U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[X] Form 10-K [] Form 20-F [] Form 11-K [] Form 10-Q [] Form N-Sar
For Period Ended: December 31, 1998
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:______________________________
If the notification related to a portion of the filing checked above,
identify the Item(s) to which the notification relates: N/A
Part I -- Registrant Information
Full Name of Registrant: Old Stone Corporation
Former Name if Applicable: N/A
Address of Principal Executive Office: 957 Warren Avenue
East Providence, Rhode Island 02914
Part II -- Rules 12b-25(b) and (c)
The Registrant seeks relief pursuant to Rule 12b-25(b) because the Form 10-K
could not be timely filed without unreasonable effort or expense. The Registrant
further represents that:
[ ] The reasons described in Part III of this form could not be
eliminated without unreasonable effort or expense;
[X] The subject annual report on Form 10-K will be filed on or before
the fifteenth calendar day following the prescribed due date;
[ ] The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached.
Part III -- Narrative
On September 16, 1992, Old Stone Corporation ("OSC") and Old Stone Bank
(the "Bank") (collectively, the "Plaintiffs") instituted a suit against the
United States ("Defendant") in the U.S. Court of Federal Claims. On January 29,
1993, the Office of Thrift Supervision ("OTS") declared the Bank, insolvent and
appointed the Resolution Trust Company ("RTC") as receiver (the "Bank Closing").
Following the Bank Closing, the Bank's claims and the claims of OSC were split
into two separate actions. On February 27, 1998, OSC filed a motion for summary
judgment, which the Defendant is opposing. There are several similar cases
pending before the U.S. Court of Federal Claims. OSC's case is dependent upon
the outcome of other cases which are currently being, or will soon be, litigated
on damages. No prediction as to the timing or the outcome of OSC's case can be
made at this time. Due to the unpredictability of the outcome, the financial
statements of OSC have not been finalized and, therefore, the financial
information required by Form 10-K cannot be obtained.
Part IV -- Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Christine M. Marx, Esq. (973) 376-7700
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or 15(d) of
the Securities Exchange Act of 1934 or section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such
report(s) been filed?
[ X ] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the
subject report or portion thereof?
[ ] Yes [X] No
Old Stone Corporation has caused this notification to be signed on its
behalf by the undersigned thereunto duly authorized.
OLD STONE CORPORATION
Date: March 31, 1998 By: /s/ Bernard V. Buonanno
-----------------------------
Bernard V. Buonanno
Chairman
