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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 29549
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 2000
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 jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
9440 Santa Monica Blvd., Suite 407 90210
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 273-5678
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Item 2. Disposition of Assets
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On October 31, 2000, Periscope Sportswear, Inc. ("Periscope"), a 100%
wholly owned subsidiary of GIANT GROUP, LTD. ("GIANT"), executed and delivered a
letter delivering peaceful possession of its assets to Century Business Credit
Corporation ("Century"). Pursuant to the letter, all Periscope's receivables,
inventory, fixed assets, and other assets listed as collateral in Periscope's
August 1999 "Factoring Agreement" with Century were transferred to Century. As
previously disclosed, Periscope was in default under its Factoring Agreement
with Century. GIANT as a guarantor of $2 million of Periscope's obligations to
Century, which resulted from the April 2000 amendment of Periscope's Cash Pledge
Security agreement with Century, consented to this transaction and was released
from its guarantee. In addition, GIANT has also provided $3 million of
collateral under the 1999 Factoring Agreement with Century which maybe returned
by Century to GIANT under certain circumstances.
Item 7. Financial Statements and Exhibits
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Financial statements and exhibits will be filed in an amendment to this
form 8-K by November 27, 2000.
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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 hereunto duly authorized.
Date: November 15, 2000 By: /s/ Pasquale A. Ambrogio
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Vice-President, Chief Financial
Officer, Secretary and Treasurer
