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) October 8, 1999
HMG/COURTLAND PROPERTIES, INC.
(Name of small business issuer in its charter)
Delaware 1-7865 59-1914299
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
2701 S. Bayshore Drive, Coconut Grove, Florida 31333
(Address of principal executive offices) (Zip Code)
(305) 854-6803
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. Other Events.
On October 8, 1999, the registrant issued a press release, a copy of
which is filed as Exhibit 1 hereto and is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) The exhibit accompanying this report is listed in the Index to
Exhibits.
Index to Exhibits
Number Description Method of Filing
1 HMG news release Filed herewith
dated October 8, 1999
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.
Date: October 8, 1999 HMG/COURTLAND PROPERTIES, INC.
By: /s/ Lawrence I. Rothstein
Lawrence I. Rothstein
President
FOR IMMEDIATE RELEASE:
For: HMG/COURTLAND PROPERTIES, INC.
2701 S. Bayshore Drive - Penthouse
Coconut Grove, FL 33133
Company Contacts: Maurice Wiener
Lawrence Rothstein
(305) 854-6803
HMG/COURTLAND PROPERTIES, INC. PRESS RELEASE
COCONUT GROVE, FLORIDA, October 8, 1999
As previously reported, HMG has been involved in litigation in
the Delaware Court of Chancery with two former directors of the Company, Norman
A. Fieber and Lee Gray. On July 12, 1999 the Court found that Fieber and Gray
breached their fiduciary duties of loyalty and care and defrauded the Company.
On August 31, 1999 the court issued a final order and
judgment. The monetary award to HMG is $4,538,294 of which Mr. Lee Gray and Mr.
Norman Fieber are joint and severally liable for $3,340,776. Mr. Lee Gray is
also liable for the balance of the award in the amount of $1,197,518.
Of the total amount of the award, $3,340,776 has been
collected. HMG is continuing in its efforts to collect the remaining balance of
$1,197,518 pursuant to the court's order.
HMG also announced today that it will invest up to $500,000 in
HMG's common stock through repurchases in the open market and possibly a limited
number of private transactions.
Exhibit 1
