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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 30, 1997
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SEARCH FINANCIAL SERVICES INC.
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(Exact name of registrant as specified in charter)
DELAWARE 0-9539 41-1356819
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
600 N. PEARL STREET
SUITE 2500
DALLAS, TEXAS 75201-2899
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 965-6000
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On December 30, 1997, Registrant announced today that it had
completed its previously announced settlement of the noteholder class action
litigation filed against it in Federal Court in Mississippi in December 1995
styled Janice and Warren Bowe, et al. v. Search Capital Group, Inc., et al. and
of all claims held by the Litigation Trust established under the plan of
reorganization of Registrant's fund subsidiaries, including the lawsuit filed by
the Trustee of the Litigation Trust in the Bankruptcy Court for the Northern
District of Texas in August 1997. Under the terms of the settlement, Search paid
$362,500 in cash and issued approximately 1,285,000 shares of its common stock.
Registrant had a reserve of $500,000 related to the Bowe action.
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SIGNATURE
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.
SEARCH FINANCIAL SERVICES INC.
By: /s/ ELLIS A. REGENBOGEN
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Ellis A. Regenbogen
Executive Vice President
Dated: January 2, 1998
