SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
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): October 15, 1999
Perini Corporation
___________________________________________________
(Exact name of registrant as specified in charter)
Massachusetts 1-6314 04-1717070
(State or other (Commission File Number) (IRS Employer Identification No.)
jurisdiction of
incorporation)
73 Mt. Wayte Avenue, Framingham, Massachusetts 01701
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (508) 628-2000
(Former name or former address, if changed since last report) Not applicable
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ITEM 5. OTHER EVENTS.
On October 13, 1999, Perini Corporation issued the following Press
Release:
PERINI COMPLETES A MAJOR STEP IN
PREVIOUSLY ANNOUNCED REAL ESTATE WIND DOWN PLAN
Framingham, MA -- Perini Corporation (AMEX:PCR) completed a major step in the
previously announced discontinuation of its real estate development operations.
The Company and its wholly owned subsidiary, Perini Land and Development
Company, Inc., the managing partner of Rincon Center Associates ("RCA"), entered
into a full and final non-cash settlement regarding its interests in RCA's mixed
use property in San Francisco. As part of the settlement and in exchange for the
transfer of its ownership interest in the RCA property, the Company has
exchanged mutual releases with the other RCA general partner, the RCA-related
lenders and all other entities formally associated with the RCA property from
any claims, lawsuits or other liabilities they may have with respect to each
other in connection with the Rincon Center property.
"We are very satisfied with the settlement agreement," said Robert Band,
Perini's Chief Executive Officer, "We see today's settlement as the turning
point in totally shifting the Company's resources and focus to our core building
and civil construction business."
The statements contained in this Release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including
statements regarding the Company's expectations, hopes, beliefs, intentions or
strategies regarding the future. All forward-looking statements included in this
Release are based on information available to the Company on the date hereof. It
is important to note that the Company's actual results could differ materially
from those in such forward-looking statements, whether as a result of new
information, future events or otherwise.
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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.
Perini Corporation
Dated: October 15, 1999 By: /s/ Robert Band
Robert Band
President and Chief
Executive Officer
