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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) May 6, 1997
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RELIANCE ACCEPTANCE GROUP, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-23854 36-3235321
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
400 North Loop 1604 East, Suite 200, San Antonio, Texas 78232
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(Address of Principal Executive Offices) (Zip Code)
(210) 496-5910
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5: Other Events
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On May 6, 1997, Reliance Acceptance Group, Inc. (the "Registrant")
announced a net loss from continuing operations of $9.9 million. The loss
resulted from the addition of $22 million to the Registrant's provision for
credit losses.
On May 6, 1997, the Registrant also announced that Thomas L. Barlow had
resigned from his position as the Registrant's President and Chief Executive
Officer. The Registrant's Chairman, Howard B. Silverman, has assumed the Chief
Executive Officer's responsibilities for the Registrant.
SIGNATURES
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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: May 14, 1997 By: /s/ James I. Kaplan
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Senior Vice President, General Counsel
and Corporate Secretary
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