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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) December 29, 1997
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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 December 29, 1997, is incorporated by
reference. It is attached to this report as Exhibit 99.
Item 7. Exhibits.
Exhibit 99 - Press release dated December 29, 1997.
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: January 7, 1998
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[McM LETTERHEAD]
RALEIGH, NORTH CAROLINA, DECEMBER 29, 1997 - FOR IMMEDIATE RELEASE
Option Between McMillen Trust and MAC Terminated
McM Corporation, a Raleigh based insurance holding company, previously
reported that its majority shareholder, the McMillen Trust, had granted an
option to sell its shares to McM Acquisition Corporation ("MAC"), an entity
formed by a private investor in his efforts to acquire shares of McM
Corporation.
On December 23, 1997, Superior Court Judge Ben F. Tennille approved an
agreement to terminate the option and related agreements between the Trust and
MAC (the "Release"). The terminated option was to have continued until March 1,
1998. The Release was signed by all parties to the pending derivative action.
The Release contains a mutual release between all parties and MAC of any claims
arising from the option and related agreements and dismisses MAC as a defendant
in the derivative action.
Regarding McM Corporation's continuing efforts to consider all
strategies and alternatives to maximize shareholder value, McM Corporation has
authorized PaineWebber to explore all reasonable methods to increase the capital
position of McM Corporation, including a possible sale of McM Corporation.
Company Contact:
George E. King, Chairman and CEO
McM Corporation
(919) 833-1600
