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) April 26, 1995
DUNES HOTELS AND CASINOS INC.
(Exact name of registrant as specified in charter)
New York
(State or other jurisdiction of incorporation)
1-4385 11-1687244
(Commission File Number) (IRS Employer Identification No.)
4045 South Spencer St., Suite 206, Las Vegas, Nevada 89119
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 732-7474
Not Applicable
(Former name or former address, if changed since last report)
Item 5. OTHER EVENTS.
On April 26, 1995, Continental California Corporation, a
California corporation ("Continental California"), a wholly owned
subsidiary of Dunes Hotels and Casinos Inc., a New York
corporation (the "Registrant") received a "Notice of Trustee's
Sale Under Deed of Trust" scheduling a trustee's sale for May 19,
1995 at 9:00 A.M. of real property owned by Continental
California located in San Diego, California. The trustee's sale
was scheduled at the direction of "RTC as Receiver for San
Antonio Savings" and stated that said sale was to be made "to
satisfy the indebtedness secured by said deed of trust, advances
thereunder, with interest as provided therein, and the unpaid
principal balance due under the "Settlement Agreement Dated June
18, 1988." The Notice of Trustee's Sale Under Deed of Trust
stated that "the total amount of the unpaid balance of the
obligation secured by the property to be sold and reasonable
estimated costs, expenses and advances at the time of the initial
publication of the Notice of Sale is: $20,483,558.50 ESTIMATED."
As reported on the Company's Form 8-K dated April 3, 1995,
the Company's motion filed in Federal District Court in San Diego
seeking an injunction of the RTC was unsuccessful. The Company
has filed a notice appealing the Federal District Court's Order
denying the Motion for Preliminary Injunction. Additionally, the
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Company has filed a Motion for Injunction Pending Appeal with the
Federal District Court scheduled by the Federal District Court to
be heard May 8, 1995.
In addition to the foregoing legal remedies being sought by
the Company to block the sale of Continental California's real
property, the Company is currently considering other legal steps
and remedies.
The source of the RTC's claims against the Company are
described in more detail in the Company's Annual Report on Form
10-K for the year ended December 31, 1994; see "Item 3. Legal
Proceeding and Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations."
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
DUNES HOTELS AND CASINOS INC.
(Registrant)
Dated: May 4, 1995 By: /s/ James H. Dale
James H. Dale, Treasurer
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