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) January 24, 1994
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PINNACLE WEST CAPITAL CORPORATION
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(exact name of registrant as specified in its charter)
Arizona 1-8962 86-051243
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
400 E. Van Buren St., P. O. Box 52132, Phoenix, AZ 85072-2132
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(Address of principal executive offices) (Zip Code)
Registrant's phone number, including area code (602) 379-2500
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NONE
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(Former name or former address, if changed since last report)
The following information relates primarily to Pinnacle West
Capital Corporation (the "Company").
ITEM 5. OTHER EVENTS
LEGAL PROCEEDINGS
On December 30, 1993, the United States District Court for the
District of Arizona entered orders and final judgments (1) dismissing the
consolidated shareholder class litigation and shareholder derivative
litigation initiated in 1988 and 1989, respectively , and (2) partially
dismissing litigation initiated by the Resolution Trust Corporation (the
"RTC") in 1991 against certain former directors of MeraBank, A Federal
Savings Bank (the "RTC Litigation"). See "Legal Proceedings--Suits" in Part
I, Item 3 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1992.
Two non-settling individuals who are pursuing independent claims
against the RTC were not dismissed from the RTC Litigation. These
individuals may attempt to look to the Company, its insurance carriers and
others for indemnification of certain costs and damages. The Company
believes that it has no obligation with respect to any such costs or
damages.
The settlement provides for payments totaling $61.625 million, of
which the Company's share is $5.75 million. A litigation reserve previously
established by the Company is sufficient to cover the Company's share of the
settlement. The balance of the settlement payment will be funded by the
Company's insurers.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.
PINNACLE WEST CAPITAL CORPORATION
(Registrant)
By: /s/ Henry Sargent
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Henry Sargent
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer
and Officer Duly Authorized
to sign this Report)
Dated: January 24, 1994
