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UNITED STATES
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
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DATE OF REPORT DECEMBER 23, 1998
(DATE OF EARLIEST EVENT REPORTED)
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CRYSTAL OIL COMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NUMBER 1-8715
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LOUISIANA 72-0163810
(STATE OR OTHER JURISDICTION OF INCORPORATION) (I.R.S. EMPLOYER IDENTIFICATION NO.)
229 MILAM STREET, SHREVEPORT, LOUISIANA 71101
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (318) 222-7791
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ITEM 5. OTHER EVENTS
A subsidiary of Crystal Oil Company (the "Company") was named in a suit
brought in 1979 alleging breach of contract, breach of fiduciary duty,
mismanagement and fraud in connection with the operation of the Caloosa 1974
Limited Partnership, of which the Company's subsidiary was general partner. On
December 23, 1998, the Company and the plaintiff agreed to a compromise with
respect to the suit and the Company paid a settlement amount of $115 thousand.
The Company was named as a potentially responsible party for
environmental remediation in a claim by an agency of the State of Louisiana
concerning property owned by the Company and leased to a refinery in the 1920s
and 1930s. The Bankruptcy Court barred the State of Louisiana from asserting
claims against the Company on the grounds that such claims had accrued prior to
the Company's 1986 bankruptcy proceedings. On October 20, 1998, the United
States Court of Appeals for the Fifth Circuit affirmed the ruling of the
Bankruptcy Court. All appeal rights of the State of Louisiana expired on
February 23, 1999.
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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.
CRYSTAL OIL COMPANY
Dated: March 4, 1999 /s/ PAUL E. HOLMES
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Paul E. Holmes
Vice President/Controller
(Principal Accounting Officer)
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