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 event reported: October 10, 1996
DANIELSON HOLDING CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 1-6732 95-6021257
(State of Incorporation) (Commission File (IRS Employer
Number) Identification No.)
767 Third Avenue, New York, New York 10017
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 888-0347
Exhibit Index is
located on Page 4
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Item 5. Other Events
On October 10, 1996, the Registrant entered into an agreement with
North American Trust Company ("North American") pursuant to which the Registrant
will sell its trust subsidiary, Danielson Trust Company ("Danielson Trust") to
North American. The sale price will be $3,000,000.00 in cash. The closing of the
transaction is subject to various conditions, including the receipt of
regulatory approvals and completion by North American of its due dilligence
investigation of Danielson Trust. No assurance can be given that the conditions
to the transaction can be satisfied or that the transaction will be completed.
The Registrant will recognize a loss of approximately $1,662,000, or
$0.10 per share, on the sale, subject to audit adjustment.
Item 7. Financial Statements and Exhibits
A. Exhibits
The following exhibit is filed as part of this report.
99.1 Press Release dated October 11, 1996.
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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 thereunto duly authorized.
October 21, 1996 DANIELSON HOLDING CORPORATION
By:
David M. Barse
President
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EXHIBIT INDEX
EXHIBIT PAGE
NUMBER DOCUMENT NUMBER
99.1 Press Release dated 5
October 11, 1996
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FOR IMMEDIATE RELEASE
Contact : David M. Barse
President & Chief Operating Officer
212/888-0347
DANIELSON HOLDING TO SELL DANIELSON TRUST COMPANY
New York City - October 11, 1996
Danielson Holding Corporation (DHC-AMEX) announced today that it has entered
into an agreement with North American Trust Company ("North American") pursuant
to which Danielson will sell its trust subsidiary, Danielson Trust Company
("Danielson Trust") to North American. The sale price will be $3,000,000 in
cash. The closing of the transaction is subject to various conditions, including
the receipt of regulatory approvals and completion by North American of its due
diligence investigation of Danielson Trust. No assurance can be given that the
conditions to the transaction can be satisfied or that the transaction will be
completed.
Danielson will recognize a loss of approximately $1,662,000, or $0.11 per share,
on the sale, subject to audit adjustment.
Danielson Holding Corporation is an American Stock Exchange listed company,
engaging in financial services businesses through its subsidiaries, including
insurance services.
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