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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) February 24, 1998
McM Corporation
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(Exact name of registrant as specified in its charter)
North Carolina 0-8678 56-1171691
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Box 12317, 702 Oberlin Road
Raleigh, North Carolina 27605
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(Address of principal executive office including Zip Code)
(919) 833-1600
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
The press release dated February 24, 1998, is incorporated by
reference. It is attached to this report as Exhibit 99.
Item 7. Exhibits.
Exhibit 99 - Press release dated February 24, 1998.
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.
McM Corporation
By /s/ Stephen L. Stephano
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Stephen L. Stephano
President
Chief Operating Officer
Date: February 25, 1998
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[McM Corporation letterhead]
RALEIGH, NORTH CAROLINA, FEBRUARY 24, 1998 - FOR IMMEDIATE RELEASE
McM Derivative Action Settled
McM Corporation, a Raleigh based insurance holding company, announced
today that on February 20, 1998, Special Superior Court Judge for Complex
Business Cases Ben F. Tennille approved a settlement of the previously disclosed
derivative action filed in Guilford County, North Carolina, on September 22,
1997, by shareholders David J. Robinson, Jr. and Jesse Greenfield against the
Company, each of its directors, the McMillen Trust and Wilmington Trust Company
as trustee of the McMillen Trust.
The settlement agreement, executed by all parties to the derivative
action, provides that the Company, the current directors, the McMillen Trust and
Wilmington Trust Company, as trustee of the McMillen Trust, will use their best
efforts to nominate and elect Jesse Greenfield to the McM Board of Directors at
McM's 1998 annual shareholders' meeting. The settlement agreement also contains
provisions for nominal monetary concessions by the Plaintiffs and the Company
and mutual releases between all parties.
FOR MORE INFORMATION, CONTACT:
Mr. George E. King, Chairman and CEO
McM Corporation (919) 833-1600
