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) March 10, 1998
THE INTERGROUP CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-10324 13-3293645
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
2121 Avenue of the Stars, Suite 2020, Los Angeles, California 90067
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 556-1999
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Item 5. Other Events
As previously reported in the Company's 8-K Report filed on August
4, 1997, in July 1997, following allegations by Mr. Howard A. Jaffe, a
former employee and director of the Company, of various improprieties by
the Company's President and Chairman and various other personnel, the
Board of Directors authorized its Audit and Finance Committee and its
Administrative and Compensation Committee (collectively, the
"Committee") to conduct a thorough, independent investigation of Mr.
Jaffe's allegations. The Committee engaged independent counsel and the
Company's outside auditors to assist it in completing this
investigation.
On March 10, 1998, following completion of its investigation, the
Committee advised the Board of Directors that it found Mr. Jaffe's
material allegations of improprieties could not be substantiated. The
Committee also recommended that the Company institute certain
modifications to its existing procedures to reduce the potential for
conflicts of interest in circumstances where the Chairman and President
of the Company and/or members of his family are purchasing or selling
securities that the Company and/or its affiliates are also purchasing or
selling. The Board of Directors has adopted such recommendations.
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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.
THE INTERGROUP CORPORATION
Date: March 10, 1998 /s/ John V. Winfield
John V. Winfield
Chairman, Chief Executive Officer
and President
