SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 21, 2000 (December 19, 2000)
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Date of Report (Date of earliest event reported)
CHRIS-CRAFT INDUSTRIES, INC.
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(Exact name of Registrant as specified in its charter)
Delaware 1-2999 94-1461226
(State of (Commission File No.) (IRS Employer
Incorporation) Identification Number)
767 Fifth Avenue, New York NY 10153
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(Address of principal executive offices, including zip code)
(212) 421-0200
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On December 19, 2000, a partial consent decree was lodged in U.S.
v. Montrose (C.D. Cal., no. CV 90-3122-R), which resolves the claims
against all defendants (including, in addition to Chris-Craft, Montrose
Chemical Corp. of California, Aventis Cropscience USA, Inc., and Atkemix
Thirty Seven, Inc.) involving releases of hazardous substances to the
Pacific Ocean. The decree, which must be approved by the District Court
following public comment, embodies the terms of an agreement in principle
reached in October 2000 during trial. Among the matters that have been
settled are the plaintiffs' claims under CERCLA to recover natural resource
damages and response costs associated with alleged contamination of
offshore areas as a result of, among other things, discharges of hazardous
substances such as DDT through an ocean sewer outfall owned and operated by
the Los Angeles County Sanitation District. The decree also resolves the
plaintiffs' claims to recover costs incurred by the U.S. Department of
Justice in the litigation.
Under the decree, the defendants have agreed to pay the plaintiffs
a total of $73 million. This amount is to be paid into escrow in two parts
($50 million by December 25, 2000 and $23 million by May 1, 2001), and
subsequently, depending on when final approval of the settlement is
obtained, turned over to the plaintiffs. The decree does not resolve the
plaintiffs' claims to recover response costs expected to be incurred as a
result of alleged releases of hazardous substances by Montrose to certain
onshore areas, such as its former plant site and certain nearby areas.
Except for approving the decree, the court has adjourned further
proceedings until June 19, 2001, including ruling on the plaintiffs' claim
that Chris-Craft is liable for cleanup costs at onshore areas.
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.
Chris-Craft Industries, Inc.
By: /s/ Brian C. Kelly
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Name: Brian C. Kelly
Title: Senior Vice President,
General Counsel & Secretary
Date: December 21, 2000
