-----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, EEli8Xjq5Rm4O/snKMh3IO9RximNi97oF/88pVDYyxfkNHWsyMUQjCCODBbqQLzq dtzUAz05Fd2eo3IZMpuWpA== 0000950137-98-001454.txt : 19980407 0000950137-98-001454.hdr.sgml : 19980407 ACCESSION NUMBER: 0000950137-98-001454 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980406 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980406 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INSURANCE AUTO AUCTIONS INC /CA CENTRAL INDEX KEY: 0000880026 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MOTOR VEHICLES & MOTOR VEHICLE PARTS & SUPPLIES [5010] IRS NUMBER: 953790111 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-19594 FILM NUMBER: 98588247 BUSINESS ADDRESS: STREET 1: 850 E ALGONQUIN RD STREET 2: STE 100 CITY: SCHAUMGURG STATE: IL ZIP: 60173 BUSINESS PHONE: 847839-3939 MAIL ADDRESS: STREET 1: 1270 WEST NORTHWEST HIGHWAY CITY: PALATINE STATE: IL ZIP: 60067 8-K 1 FORM 8-K 1 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: April 6, 1998 Insurance Auto Auctions, Inc. (Exact name of registrant as specified in its charter) 95-3790111 Illinois 0-19594 (IRS Employer (State of Incorporation) (Commission File No.) Identification No.) 850 E. Algonquin Road, Suite 100, Schaumburg, Illinois 60173 (Address of principal executive offices) 1270 W. Northwest Highway, Palatinc, IL 60067 (Former address changed since last report of form 8-K) Registrant's telephone number, including area code: (847) 839-3939 2 Item 5. Other Events Insurance Auto Auctions, Inc. ("IAA") has entered into a settlement agreement resolving all outstanding disputes between IAA and Bradley Scott, who has resigned as Chairman of the Board and a Director of IAA. Item 7. Financial Statements and Exhibits. (c) Exhibits (99.1) IAA Press Release dated April 2, 1998. 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. Insurance Auto Acutions, Inc. By: /s/ Gaspare G. Ruggirello ----------------------------- Gaspare G. Ruggirello Vice President and Assistant Secretary Dated: April 6, 1998 3 EXHIBIT INDEX (99.1) IAA Press Release dated April 2, 1998. EX-99.1 2 PRESS RELEASE 1 [INSURANCE AUTO AUCTIONS LOGO] Exhibit (99.1) AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD: Linda C. Larrabee General Inquiries Analyst Inquires Media Inquires Sr. VP/CFO Jim Berger Janine Warell Laura Kuhlmann-Doerer (847)839-4132 (312)640-6692 (312)640-6775 (312)640-6727 www.iaai.com FOR IMMEDITE RELEASE INSURANCE AUTO AUCTIONS AND FORMER CHAIRMAN SETTLE DISPUTE SCHAUMBURG, ILL., APRIL 2, 1998 - INSURANCE AUTO AUCTIONS, INC. (NASDAQ:IAAI), a leading provider of automotive salvage and claims processing services in the United States, announced it has entered into a settlement agreement resolving all outstanding disputes between the company and Bradley Scott, who has resigned as chairman of the board and a director of the company. As previously reported, Scott was a defendant in a lawsuit relating to his sale of stock in Los Angeles Auto Salvage, Inc., a corporate predecessor of Insurance Auto Auctions, and notified the company of his intent to seek indemnification from Insurance Auto Auctions for any amounts paid in connection with the adjudication or settlement of the lawsuit. The company denied any right to indemnification. Scott recently settled his lawsuit. In the settlement agreement between the company and Scott, Scott resigned from his positions with Insurance Auto Auctions and agreed not to pursue his claim for indemnification, the parties terminated various agreements (including agreements providing for compensation and certain benefits through June 30, 1999, and all outstanding stock options), and the company made a lump sum payment of $700,000 to Scott, which included a bonus payment for 1997 of $126,000 pursuant to a 1996 agreement between the company and Scott. "The company wishes Bradley Scott the best in his future endeavors and is appreciative of his past efforts in founding and helping to build Insurance Auto Auctions into the largest salvage services firm in the United States," said James P. Alampi, president and chief executive officer. Founded in 1982, Insurance Auto Auctions, Inc. is the largest provider of automotive and specialty salvage services in the United States, providing insurance companies with cost-effective, turnkey solutions to process and sell total loss and recovered theft vehicles, a $3 billion per year industry. The company has 48 auction sites across the United States. -30- -----END PRIVACY-ENHANCED MESSAGE-----