UNITED STATES
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):
March 29, 1996
CONTINENTAL INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
Georgia 0-3743 58-0705228
(State or other (Commission (IRS Employer)
jurisdiction of File No.) Identification No.)
incorporation)
10254 MILLER ROAD, DALLAS, TEXAS 75238
(Address of principal executive offices)(Zip Code)
(214) 691-1100
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5: OTHER EVENTS.
On March 29, 1996, the Company acquired 74.7523 acres
adjacent to its Atlanta, Georgia property. The purchase price
was Three Million Four Hundred Thousand Dollars ($3,400,000.00),
payable by: (a) an exchange for 933,333 shares of Continental
Investment Corporation common stock ($2,800,000.00); (b) Two
Hundred Fifty Thousand Dollars ($250,000.00) paid in cash at closing;
and (c) a Promissory Note for Three Hundred Fifty Thousand Dollars
($350,000.00), which is convertible at the sole option of Seller
into 116,667 shares of restricted Continental Investment Corporation
common stock for a period of two years from closing date.
In addition, the seller has been granted a 5-year option to
purchase an additional five hundred thousand (500,000) shares of
Continental Investment Corporation common stock at a purchase
price of $5.00 per share.
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.
Dated: April 22, 1996
CONTINENTAL INVESTMENT CORPORATION
By: /S/ Thomas F. Snodgrass
Thomas F. Snodgrass
President and Treasurer
