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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) August 1, 1997
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 August 1, 1997, the United States District Court of Nevada orally issued
a declaratory judgment with respect to a lawsuit pending since August, 1995,
between Michael Racusin, d/b/a M. Racusin & Company ("Racusin") and American
Wagering, Inc. ("Company") 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.
The Court held that pursuant to the terms of the agreements, Racusin was
entitled to receive from the Company a commission of $666,375, plus prejudgment
interest (approximately $80,000 on August 1, 1,997), less $18,000 owed by
Racusin to the Company. The Court's holding indicated that Racusin was entitled
to the commission because he served as a finder to the Company for the
underwriter of the Company's initial public offering in May, 1996, which enabled
the Company to make a public sale of Leroy's assets. As the payment to Racusin
represents a cost of the Company's initial public offering, the entire amount
paid to Racusin will reduce its paid-in capital, which as of May 31, 1997 was
$14,764,583. The declaratory judgment of the Court is not final and is subject
to timely appeal.
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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: August 13, 1997 By: /s/ Robert D. Ciunci
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Robert D. Ciunci
Executive Vice President and
Chief Financial Officer
