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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) October 8, 1996
AMERICAN WAGERING, INC.
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(Exact name of registrant as specified in its charter).
Nevada 000-20685 880344658
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(State or other jurisdiction (Commission IRS Employer
of incorporation File Number) Identification No.)
675 Grier Drive, Las Vegas, Nevada 89119
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (702) 735-0101
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Item 5. OTHER EVENTS
On October 8, 1996, the United States District Court of Nevada granted
the motion of Michael Racusin, d/b/a/ M. Racusin & Company ("Racusin") to add
American Wagering, Inc. (the "Company") as a party to a lawsuit, pending since
August 1995, between Racusin and Leroy's Horse and Sports Place ("Leroy's"), the
wholly owned subsidiary of the Company which operates sports and race books. As
previously reported, in dispute in the lawsuit are two written contracts
between Leroy's and Racusin. The specific language of the alleged agreements
provides that Leroy's will pay to Racusin (i) a commission equal to 5% of the
purchase price of Leroy's in the event Racusin brings in a buyer for Leroy's and
(ii) compensation equal to 4.5% of the "final evaluation in the form of Leroy's
common stock plus $150,000 in cash upon completion of common offering or IPO."
Racusin alleges that, pursuant to the alleged agreements, Racusin is
entitled to either 4.5% of the stock of Leroy's or 4.5% of the Company's common
stock and $150,000 in cash as a result of the completion of the Company's
initial public offering of its common stock in May 1996. The Company believes
that the contracts are unenforceable and Leroy's has requested the Court to
declare that the agreements are vague, ambiguous and unenforceable contracts.
The case is awaiting a trial date.
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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.
AMERICAN WAGERING, INC.
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(Registrant)
Date: October 14, 1996 By: /s/ Robert D. Ciunci
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Robert D. Ciunci
Executive Vice President and
Chief Financial Officer
