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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 8, 1995
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ENVIRODYNE INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-5485 95-2677354
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File No.) Identification No.)
organization)
701 Harger Road, Suite 190, Oak Brook, Illinois 60521
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (708) 571-8800
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Page 1 of Pages
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Item 5. - Other Events
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Envirodyne Industries, Inc. (the "Company") issued a press release
on December 8, 1995 announcing that it has entered into a
settlement agreement relating to Frank Lumpkin, et al. v.
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Envirodyne Industries, Inc. A copy of the press release is
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attached hereto as an exhibit and is hereby incorporated by
reference.
Item 7. - Financial Statements and Exhibits
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99.1. Press release dated December 8, 1995.
SIGNATURES
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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.
ENVIRODYNE INDUSTRIES, INC.
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Registrant
By:
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Stephen M. Schuster
Vice President and
General Counsel
December 13, 1995
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Exhibit No. Description of Exhibits Page
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99.1 Press release dated December 8, 1995.
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EXHIBIT 99.1
Nasdaq SmallCap - EDYN For additional information contact:
J.S. Corcoran, S.M. Schuster or
G.S. Donovan (708) 575-2400
ENVIRODYNE INDUSTRIES, INC.
ANNOUNCES SETTLEMENT OF LUMPKIN LITIGATION
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OAK BROOK, ILLINOIS, December 8, 1995 - Envirodyne Industries, Inc.
(Nasdaq SmallCap: EDYN) has entered into a settlement agreement
resolving all claims of the former union employees of Wisconsin
Steel Company which shut down in March 1980. Under the terms of
settlement of Frank Lumpkin, et al. v. Envirodyne Industries, Inc.
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and without any admission or finding of liability or wrongdoing,
Envirodyne will be released and discharged from all claims in
exchange for 900,000 shares of Envirodyne common stock. The
settlement is subject to certain conditions, including approval by
the United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division. Details of the notice to claim
holders, timing of the hearing to approve the settlement and plan
of distribution are pending. The Company expects settlement to
become effective in the first quarter of 1996 when the shares of
common stock, or the proceeds from the sale thereof, will be
distributed to the former Wisconsin Steel union employees.
This settlement concludes nearly sixteen years of litigation. The
plaintiff class, consisting of former employees of WSC Corp., had
sought to hold Envirodyne liable for certain pension and other
benefits arising out of their employment with WSC. WSC Corp., an
indirect wholly-owned subsidiary of Envirodyne, acquired the assets
of Wisconsin Steel from Navistar International Corp. in 1977. The
former WSC Corp. employees had sought over $100 million in
compensatory, punitive and other damages under a collective
bargaining agreement.
Because the Lumpkin litigation arose before Envirodyne's bankruptcy
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in 1993, plaintiffs' recovery is subject to Envirodyne's Plan of
Reorganization under which common stock was distributed to
Envirodyne's unsecured creditors in satisfaction of their allowed
claims. The Company anticipates that upon completion of the
Lumpkin settlement and certain other claims to be satisfied through
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the issuance of common stock, Envirodyne will have 14,479,721
shares of common stock outstanding.
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