<PAGE>
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 16, 2000
----------------
Asia Web Holdings, Inc.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Commission File Number 000-27757
Delaware 33-0529299
------------------------------- -------------------
(State or other jurisdiction of (I.R.S Employer
incorporation or organization) Identification No.)
1947 Camino Vida Roble, Suite 102, Carlsbad, California 92008
-------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (760) 804-0023
--------------
Acubid.com, Inc.
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5 Other Events
On Oct. 11, 2000, Selim K. Zilkha, on behalf of the Selim K.
Zilkha Trust filed a lawsuit against the company seeking the return of the Ten
Million Dollar ($10,000,000) private placement he invested with the company in
June, 2000. Additionally, Zilkha was seeking a temporary restraining order
("TRO") and an application for a preliminary injunction which was set for
hearing on Oct. 18, 2000 before the Honorable Napoleon Jones in the United
States District Court for the Southern District of California. The TRO and the
preliminary injunction sought to freeze Ten Million Dollars ($10,000,000) of the
company's assets. The company and its attorneys vigorously opposed the TRO and
preliminary injunction and will vigorously defend this lawsuit.
The allegations made in Zilkha's complaint asserts violations
of the state and federal securities laws, as well as related causes of action.
The Registrant unequivocally denies the allegations contained in the Complaint
and considers this pre-emptive strike merely to be a tactical maneuver by Zilkha
to deflect attention from his own conduct and done with reckless disregard to
the rights of over 3,000 of the Registrant's smaller shareholders.
On October 20, 2000 the Honorable Napoleon Jones denied
Zilhka's Application for a Temporary Restraining Order and Preliminary
Injunction to freeze Ten Million Dollars ($10,000,000) of the Company's assets.
The Court released its opinion, finding that Zilkha's motion was without merit.
This finding was made after a heated hearing in which, the Company's Chief
Executive Officer, Michael A. Schaffer, under oath, made an impassioned
statement to the Court on behalf of the Company's more than 3,000 shareholders.
Schaffer controverted the allegations of Zilkha's lawsuit in every respect,
particularly emphasizing the propriety of his and the Company's actions in its
dealings with PT Jaring Data Interaktif ("JDI"), the Company's recently acquired
subsidiary.
The Court declined to freeze $10,000,000 of the Company's
assets finding that Zilkha, whose investment put him on the same footing as any
other shareholder, has no lien or other legal rights over the Company's assets
that would entitle him such an extraordinary injunction.
On October 20, 2000, within hours of the District Court
releasing its opinion, Zilhka filed an emergency motion in the United States
Court of Appeals for the Ninth Circuit seeking an immediate, that is, same day
or next day, order freezing $10,000,000 of the Company's assets. As of the date
of this report, the Court of Appeals has not granted Zilkha emergency relief and
merely required that the Company file its response to Zilkha's motion by
October 26, 2000 which was done.
-2-
<PAGE>
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date: October 30, 2000
ACUBID.COM, INC. (Registrant)
By: /S/ Lawrence Schaffer
-----------------------------------
Lawrence Schaffer, President
-3-
