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
November 19, 1998
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Date of Report (Date of earliest event reported)
General Credit Corporation
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(Exact name of Registrant as specified in its charter)
New York 2-28910 13-3895072
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
370 Lexington Avenue, Suite 2000, New York, New York 10017
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(Address of Principal Executive Offices) (Zip Code)
(212) 697-4441
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant
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Not Applicable
Item 2. Acquisition or Disposition of Assets
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Not Applicable
Item 3. Bankruptcy or Receivership
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Not Applicable
Item 4. Changes in Registrant's Certifying Accountant
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Not Applicable
Item 5. Other Events
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Effective November 19, 1998, David Bader and General Credit
Corporation (the "Company") mutually agreed that in
consideration for Mr. Bader's resignation as the Company's
Vice President, Chief Financial Officer and member of the
Company's Board of Directors, the Company would pay to Mr.
Bader a lump sum amount of $68,274. Contemporaneous with Mr.
Bader's resignation, the Company entered into a consulting
agreement with Mr. Bader which provides, among other things,
for the payment to Mr. Bader of $1,801 per week for a period
of 40 weeks, commencing January 1, 1999. Gerald Nimberg, the
Company's President and Chief Operating Officer, has assumed
the position of Acting Chief Financial Officer pending the
identification by the Company of a replacement for David
Bader.
Effective November 19, 1998, Melvyn Dobrichovsky, C.P.A. and
Gregory E. Ronan, Esq. each became a member of the Board of
Directors of the Company pursuant to their appointment by the
Board of Directors.
Item 6. Resignations of Registrant's Directors
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Not Applicable
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Item 7. Financial Statements and Exhibits
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(a) Financial statements of businesses acquired
None
(b) Pro forma financial information
None
(c) Exhibits
None
Item 8. Change in Fiscal Year
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Not Applicable
Item 9. Sales of Equity Securities Pursuant to Regulation S
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Not Applicable
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.
GENERAL CREDIT CORPORATION
(Registrant)
Date: November 19, 1998 By: /s/ Irwin Zellermaier
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Irwin Zellermaier,
Chief Executive Officer
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