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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) August 6, 1997
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MEGO FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
NEW YORK
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(State or other jurisdiction of incorporation
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1-8645 13-5629885
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(Commission File Number) (IRS Employer Identification No.)
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4310 PARADISE ROAD
LAS VEGAS, NEVADA 89109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 737-3700
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On August 6, 1997, Mego Financial Corp., a New York corporation (the
"Company") announced that it has received a favorable ruling from the Internal
Revenue Service regarding the potential tax-free distribution to the Company's
current shareholders of all of its 10,000,000 shares of common stock of its
81.3%-owned subsidiary, Mego Mortgage Corporation, a Delaware corporation
("Mego Mortgage").
The Board of Directors of the Company has set August 27, 1997 as the
record date for the distribution of the shares of Mego Mortgage to the
Company's shareholders, which distribution will take place on September 2, 1997.
Reference is made to the Company's press release dated August 6, 1997
filed as Exhibit 1 hereto. The information set forth in Exhibit 1 is hereby
incorporated by reference herein.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION
Not applicable.
(c) EXHIBITS
1. Press Release dated August 6, 1997.
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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 thereunto duly authorized.
MEGO FINANCIAL CORP.
Dated: August 18, 1997 /s/ JEROME J. COHEN
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Jerome J. Cohen, President
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INDEX TO EXHIBITS
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EXHIBIT DESCRIPTION
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1 Press Release dated August 6, 1997
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EXHIBIT 1
MEGO FINANCIAL CORP. RECEIVES FAVORABLE RULING FROM IRS FOR
TAX-FREE SPIN-OFF OF ITS MEGO MORTGAGE CORPORATION SHARES
Las Vegas, Nevada - August 6, 1997 - Mego Financial Corp. ("MEGO
Financial") (Nasdaq/NNM:MEGO) today announced that it has received a favorable
ruling from the Internal Revenue Service regarding the potential tax-free
distribution to current shareholders of Mego Financial of all of its 10 million
shares of its 81.3%-owned subsidiary, Mego Mortgage Corporation
(Nasdaq/NNM:MMGC).
The Board of Directors of the Company has set August 27, 1997 as the
record date for the distribution of shares, which will take place on September
2, 1997.
Mego Financial Corp. is a financial services company that provides
consumer financing to purchasers of timeshare interests and land parcels. It
also owns Central Nevada Utility Company, serving a large portion of the
fast-growing Pahrump Valley, near Las Vegas. The Company is headquartered in
Las Vegas and has properties it develops under the banner of Ramada Vacation
Suites in Las Vegas and Reno, Nevada, New Jersey, Colorado, Florida and Hawaii.
Mego Mortgage Corporation is a specialized consumer finance company that
originates, purchases, services and securitizes conventional home improvement
loans, as well as debt consolidation loans and FHA Title I loans. Headquartered
in Atlanta, Georgia, Mego Mortgage operates nationwide through 20 branch
offices.
