UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 reported) January 7, 2000
Global Entertainment Holdings/Equities, Inc.
(Exact name of registrant as specified in its chapter
Colorado 0-27637 47-0811483
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6235 south 90th Street, Omaha, NE 68127
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code(402) 331-3189
__________________________________________________________
(Former name or former address, if changed since last report)
Item 5. Other Events.
The Company entered into an Agreement of Purchase and Sale with Beverage Source
Worldwide, Inc. ("BSW") and Mark A. Darnell ("the Shareholder") on November 26,
1997, and acquired all of the issued and outstanding shares of BSW and
Shareholder. On May 5, 1998, the Company filed a Complaint in the Superior Court
of California, County of San Diego, alleging that from the closing of the
Agreement of Purchase, officers and directors of Beverage Source Worldwide,
Inc., had breached their respective duties, obligations and agreements with the
Company, secreting and/or attempting to secret the Companies assets, moving,
transferring, assigning conveying encumbrances, sequestering, using, disposing
of, or shifting, any and all of the assets and property of the Company,
wrongfully withdrawing monies from the Corporate bank accounts, misappropriating
company funds, co-mingling the operating expenses and costs of International
Beverage Corporation or its wholly owned subsidiary Beverage Source Worldwide,
Inc., with independent business of the officers and directors named in the suit.
Further, that the named defendant officers and directors engaged in an extensive
pattern of discussion with various entities for the specific purpose of merging
one or all of the said entities, without disclosing to such entities and their
representatives that Beverage Source Worldwide, Inc., was a wholly owned
subsidiary of International Beverage Corporation. In addition to the above
general categories of the complaint, there are numerous specific allegations of
Malfeasance and Breach of Fiduciary Duty. The complaint specifically intends
that service of the summons and complaint serve as notice of recision of the
Agreement dated November 26, 1997. The Company filed suit against Beverage
Source Worldwide, Inc. and the trial took place on November 8, 1999.
By Minute Order dated December 1, 1999, the Superior Court of California, County
of San Diego denied the Plaintiffs' (Company's) Request for Statement of
Decision due to the fact that the request was not made timely. The Courts oral
tentative decision that was announced on November 9, 1999, thus the Courts
tentative decision becomes its statement of the Decision.
On December 23, 1999, the Court by Minute Order, considered the Plaintiff's
objections to the Judgement submitted by Defendant Mark A. Darnell. However,
the Plaintiff's objections were overruled. The Superior Court of California,
County of San Diego Central Division on December 23, 1999, Ordered, Adjudged and
Decreed that:
1. Plaintiffs INTERNATIONAL BEVERAGE CORPORATION, (now known as Global
Entertainment Holdings, Inc.), and BEVERAGE SOURCE WORLDWIDE shall take
nothing by way of their Complaint for (1) Recision; (2) Breach of
Fiduciary Duty; (3) Conspiracy; (4) Accounting; (5) Injunctive Relief;
and (6) Declaratory Relief;
2. Plaintiffs INTERNATIONAL BEVERAGE CORPORATION, (now known as Global
Entertainment Holdings, Inc.), and BEVERAGE SOURCE WORLDWIDE Complaint
for Recision of the parties Stock Purchase Agreement is denied;
defendant, MARK A. DARNELL retains all previously held stock interest in
INTERNATIONAL BEVERAGE CORPORATION, (now known as Global Entertainment
Holdings, Inc.).
The decision by the Court was based on recision by Fraud; however, the parties
by mutual consent, agreed to the recision of the Agreement of Purchase & Sale.
The Company held a Special Shareholders Meeting and ratified a mutual agreement
of recision on August 19, 1999.
The Company (Plaintiff) will challenge the Courts Statement of Decission and
Judgement on the basis of Fact and Law.
On January 5, 2000, the Comany (Plaintiff) filed its Notice of Intent to move
for a new trial on the following grounds:
1. Irregularity in the proceedings of the court, jury or adverse party,
or any order of the court or abuse of discretion by which either party
was prevented from having a fair trial. [Code, Civ. Proc. subsection
659(1)];
2. Improper orders by the court. [Code, Civ Proc. subsection 659(1)];
3. Abuses of descretion by the court. [Code, Civ Proc. subsection
659(1)];
4. Accident or surprise, which ordinary prudence could not have guarded
against. [Code, Civ Proc. subsection 659(3)];
5. Newly discovered evidence, material for the party making the
application, which he could not, with reasonable diligence, have
discovered and produced at the trial. [Code, Civ Proc. subsection
659(4)];
6. The award of damages was inadequate. [Code, Civ Proc. subsection
659(5)];
7. The evidence was insufficient to justify the court's, and the
decision is against law. [Code, Civ Proc. subsection 659(6)]; and
8. Error(s) in law, occurring at the trial and excepted to by the party
making the application. [Code, Civ Proc. subsection 659(7)];
In the event the Judgement is not modified or vacated, the Company (Plaintiff)
will file a Motion for a new trial or appeal the Court's decision.
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.
Golbal Entertainment Holdings/Equities, Inc.
(Registrant)
/s/Thomas Hawkins
Thomas Hawkins/Corporate Secretary
(Signature)*
Date January 7, 2000
*Print name and title of the signing officer under his signature.
