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): July 14, 1998
EMPIRE COMMUNICATIONS CORPORATION, f/k/a/ LITIGATION ECONOMICS, INC.
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Exact name of registrant as specified in its charter
Nevada 333-16031 86-0793960
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State or other jurisdiction Commission File No. IRS Employer ID #
of incorporation
4001 West 104th Terrace, Overland Park, Kansas 66207
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Address and zip code of principal executive offices
913-469-1662
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Registrant's telephone number
Item 1. Changes in Control of Registrant
On March 27, 1998, the Company reported that Empire Financial Investments
LLC, a Texas limited liability company ("Empire"), had acquired a controlling
equity position in the Company in connection with a plan for the Company to
acquire certain business assets from DeLuxe Corporation, all as more fully
explained in the March 27, 1998 Report on Form 8-K. Late in May, 1998, Empire
informed the Company that it no longer wished to pursue the acquisition of the
DeLuxe business assets through the Company, and that it desired to rescind its
investment in the Company. By July 14, 1998, all of the Directors of the Company
had signed resolutions effecting this rescission.
In connection with the rescission of the Empire investment and the DeLuxe
Corporation asset acquisition plan, all of the directors of the Company who were
elected at the time Empire made its investment tendered their resignations after
electing a new board of directors.
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Mr. and Mrs. Cory Hofman, formerly directors and control persons of the
Company, surrendered 1,200,000 shares of the Company's common stock for
cancellation and paid the Company $10,000 in cash in connection with the sale to
them by the Company of the Company's former "G.E.C" subsidiary. As a result of
the rescission of the Empire / DeLuxe transactions, the Company and Mr. and Mrs.
Hofman have agreed, as of July 15, 1998, to rescind the sale of the "G.E.C."
subsidiary to Mr. and Mrs. Hofman. The Company has returned the $10,000 cash
amount and has reissued the 1,200,000 shares of common stock to Mr. and Mrs.
Hofman, and Mr. and Mrs. Hofman have returned to the Company all of the
outstanding stock of "G.E.C."
The new Board of Directors has elected Norman L. Peterson as President of the
Company, and the Company's executive offices were relocated to space provided by
Mr. Peterson in Overland Park, Kansas.
Item 2. Acquisition or Disposition of Assets
As noted in Item 1, above, the Company and Empire have rescinded the
Company's contract rights to acquire business assets from DeLuxe Corporation.
As noted in Item 1, above, the Company has rescinded its sale of its "G.E.C."
subsidiary to Mr. and Mrs. Cory Hofman, and has reacquired that business as an
operating subsidiary as of July 15, 1998.
Item 3. Bankruptcy or Receivership
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable.
Item 5. Other Events
Not Applicable.
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Item 6. Resignation of Registrant's Directors
In connection with the rescission of Empire's investment in the Company, (see
Item 1, above) Messrs. Louis A. Farris, Jr., Wilson A. Hanna, Jon H. Fleming,
Ph.D., H. William Coogan, Jr. and Kenneth C. Lowe have resigned as members of
the Company's Board of Directors. Prior to their resignations, the Board of
Directors elected Norman L. Peterson of Overland Park, Kansas as a Director of
the Company. Under Nevada law, a single director may constitute the Board of
Directors of the Company.
Item 7. Financial Statement, Pro Forma Financial Information and Exhibits
Not Applicable.
Item 8. Changes in Fiscal Year
Not Applicable.
Item 9. Sales of equity securities pursuant to Regulation S
Not Applicable.
No Exhibits are filed with the Report.
EMPIRE COMMUNICATIONS CORPORATION
/s/ Norman L. Peterson
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Norman L. Peterson
President
Dated: July 15, 1998
