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Catskill Litigation Trust – ‘8-K’ for 6/21/07

On:  Friday, 6/22/07, at 1:16pm ET   ·   For:  6/21/07   ·   Accession #:  921895-7-1391   ·   File #:  333-112603

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/22/07  Catskill Litigation Trust         8-K:1,5,7,9 6/21/07    2:52K                                    Olshan Frome Wolosky LLP

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     16K 
 2: EX-3.1      Articles of Incorporation/Organization or By-Laws   HTML     63K 


8-K   —   Current Report
Document Table of Contents

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11st Page   -   Filing Submission
2Item 1.01. Entry Into A Material Definitive Agreement
"Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
"Item 7.01. Regulation Fd Disclosure
3Item 9.01. Financial Statements and Exhibits

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                                  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) June 21, 2007
                                                          -------------

                              --------------------

                            CATSKILL LITIGATION TRUST
                            -------------------------
               (Exact name of registrant as specified in charter)

          Delaware                   333-112603             16-6547621
          --------                   ----------             ----------
(State or other jurisdiction        (Commission            (IRS Employer
     of incorporation)              File Number)        Identification No.)

c/o Christiana Bank & Trust Company, 1314 King Street, Wilmington, Delaware  19801
--------------------------------------------------------------------------------------
     (Address of principal executive offices)                             (Zip Code)

      Registrant's telephone number, including area code (302) 888-7400
                                                         --------------

        -------------------------------------------------------------
        (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))

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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. On June 15, 2007, the trustees of the Catskill Litigation Trust (the "Litigation Trust") entered into an amendment to the Declaration of Trust, dated January 12, 2004, establishing the Litigation Trust (as amended, the "Declaration of Trust"). The Litigation Trustees had previously received the approval of more than 66 2/3% of the Unitholders of the Litigation Trust to this amendment, entitled "Amendment No. 2 to the Declaration of Trust of Catskill Litigation Trust" ("Amendment No. 2"), pursuant to Section 9.3 of the Declaration of Trust. A copy of Amendment No. 2 is being filed as Exhibit 3.1 to this Current Report on Form 8-K. As previously announced, on January 24, 2007, the Litigation Trust entered into a Joint Alliance Agreement with the St. Regis Mohawk Tribe providing for the assignment to the Litigation Trust of certain claims of Tribal members against Park Place Entertainment, Inc. and Clive Cummis, former General Counsel of Park Place Entertainment, Inc. The Joint Alliance Agreement provided that the claims were to be assigned in exchange for a certificate evidencing the ownership by the Tribal members of 21,912,869 Units in the Litigation Trust (representing a 50% beneficial interest in the Litigation Trust). In accordance with its terms, Amendment No. 2 became effective upon satisfaction of the condition that the claims of the Tribal members were duly and properly assigned to the Litigation Trust in accordance with the Joint Alliance Agreement. Such assignment was approved by the St. Regis Mohawk Tribal Court as described in Item 7.01 below. Pursuant to Amendment No. 2, the claims assigned to the Litigation Trust will become part of the Trust Estate and the Enrolled Members of the St. Regis Mohawk Tribe will become beneficiaries of the Litigation Trust. As a result, the Litigation Trust will prosecute such claims in addition to its existing claims and the Enrolled Members of the St. Regis Mohawk Tribe and any proceeds of such claims will be deposited in the Recovery Account established under the Declaration of Trust and will be available for distribution to Unitholders, including such Enrolled Members, in accordance with the terms of the Declaration of Trust. In addition, pursuant to Amendment No. 2, Dennis C. Vacco, former Attorney General of the State of New York and former United States Attorney for the Western District of New York, will assume the role of a Litigation Trustee for the Litigation Trust and Paul de Bary, who previously served as a Litigation Trustee, will assume the role of Litigation Trustee Advisor. To further implement the merger of claims, Amendment No. 2 also provides certain changes in the Declaration of Trust with respect to payment of expenses, indemnification and further amendments to the Declaration of Trust. ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. See Item 1.01. ITEM 7.01. REGULATION FD DISCLOSURE. On June 21, 2007, pursuant to the Joint Alliance Agreement, the trustees of the Catskill Litigation Trust received an assignment of certain claims of members of the St. Regis Mohawk Tribe against Park Place Entertainment and Clive Cummis. The assignment was previously approved by the St Regis Mohawk Tribal
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Court. Following the assignment, on June 22, 2007, Dennis C. Vacco and Joseph Bernstein, acting in their capacities as Litigation Trustees of the Litigation Trust, filed an enforcement action in the United States District Court for the Northern District of New York. The enforcement action was filed against Harrah's Operating Company, Inc. (a wholly owned subsidiary of Harrah's Entertainment , Inc. (HET)), as successor to Park Place Entertainment, Inc., and Clive Cummis to enforce an order of default judgment issued by the St. Regis Mohawk Court on March 20, 2001 against Park Place Entertainment, Inc. and Clive Cummis. The order of default judgment ordered the defendants to pay $1.782 billion of actual damages and $5 million of punitive damages. The Litigation Trust has also filed a motion in the St. Regis Mohawk Tribal Court for a determination of the rate of interest which should apply to the judgment under Mohawk law. A previous suit to enforce the default judgment was dismissed, without prejudice to the recommencement of the suit, after the Judge had not heard further from the parties concerning efforts to settle the case. Harrah's Entertainment, Inc., the parent of Harrah's operating company, has indicated in its public filings that it believed that the case had been settled and intends to vigorously defend any attempt to enforce the judgment. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (a) Exhibits. 3.1 Amendment No. 2 to the Declaration of Trust of Catskill Litigation Trust
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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. CATSKILL LITIGATION TRUST ------------------------- (Registrant) Date: June 22, 2007 By: /s/ Joseph E. Bernstein ---------------------------------------- Joseph E. Bernstein Litigation Trustee

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Filed on:6/22/0734
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