Cattlesale Co – ‘8-K’ for 6/27/00

On:  Friday, 6/30/00, at 9:42am ET   ·   For:  6/27/00   ·   Accession #:  205239-0-11   ·   File #:  1-07636

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Agreement Reached W/Creditors&Fiscal Year Change       7     15K 

Document Table of Contents

8-K
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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)       June 27, 2000            

 Dynacore Holdings Corporation

(formerly Datapoint Corporation)

(Exact name of registrant as specified in its charter)

       Delaware                001-07636                74-1605174
(State or other jurisdiction    (Commission File Number)    (IRS Employer       
of incorporation)                                           Identification No.) 

7 rue d'Anjou 75008, Paris, France; 
          8410 Datapoint Drive, San Antonio, TX 78229-8500
         (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code  331-4007-3737; 210-593-7000 

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Item 5.         Other Events.                                               

                  On June 27, 2000,  the Registrant  issued a press  release,  a
  copy of which is attached as Exhibit 99 to this Form 8-K,  indicating that the
  Registrant  reached an  agreement in  principle  with the  Official  Unsecured
  Creditors'  Committee appointed in the Registrant's Chapter 11 case pending in
  the United States Bankruptcy Court for the District of Delaware (Docket Number
00-1853 (PJW)).                                                             

Item 7.           Exhibits                                                      
EXHIBIT NO.                                          DESCRIPTION OF EXHIBIT     
99                                                  June 27, 2000 Press Release 

Item 8.           Change in Fiscal Year                                         

On June 27,  2000,  the  Registrant  changed its fiscal year end to December 31,
which will be reflected on a transition Form 10-Q.                              

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 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.                                       

                         Datapoint Corporation
                (Registrant)
Date:  June 28, 2000                                                            

                             By:  /s/ Phillip P. Krumb
                    Phillip P. Krumb
                                  Acting Chief Financial Officer

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 EXHIBIT INDEX

(99)    June 27, 2000 Press Release                                           

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                                      Exhibit 99 - Press Release of Registrant

Contact:                                                    Sharon P. Riggs     
                                                          Investor Relations
                                                          San Antonio, Texas
                                                      (210) 593-7901

 DYNACORE HOLDINGS CORPORATION
(FORMERLY DATAPOINT CORPORATION)
 REACHES AGREEMENT IN PRINCIPLE WITH
OFFICIAL UNSECURED CREDITORS' COMMITTEE;
CHANGES FISCAL YEAR END TO DECEMBER 31

         San Antonio,  Texas, June 27,  2000.....Dynacore  Holdings  Corporation
(formerly Datapoint Corporation EBB: DTPTQ) today announced that an agreement in
principle  had been  reached with the Official  Unsecured  Creditors'  Committee
appointed  in the  Corporation's  Chapter 11 case  pending in the United  States
Bankruptcy Court for the District of Delaware. (Case No. 00-1853(PJW)).         

         The agreement, which is subject to among other things, filing of a Plan
of  Reorganization,  vote of  creditors  and approval by the  Bankruptcy  Court,
provides  for  the  distribution  of  approximately  $34.8  million  in  cash to
Debenture  holders  and  other  unsecured  creditors  from the  proceeds  of the
previously  approved sale of  Dynacore's  European  operations  and certain U.S.
assets to Datapoint  NewCo 1 Limited.  Such cash  distribution is expected to be
not less  than  60% of the face  value  of the  outstanding  8 7/8%  Convertible
Subordinated Debentures due 2006 (the "Debentures"), excluding accrued interest.
At the time of confirmation of the Plan of Reorganization,  Dynacore is expected
to have  remaining  working  capital of  approximately  $4 million  after  fees,
expenses and certain  escrow items  required in the sale.  Dynacore will have no
debt at that time.                                                              

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         The agreement provides that when the reorganized  Dynacore emerges from
Chapter 11: (i) Debenture holders and other unsecured creditors will receive 25%
of the equity of the reorganized  corporation,  3 out of 7 seats on the Board of
Directors,  and 40% of a Patent  Litigation  Trust,  to be formed to pursue  the
Corporation's  patent  litigation  and  otherwise to defend  them,  (ii) current
Exchangeable  Preferred  Shareholders  will  receive  23.5% of the equity of the
reorganized corporation,  and 3.5% of the Patent Litigation Trust, (iii) current
Common  Shareholders  will  receive  41.5%  of the  equity  of  the  reorganized
corporation;  and (iv) current officer management will receive 10% of the equity
of the  reorganized  corporation  as part of a  settlement  of  certain  officer
administrative  claims that include contract  cancellation and other contractual
entitlements.  The Plan of  Reorganization  of the Corporation is expected to be
filed within 30 days.                                                           

         Pursuant to the agreement, with respect to its remaining 56.5% interest
in the Patent Litigation Trust,  Dynacore will distribute to its post-bankruptcy
shareholders  75% of the first $100  million of net proceeds  received,  if any,
after adjustment for corporate tax.                                             

         The  Corporation  also  announced  today that it had changed its fiscal
year end to December 31.                                                        

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         The sale of its European operations is consistent with the direction of
the Corporation to focus its efforts and resources on acquiring,  developing and
marketing  software with Internet and  E-commerce  applications.  The previously
acquired Corebyte NetworksTM product family (www.corebyte.com),  highlights this
effort.  The Corebyte  subsidiary  has  developed an  intelligent  browser-based
communications  networking  system.  With a single interface,  users of Corebyte
NetworksTM products directly access every application  necessary to manage their
enterprise  from  basic  E-mail to  advanced  group  computing  tools.  Corebyte
NetworksTM  products users seamlessly share and exchange  valuable  information,
selectively  and  securely,   within  their   networked   community  and  across
enterprises  via the  Internet.  Companies  that  standardize  their  network on
Corebyte NetworksTM products gain all the benefits of the Internet and eliminate
the fear of obsolescence.                                                       

         The press  release  contains  forward-looking  statements  that involve
uncertainties, including, but not limited to, risks and uncertainties related to
the  competitive  environment  and other  risks.  Future  trends and results may
differ materially from disclosures contained in this release.                   

 #######

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		6/30/00							10-Q,  8-K,  NT 10-Q
		6/28/00		3
For Period End:		6/27/00		1		5
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