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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) - NOVEMBER 2, 1998
GIANT GROUP, LTD.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 1-4323 23-0622690
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
9000 SUNSET BOULEVARD, LOS ANGELES, CALIFORNIA 90069
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
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)
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ITEM 5. OTHER EVENTS
On November 2, 1998, GIANT GROUP, LTD. (the "Company"),
Rally's Hamburgers, Inc. and Checkers Drive-In Restaurants, Inc.
announced the termination of the Letter of Intent, dated as of
September 25, 1998, which had provided for an exclusive
negotiation period during which the three companies would seek to
enter into an agreement for a merger to combine the three
companies. The Company had filed a Current Report on Form 8-K
for an event of September 25, 1998 announcing its entry into the
Letter of Intent and included a copy of the Letter of Intent as
an exhibit thereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release, dated November 2, 1998.
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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 thereunto duly
authorized.
GIANT GROUP, LTD.
By: /s/ William H. Pennington
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Name: William H. Pennington
Title: Vice President
Dated: November 4, 1998
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Exhibit Index
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Exhibit Description
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99.1 Press Release, dated November 2, 1998.
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GIANT GROUP, LTD.
RALLY'S HAMBURGERS, INC.
AND CHECKERS DRIVE-IN RESTAURANTS, INC.
TERMINATE PROPOSED MERGER
FOR IMMEDIATE RELEASE
NOVEMBER 2, 1998
GIANT GROUP, LTD. (NYSE:GPO), RALLY'S HAMBURGERS, INC.
(NASDAQ:RLLY), AND CHECKERS DRIVE-IN RESTAURANTS, INC.
(NASDAQ:CHKR) announced today the termination of their proposed
merger. The merger was terminated when the definitive merger
agreement could not be finalized within the allowed time period.
GIANT owns approximately 11% of Rally's stock and Rally's owns
approximately 26% of Checkers' stock.
Jay Gillespie, CEO of Checkers and Rally's stated that "we
will continue to move forward on our strategic initiatives, which
are designed to increase sales and improve margins".
A spokesman for GIANT said that despite the termination of
the transaction, GIANT remains enthusiastic about the progress
made by the management of Rally's and Checkers.
Additional Information:
Jay Gillespie, CEO of Rally's and Checkers at (727) 519-2000
Burt Sugarman, CEO of GIANT at (310) 273-5678
