SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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First Amendment To
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): May 9, 2000
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Banyan Corporation
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(Exact name of registrant as specified in its charter)
OREGON 000-26065 84-1346327
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(State of incorporation or (Commission (I.R.S. Employer
organization) File Number) Identification Number)
4740 Forge Rd., Bldg. #112, Colorado Springs, CO 80907
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (719) 531-5535
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ITEM 5. OTHER EVENTS.
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PAINE WBBER SETTLEMENT AGREEMENT
Banyan Corporation settled a lawsuit brought by Paine Webber Corporation.
Paine Webber brought the suit for $405,000 dealing with the cancellation by
Banyan of certain stock certificates. In order to avoid costly continuing
litigation Banyan decided to settle this claim without any admission of guilt.
The settlement calls for Banyan to pay Paine Webber a total of $140,000. The
payment plan calls for an initial payment which was made on July 27, 2000 of
$10,000, six monthly payments of $3,333 commencing on August 27, 2000 and two
final payments of $55,000 on January 31 and February 28, 2001. The Company
intends to raise the capital for the final two payments under this agreement via
the sale of some of its shares of Anything Internet Corporation. Interest will
not accrue unless the Company fails to make timely payments.
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.
BANYAN CORPORATION
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(Registrant)
Date: July 28, 2000 /s/ Lawrence Stanley
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Lawrence Stanley
President and CEO
