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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: June 3, 1999 Commission file number: 1-5805
THE CHASE MANHATTAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-2624428
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
270 Park Avenue, New York, NY 10017
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code): (212) 270-6000
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Item 5. Other Events
On June 3, 1999, management of Chase Capital Partners ("CCP"), the
equity-investment business of The Chase Manhattan Corporation ("Chase"),
discussed certain investments held in CCP's portfolio, including StarMedia
Network, Inc. ("StarMedia"), a Latin American internet-network company that
went public on May 26, 1999. Management said that gains from CCP's investment
in StarMedia could approximate $240 million in the 1999 second quarter,
assuming StarMedia's trading price of approximately $48 per share at June 2,
1999 was maintained over the remainder of the quarter. Each $10 change in
StarMedia's stock price would impact Chase's reported private equity gains by
approximately $60 million.
As a result of this and other investments in CCP's portfolio, Chase's
private equity gains for the 1999 second quarter could be substantially higher
than the gains of $325 million reported for the 1999 first quarter. Chase's
accounting policies provide that marketable securities holdings are
marked-to-market at the public market price, less a liquidity discount.
Accordingly, Chase's private equity gains for the 1999 second quarter will
fluctuate in response to changes in market prices, particularly those of
StarMedia and other internet stocks held in CCP's portfolio.
The above contains statements that are forward looking within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements are
subject to risks and uncertainties, and Chase's actual results may differ
materially from those indicated in such forward looking statements. Reference
is made to Chase's reports filed with the Securities and Exchange Commission,
in particular Chase's Annual Report on Form 10-K for the year ended December
31, 1998, for a discussion of factors that may cause those differences to occur.
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SIGNATURE
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.
THE CHASE MANHATTAN CORPORATION
(Registrant)
Dated: June 3, 1999 By: /s/ Dina Dublon
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Dina Dublon
Chief Financial Officer
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