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 31, 1996
GIANT GROUP, LTD.
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(Exact name of registrant as specified in its charter)
Delaware 1-4323 23-0622690
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation or Number)
organization)
150 El Camino Drive, Suite 303
Beverly Hills, California 90212
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(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code
(310) 273-5678
Not applicable
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(Former name or former address, if changed since last report)
Page 1 of 3 Pages
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ITEM 2. ACQUISITION OF ASSETS
On October 31, 1996, the Company announced the formation of a
new, wholly-owned subsidiary, GIANT MARINE GROUP, LTD., to
formulate, develop and implement a unique concept in the boating
world. As part of this plan, the Company has acquired a
Swedeship and a Feadship from Oakcliff Limited and de Vries
Scheepsbouw b.v., respectively, at a cost of approximately
$21,000,000 determined as a result of arms length negotiations.
The Company paid cash of approximately $10,500,000 and the
balance will be paid in installments of $1,000,000, beginning in
January 1997, with the balance due on March 15, 1997. The source
of funds for the purchase was working capital. One boat had been
previously used for boating by the seller and the other was held
for resale. One of the boats will be delivered shortly to a
shipyard for renovations. When the boats are ready for full
utilization and international marketing, complete details of the
plan will be announced.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(a) Financial statements are not applicable in the filing
of this Form 8-K.
(b) The unaudited pro forma effect on the Company's
Consolidated Statement of Operations, if this purchase
was made on January 1, 1996, would be a pre-tax
reduction of interest and investment income of
approximately $800,000 for the nine-months ended
September 30, 1996 and $1,050,000 for the year ended
December 31, 1995. The Company's cash and cash
equivalents and short-term investments available-for-
sale would have been sufficient to purchase the boats
and provide the on-going working capital requirements
of the Company.
(c) No exhibits are included in the filing of this Form 8-K.
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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 thereunto duly authorized.
GIANT GROUP, LTD.
Dated: November 13, 1996 By: /s/ Cathy L. Wood
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Cathy L. Wood,
Vice President and
Treasurer
Chief Financial Officer
