8-K

                                  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 OF 1934

         Date of report (Date of earliest event reported): May 18, 2007
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                               THE LGL GROUP, INC.
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               (Exact Name of Registrant as specified in Charter)

          Indiana                     1-106                   38-1799862
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(State or other jurisdiction        (Commission              (IRS Employer
      of incorporation)             File Number)           Identification No.)

    140 Greenwich Avenue, 4th Floor, Greenwich, CT               06830
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       (Address of Principal Executive Offices)               (Zip Code)

       Registrant's telephone number, including area code: (203) 622-1150
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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 (SEE General Instruction A.2. below):

 |_|  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))



ITEM 8.01.  OTHER EVENTS.

      On May 21, 2007,  Lynch Systems,  Inc. ("Lynch  Systems"),  a wholly owned
subsidiary of The LGL Group,  Inc. (the "Company"),  announced that it signed an
asset  purchase  agreement with Olivotto Glass  Technologies,  S.P.A.,  a Milan,
Italy based manufacturer of glassware machinery  ("Olivotto").  The transaction,
valued at approximately $3 million, includes all assets of Lynch Systems, except
for its plant and offices, which will be leased to Olivotto for six months. When
the  lease  expires,  Lynch  Systems  will  sell  its  Bainbridge,  GA  property
separately. The transaction is expected to close in early June 2007. The text of
a press  release  issued by the  Company is  furnished  as  EXHIBIT  99.1 and is
incorporated herein by reference.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(c)   Exhibits

      Exhibit No.   Exhibits
      -----------   --------

      99.1          Press release of The LGL Group, Inc. dated May 21, 2007.

                                    SIGNATURE

      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.


May 21, 2007

                                    THE LGL GROUP, INC.


                                    By: /s/ Jeremiah Healy
                                        --------------------------------------
                                        Name: Jeremiah Healy
                                        Title: Chief Executive Officer

EX-99.1

                                                                    Exhibit 99.1


For Immediate Release

THE LGL GROUP, INC. ANNOUNCES PENDING SALE OF THE ASSETS OF LYNCH SYSTEMS,
INC.


Greenwich, CT, May 21, 2007 -- Lynch Systems, Inc. , a wholly owned subsidiary
of The LGL Group, Inc. (AMEX:LGL), has signed an asset purchase agreement with
Olivotto Glass Technologies, S.P.A., a Milan, Italy based manufacturer of
glassware machinery. The transaction, valued at approximately $3 million,
includes all assets of Lynch Systems, except for its plant and offices, which
will be leased to the buyer for six months. When the lease expires, Lynch
Systems will sell the Bainbridge, GA property separately. The transaction will
close in early June 2007.

Lynch Systems is one of the world's leading manufacturers of glass forming
machinery. The Company produces and installs equipment that cuts and forms
tableware such as glass tumblers, plates, cups, saucers and pitchers; as well as
glass block, industrial lighting, commercial optical glass and automobile
lenses.

The LGL Group, a multi-industry engineering company that manufactures a broad
range of capital equipment and custom,-designed electronic equipment, announced
on March 21 that it had been approached by an investment group interested in
buying Lynch Systems. "This is the culmination of these earlier discussions,"
said Jeremiah Healy, LGL's Chief Executive.

LGL Group's other subsidiary, MtronPTI, manufactures and markets custom-designed
electronic components used to control the frequency of signals in electronic
circuits. MtronPTI is not a part of this deal.

Contact: Victor Emmanuel, VJE Consultants: 914-305-5198
         Jeremiah Healy, LGL Group:        203-622-1150