SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 and 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 12, 1997
CRESTED CORP.
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Exact Name of Registrant as Specified in its Charter)
WYOMING 0-8773 83-0608126
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(State or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification No.)
incorporation)
Glen L. Larsen Building
877 North 8th West
Riverton, WY 82501
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (307) 856-9271
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NOT APPLICABLE
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(Former Name, Former Address or Former Fiscal Year,
if Changed From Last Report)
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ITEM 5. Other Events
In the pending appeal involving the arbitration/litigation matter
between Registrant and its parent U.S. Energy Corp. ("USE") as plaintiffs and
Nukem, Inc. and its wholly-owned subsidiary Cycle Resource Investment
Corporation ("CRIC") as defendants, it was reported previously that Nukem/CRIC
filed an amended notice of appeal of the Second Amended Judgment entered on or
about June 27, 1997. In the Second Amended Judgment, the U. S. District Court of
Colorado ordered that in addition to the net monetary award to plaintiffs, the
rights Nukem has to purchase uranium from the Commonwealth of Independent
States, formerly part of the Soviet Union ("CIS"), the uranium acquired pursuant
to those rights and the profits therefrom were IMPRESSED WITH A CONSTRUCTIVE
TRUST in favor of SMP. Nukem was required by the District Court to post a
supersedeas bond in the amount of $8,613,600 to cover the monetary portion of
the Court's judgment in favor of Registrant and USE against Nukem/CRIC. The
District Court refused to increase the supersedeas bond to cover the value of
the CIS contracts because the Arbitration Panel did not value such equitable
relief granted to plaintiffs Registrant and USE . Consequently, Registrant and
USE filed a motion before the Tenth Circuit Court of Appeals ("10th CCA") to
increase the supersedeas bond to cover the value of the CIS contracts.
Defendants Nukem/CRIC filed response and a motion to again remand the case to
the Arbitration Panel. Plaintiffs Registrant and USE filed a response to that
request and a motion for sanctions against Nukem/CRIC. On November 12, 1997, two
judges of the 10th CCA entered an order denying plaintiffs' motion to increase
the supersedeas bond and denied Nukem/CRIC's cross-motion for remand to the
Panel of certain issues on appeal. In plaintiffs' motion for sanctions, the
Court denied the motion without prejudice which will allow plaintiffs to renew
the motion in the brief on the merits. Defendants Nukem/CRIC (appellants in the
appeal) are required to file their opening brief before the 10th CCA on or
before December 12, 1997. Plaintiffs Registrant and USE (appellees in the
appeal) have thirty days thereafter to file their responsive brief. Appellants
may file a reply brief within 14 days after appellees' brief and no further
briefs may be filed except with leave of the Court. Oral argument before the
Court will generally be allowed with few exceptions and a written decision will
be entered thereafter.
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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 hereunto duly authorized.
CRESTED CORP.
Dated: November 19, 1997 By: /S/ DANIEL P. SVILAR
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Daniel P. Svilar, Secretary
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