: STREET 1: 600 N PEARL STREET STREET 2: SUITE 2500 CITY: DALLAS STATE: TX ZIP: 75201-2899 FORMER COMPANY: FORMER CONFORMED NAME: SEARCH CAPITAL GROUP INC DATE OF NAME CHANGE: 19930910 FORMER COMPANY: FORMER CONFORMED NAME: SEARCH NATURAL RESOURCES INC DATE OF NAME CHANGE: 19920703 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) November 25, 1997 SEARCH FINANCIAL SERVICES INC. (Exact name of registrant as specified in charter) DELAWARE 0-9539 41-1356819 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
600 N. PEARL STREET SUITE 2500 DALLAS, TEXAS 75201-2899 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (214) 965-6000 NOT APPLICABLE (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS. On November 25, 1997, Registrant announced that it had entered into a Stipulation of Settlement to settle the noteholder class action litigation filed against it in Federal Court in Mississippi in December 1995 styled Janice and Warren Bowe, et al. v. Search Capital Group, Inc., et al. and all claims held by the Litigation Trust established under the plan of reorganization of Registrant's fund subsidiaries, including the lawsuit filed by the Trustee of the Litigation Trust in the Bankruptcy Court for the Northern District of Texas in August 1997. Under the terms of the Settlement, Registrant will be required to pay $362,500 in cash and to issue shares of its common stock having a value of $1,787,500. The number of shares of Registrant's common stock will be based on the average closing sales price of the common stock for the 30 trading days ending December 15, 1997. If, however, such average price would result in the issuance of shares exceeding 20% of the number of shares of Registrants' common stock outstanding, Search may pay the difference in cash or the Litigation Trustee may agree to use a five-day average price. The Settlement is subject to various conditions, including approval by the Federal Court in Mississippi and the Bankruptcy Court. If all conditions are satisfied, the Settlement is expected to be completed by year end. Registrant has a reserve of $500,000 related to the Bowe Action. 3 SIGNATURE 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. SEARCH FINANCIAL SERVICES INC. By: /s/ ELLIS A. REGENBOGEN -------------------------------- Ellis A. Regenbogen Executive Vice President Dated: December 1, 1997 -----END PRIVACY-ENHANCED MESSAGE-----