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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
Date of Report (Date of earliest event reported): June 13, 2000
CAMERA PLATFORMS INTERNATIONAL, INC.
(Debtor in possession as of October 25, 1999)
(Exact name of registrant as specified in its charter)
Delaware 0-14675 95-4024550
(State or other jurisdiction (Commission IRS Employer Identification No.)
of incorporation or organization) File Number)
10909 Vanowen Street, North Hollywood, CA 91605
(Address of principal executive offices) (Zip Code)
(818) - 623-1700
(Registrant's telephone number, including area code)
Not Applicable_________
(Former name or former address if changed since last report)
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Item 3. Bankruptcy or Receivership
On June 13, 2000 in the United States Bankruptcy Court for the Central District
of California, an order was entered confirming Camera Platform International,
Inc.'s ("the Company") Second Amended Plan of Reorganization ("the Plan").
In accordance with the Plan:
1. Administrative Claims will be paid, at the option of each such holder
in cash equal to the amount of such claim or one share of the Company's
new common stock for each $.25 in approved administrative claims.
2. Tax liabilities will be paid over a six-year period in equal quarterly
payments.
3. DOOFF, Inc., the successor in interest to Foothill, the Company's
secured lender, shall retain its security interest in all pre-petition
collateral, which included, without limitation, all the Company's
accounts receivable, inventory, equipment and all tangible and
intangible assets. The loan of $1,500,000 will be all due and
payable in ten years with interest only payments due monthly at the
reference rate plus 2% per annum, commencing the first month
immediately following the effective date of reorganization.
4. All unsecured creditors will receive one share of new common stock for
each two dollars of their approved claim.
5. Existing common shareholder SAC will transfer ownership representing
4,000,000 shares of the Company's common stock to DOOFF, Inc, the
Company's secured lender.
6. DOOFF, Inc. will be issued new common stock such that it will own
49.9% of the then outstanding stock of the Company.
7. The remaining existing shareholders will retain their shares. Their
interests will be diluted by the shares issued to the unsecured
creditors and to the Company's secured creditor.
Prior to the effective date of the Plan, there were 13,768,228 shares
outstanding. As a result of the issuance of shares to the secured and
unsecured creditors, it is anticipated that there will be approximately
25,861,000 shares outstanding at the conclusion of the reorganization.
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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.
CAMERA PLATFORMS
INTERNATIONAL, INC.
Date: June 14, 2000 /s/ Ronald J. Riddle
Ronald J. Riddle
Chief Financial Officer
CAMERA PLATFORMS INTERNATIONAL, INC.
