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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): December 15, 1999
KAISER VENTURES INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation or organization)
0-18858 94-0594733
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(Commission file number) (I.R.S. Employer Identification No.)
3633 E. Inland Empire Boulevard, Suite 850
Ontario, CA 91764
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(Address of principal executive offices, including Zip Code)
Registrant's telephone number,
including area code (909) 483-8500
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(Former name, former address and former fiscal year, if changed since last
report)
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FORM 8-K
Current Report
Item 5. Other Items
A. Eagle Mountain. As described in the attached press release of Kaiser
Ventures Inc. (the "Company"), on December 15, 1999, Kaiser Ventures Inc.'s
Eagle Mountain Landfill and Recycling Project received it last major permit
required to allow its siting and operation.
Even with the receipt of this permit, there continue to be a number of
risks associated with the project, such as competition from other landfills,
including competing rail-haul landfill projects, compliance with expensive and
evolving regulation of landfills by federal, state and local authorities, as
well as litigation risks associated with landfills. With regard to litigation,
the Company understands that on December 20, 1999, certain opponents to the
landfill project filed suit in federal district court against the National Park
Service and the U.S. Bureau of Land Management challenging on several grounds
the completed land exchange between the Company and the U.S. Bureau of Land
Management. The Company, to date, has not received a copy of the complaint. All
of these risks, along with a number of other factors, will impact and influence
the ultimate value of the landfill project. As a result, the Company cannot
predict that value with any accuracy at this time. Specifically, investors
should not rely on any recent statements attributed to Rick Daniels, President
of Mine Reclamation Corporation, the developer of the Eagle Mountain project, as
representing a projection approved or supported by the Company. Furthermore,
consistent with its policies, the Company does not intend to provide or comment
on estimates of the value of such assets in the future.
B. Lawsuit. On December 20, 1999, the Company was served with a summons
and complaint filed in the United States District Court, Northern District of
California (Case No. C99 5188 SBA) entitled Willow Creek Capital Partners, L.P.
a Delaware limited partnership; and Willow Creek Offshore, a Cayman Islands
corporation, individually and on behalf of all others similarly situated v.
Kaiser Ventures Inc.; The New Kaiser Voluntary Employees' Beneficiary
Association; The Coleridge Group; Pacholder Associates, Inc.; Merrill Lynch,
Pierce, Fenner & Smith, Inc.; Richard E. Stoddard; Ronald E. Bitonti; Todd G.
Cole; Gerald A Fawcett; Gary E. Gibbons; Reynold C. Macdonald; William J.
Morgan; Charles E. Packard; Thomas S. Rabone; Lyle B. Stevenson; and Marshall F.
Wallach. In summary, the lawsuit challenges and seeks damages in connection
with a transaction completed on November 22, 1999, pursuant to which the Company
purchased a substantial portion off its common stock from The New Kaiser
Voluntary Employees' Beneficiary Association ("VEBA") and the Pension Benefit
Guaranty Corporation ("PBGC").
Statements made in this 8-K Report, other reports filed with the Securities
and Exchange Commission, articles and in other written and verbal
communications involving the Company and/or its assets that state the
Company's or management's beliefs or expectations and which are not
historical facts or which apply prospectively are forward-looking
statements. It is important to understand that the Company's actual
results could differ materially from those contained or implied by such
forward-looking statements. Additional information concerning factors that
could cause actual results to differ materially from those in the forward-
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looking statements is contained from time to time in the Company's filings
with the Securities and Exchange Commission, including, but not limited to,
the Company's 10-K Report and subsequent 10-Q reports. Copies of those
filings are available from the Company and the Securities and Exchange
Commission.
Item 7. Financial Statements and Exhibits
Exhibit 99.1 Press Release of Kaiser Ventures Inc. issued December
15, 1999, regarding Eagle Mountain project secures last
major permit.
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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.
Kaiser Ventures Inc.
Date: December 21, 1999 /s/ Terry L. Cook
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Terry L. Cook, Sr. Vice President &
General Counsel
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EXHIBIT 99.1
Media Contact: Investor Contact:
Terry L. Cook James F. Verhey
(909) 483-8511 (909) 483-8513
FOR IMMEDIATE RELEASE
Eagle Mountain Landfill Project Secures Final Permit
Ontario, Calif. (December 15, 1999) - Kaiser Ventures Inc. (NASDAQ:KRSC)
announced today that the Eagle Mountain Landfill and Recycling Project is now
fully permitted. Today, the California Integrated Waste Management Board
unanimously voted to concur in the issuance of the Facilities Permit for the
Eagle Mountain project. The Facilities Permit is the last of 20 major permits
necessary to allow the proposed regional municipal solid waste rail-haul
landfill project to become a reality. Specifically, the Integrated Waste
Management Board made a determination that all permits necessary to site and
operate the Eagle Mountain landfill have been issued. This permit clears the
way for final design to begin, accelerates marketing efforts to secure long-term
waste contracts, and to explore sale or other exit or value maximization
strategies.
"We are obviously delighted with today's action by the Integrated Waste
Management Board in approving the Eagle Mountain project," said Rick Stoddard,
the Company's Chief Executive Officer. He continued, "this is the ultimate
milestone for permitting the Eagle Mountain project. As everyone knows,
permitting the Eagle Mountain rail-haul landfill has been a long and difficult
process. Yet, the process has resulted in a landfill project that one
scientific panel called 'one of the world's safest landfills and a model for
others to emulate.' I want to thank each person who has contributed to this
major accomplishment of permitting the Eagle Mountain project."
(more)
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The Eagle Mountain landfill project is located at the former Kaiser iron
ore mine in a remote region of eastern Riverside County California. The Eagle
Mountain project is currently permitted to receive up to a maximum of 20,000
tons a day of municipal solid waste from Southern California for a period of up
to 88 years. Final design of the project and related activities could be
completed over a nine to twelve month period of time. Even with the receipt of
the last major permit, there continue to be a number of risks associated with
the project such as competition from other landfills, including competing rail-
haul landfill projects, the continued growth of recycling, compliance with
extensive, expensive and evolving regulation by federal, state and local
authorities of landfills, as well as the litigation risks associated with
landfill projects.
Statements made in this release that state the Company's or management's
beliefs or expectations and which are not historical facts or which apply
prospectively are forward-looking statements. It is important to
understand that the Company's actual results could differ materially from
those contained or implied by such forward-looking statements. Additional
information concerning factors that could cause actual results to differ
materially from those in the forward-looking statements is contained from
time to time in the Company's filings with the Securities and Exchange
Commission, including, but not limited to, the Company's 10-K Report and
subsequent 10-Q reports. Copies of those filings are available from the
Company and the Securities and Exchange Commission.
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