U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Pursuant To Section 13 Or 15 (d) of the Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): December 31, 1997
CROWELL & CO., INC.
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(Exact name of registrant as specified in its charter)
Georgia 0-7765 58-1021933
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
610 Industrial Park Boulevard, Evans, GA 30809
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number including area code: (706) 855-1099
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CROWELL & CO., INC.
INDEX
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ITEM 2 Acquisition or Disposition of Assets............................... 3
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CROWELL & CO., INC.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On December 31, 1997, Crowell & Co., Inc. ("Crowell"), sold the real estate and
business operation known as Petersburg Racquet Club ("PRC") to Craig S. Jones,
an individual. No material relationship existed between Mr. Jones and Crowell
before the sale.
The purchase price of PRC was approximately $818,000. This amount was received
in the form of approximately $100,000 in cash, the assumption of a mortgage loan
on PRC in the amount of approximately $576,000, the execution of a note secured
by a second mortgage on PRC in favor of Crowell in the amount of approximately
$129,000, the execution of a note in favor of Crowell in the amount of
approximately $7,000 and the obligation to pay Crowell the accounts receivable
of PRC at December 31, 1997, which are approximately $6,000, as they are
received.
The net book value of PRC at the time of the sale was approximately $643,000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.
Crowell & Co., Inc.
DATE January 8, 1998 /s/ Mark L. Gilliam
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Mark L. Gilliam as Vice President on
Behalf of the registrant and as Chief
Financial Officer
