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) August 27, 1996
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., Ste. 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. CHANGES IN CONTROL OF REGISTRANT
On August 27, 1996, Dunes Hotels and Casinos Inc. (the
Company) was informed that the Federal Deposit Insurance
Corporation (the FDIC) rejected the tentative settlement
agreement between John B. Anderson, Edith Anderson, Cedar
Development Company, J.A. Inc. and J.B.A. Investments Inc. (the
Anderson Parties) and the FDIC regarding the Anderson Parties
obligations to the FDIC. The Anderson Parties obligations to the
FDIC are described in detail in the Company's report on Form 10-K
for the year ended December 31, 1995, "Item 3. Legal Proceedings
- - Federal Deposit Insurance Corporation, et al v. John B.
Anderson et al."
The Company was further informed that on August 28, 1996,
the United States District Court, District of Nevada, entered the
Consent Judgment appointing Ronald L. Durkin, C.P.A. as the
permanent receiver over the assets of Mr. Anderson and the
Anderson Parties to the extent and with the powers set forth in
the Receivership Order. Included in the assets over which the
Receiver's powers extend are Mr. Anderson's beneficial ownership
of 4,367,643 shares, or 68.5%, of the common stock of the
Company. As a result of entry of the Consent Judgment, a change
in control of the Company may have occurred. To the knowledge of
the Company, the Receiver has not taken any overt steps to
assert control, vote the shares, influence management of the
Company, or otherwise, although no assurance can be given that
such steps are not contemplated or imminent.
The entry of the Consent Judgment may jeopardize the
Anderson Parties ability to operate, including Baby Grand Corp.
which remains liable to the Company under the Baby Grand Note
(the BGC Note). The BGC Note is described in detail in the
Company's report on Form 10-K for the year ended December 31,
1995, "Item 1. Business - Other Activities - Certain Loans." The
current principal balance of this note is $2,332,675, and all
payments have been timely made.
The Company is unable to predict what effect the outcome of
the matters described above will have on the Company.
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: September 6, 1996 By: /s/ James H. Dale
James H. Dale, Treasurer
