-----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, MRN4shA7N0I5gsi2exn2Anz7jtG/QkaapDxoNJcZnwRVk6HdexWCOAnDDs7pkUXR 4LwvQwQ26gFfckXOlBh1dA== 0000950137-01-500008.txt : 20010224 0000950137-01-500008.hdr.sgml : 20010224 ACCESSION NUMBER: 0000950137-01-500008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010220 ITEM INFORMATION: FILED AS OF DATE: 20010220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GATX CORP CENTRAL INDEX KEY: 0000040211 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 361124040 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-02328 FILM NUMBER: 1550310 BUSINESS ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 BUSINESS PHONE: 3126216200 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL AMERICAN TRANSPORTATION CORP DATE OF NAME CHANGE: 19750722 8-K 1 c60244e8-k.txt CURRENT REPORT 1 ================================================================================ 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 OF 1934 Date of Report (Date of Earliest Event Reported) February 20, 2001 ------------------------- GATX CORPORATION (Exact Name of Registrant as Specified in its Charter) New York 1-2328 36-1124040 (State or other jurisdiction of (Commission file number) (I.R.S. employer incorporation) identification number)
500 West Monroe Street, Chicago, Illinois 60661-3676 (Address of principal executive offices) Registrant's telephone number, including area code (312) 621-6200 2 ITEM 5. OTHER EVENTS On February 20, 2001, GATX Corporation issued the following press release: GATX Corporation and GATX Capital Corporation today reported on the conclusion of the first phase of a trial that is currently underway in Federal District Court for the Northern District of California to which GATX Capital is a party. As noted in detailed descriptions in the GATX Corporation and GATX Capital filings on forms 10-Q and 10-K, GATX Capital is party to litigation arising from the issuance by the Federal Aviation Administration of Airworthiness Directive 96-01-03, the effect of which significantly reduced the amount of freight that ten 747 aircraft were authorized to carry. These aircraft were modified from passenger to freighter configuration between 1988 and 1994 by subcontractors of GATX/Airlog, a California partnership in which a subsidiary of GATX Capital is a partner. GATX Capital previously reached settlements covering five of the aircraft, and the remaining five are the subject of this trial. The first phase of the trial concluded on Friday, February 16. The jury found that GATX/Airlog breached its warranties under the applicable aircraft modification agreements, and fraudulently failed to disclose information to the operators of the aircraft. The second phase of the trial to determine damages to be awarded to the plaintiffs is expected to conclude within three weeks. While the amounts claimed in this matter are substantial, the extent of liability with respect to such claims cannot be reasonably estimated at this time. However, once finally determined, the amount required to be paid will be material to the results of operations in a given period for GATX Capital and GATX Corporation, and may have a material adverse effect on the financial condition of these parties. The company is currently evaluating the amount of estimated reserves that may be required for payment of damages. The accrual for estimated reserves will be considered a subsequent event in accordance with Generally Accepted Accounting Principles, and as such will be reflected in 2000 results. Jesse V. Crews, president of GATX Capital Corporation, stated, "We strongly believe that throughout the course of the trial GATX/Airlog offered evidence showing that it did not breach its obligations under the terms of the modification agreements and made all required disclosures to its customers. In that regard, the jury's decision is disappointing. This is an extremely complex case involving a number of difficult and novel factual and legal issues. We believe a number of those issues present important matters for further judicial review, and we plan to vigorously pursue 3 appropriate review of those issues." Further information with regard to this trial will be communicated as appropriate. COMPANY DESCRIPTION GATX Corporation (NYSE: GMT), is a unique finance and leasing company combining asset knowledge and services, structuring expertise, creative partnering and risk capital to serve customers and partners worldwide. GATX Corporation provides leasing and financial services responsive to the specialized needs of a range of businesses. GATX Corporation specializes in railcar and locomotive operating leasing, aircraft operating leasing, information technology leasing, and venture finance for customers in diverse industrial sectors worldwide. FOR FURTHER INFORMATION CONTACT: Analysts and Investors Media - ---------------------- ----- Robert C. Lyons George S. Lowman Director of Investor Relations Managing Director-Communications GATX Corporation GATX Corporation 312-621-6633 312-621-6599 4 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, thereunto duly authorized. GATX CORPORATION ---------------------------------- (Registrant) /s/ Brian A. Kenney ---------------------------------- Brian A. Kenney Vice President and Chief Financial Officer (Duly Authorized Officer) Date: February 20, 2001 -----END PRIVACY-ENHANCED MESSAGE-----