Form 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 7, 1998
(October 6, 1998)
PERMIAN BASIN ROYALTY TRUST
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(Exact name of registrant as specified in its charter)
Texas 1-8033 75-6280532
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
NationsBank, N.A.
Trust Department
P.O. Box 1317, Fort Worth, Texas 76101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (817) 390-6905
Not applicable
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(Former name or former address, if changed since last report)
<PAGE>
Item 1. Not Applicable.
Item 2. Not Applicable.
Item 3. Not Applicable.
Item 4. Not Applicable.
Item 5. Other Events
As has been previously reported, the Permian Basin Royalty Trust
("Trust") was notified in the third quarter of 1996 of the
settlement of a class action lawsuit pending in the 270th District
Court of Harris County, Texas (the "Court"), Cause No. 92-026182
styled Caroline Altheide and Langdon Harrison v. Meridian Oil Inc.,
Meridian Oil Holding Inc., Meridian Oil Trading Inc., Meridian Oil
Production Inc., Southland Royalty Company, El Paso Production
Company, Meridian Oil Hydrocarbons Inc., Meridian Oil Gathering
Inc., Meridian Oil Services Inc., and Edward Parker ("Class
Action"), in which the Trust is a class member. The judgment
approving the settlement of the Class Action has been the subject
of an appeal. One of the conditions set forth in the settlement
agreement relating to the Class Action relating to the distribution
of the settlement proceeds is that there would be no distribution
of settlement proceeds unless and until such judgment was no longer
subject to further appeal and, if there is an appeal, not unless and
until such judgment is affirmed or such appeal is dismissed and the
time for any further proceedings in the appellate court of last
resort has expired. The Trustee has been advised that such appeal
has been dismissed and it is the understanding of the Trustee that
the conditions and restrictions that prevented payment of the
settlement proceeds no longer exist. The Trust has now received its
portion of the settlement proceeds totalling $766,050.89. Such
settlement proceeds that have been received by the Trust will be
distributed with the regular monthly Trust distribution on November
16, 1998 to the Trust's Unit holders of record on October 31, 1998.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Press Release dated October 7, 1998.
Item 8. Not Applicable.
Item 9. Not Applicable.
<PAGE>
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.
NationsBank, N.A.
Trustee of the
Permian Basin Royalty Trust
By: /s/ Eric F. Hyden
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Eric F. Hyden
Vice President
DATE: October 7, 1998
(The Trust has no directors or executive officers.)
<PAGE>
Item 7(c)
NEWS RELEASE
Permian Basin Royalty Trust
500 West Seventh Street, Suite 1300
Post Office Box 1317
Fort Worth, Texas 76101
Telephone 817/390-6905
PERMIAN BASIN ROYALTY TRUST
TO RECEIVE SETTLEMENT PROCEEDS RELATING
TO CLASS ACTION LAWSUIT SETTLEMENT
FORT WORTH, Texas, October 7, 1998 -- NationsBank, N.A., Fort Worth,
Texas, as Trustee of the Permian Basin Royalty Trust, announced that, as
has been previously reported, the Permian Basin Royalty Trust ("Trust")
was notified in the third quarter of 1996 of the settlement of a class
action lawsuit pending in the 270th District Court of Harris County,
Texas (the "Court"), Cause No. 92-026182 styled Caroline Altheide and
Langdon Harrison v. Meridian Oil Inc., Meridian Oil Holding Inc.,
Meridian Oil Trading Inc., Meridian Oil Production Inc., Southland
Royalty Company, El Paso Production Company, Meridian Oil Hydrocarbons
Inc., Meridian Oil Gathering Inc., Meridian Oil Services Inc., and Edward
Parker ("Class Action"), in which the Trust is a class member. The
judgment approving the settlement of the Class Action has been the
subject of an appeal. One of the conditions set forth in the settlement
agreement relating to the Class Action relating to the distribution of
the settlement proceeds is that there would be no distribution of
settlement proceeds unless and until such judgment was no longer subject
to further appeal and, if there is an appeal, not unless and until such
judgment is affirmed or such appeal is dismissed and the time for any
further proceedings in the appellate court of last resort has expired.
The Trustee has been advised that such appeal has been dismissed and it
is the understanding of the Trustee that the conditions and restrictions
that prevented payment of the settlement proceeds no longer exist. The
Trust has now received its portion of the settlement proceeds totaling
$766,050.89. Such settlement proceeds that have been received by the
Trust will be distributed with the regular monthly Trust distribution on
November 16, 1998 to the Trust's Unit holders of record on October 31,
1998.
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Contact: Eric Hyden
Vice President
NationsBank, N.A.
817/390-6905
