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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
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Pursuant to Section 13 or 15(d)
of the Securities Act of 1934
Date of Report (Date of earliest event reported) August 4, 1997
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AMERICAN ENTERTAINMENT GROUP, INC.
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(Exact Name of Registrant as Specified in its Charter)
COLORADO 0-22174 83-0277375
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(State or Other (Commission IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation
or Organization)
160 Bedford Road, Suite 306
Toronto, Ontario, Canada M5R 2K9
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(Address of Principal Executive Offices, Zip Code)
(416) 920-1919
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(Registrant's telephone number, including area code)
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Act of 1934
Item 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable
Item 3. BANKRUPTCY OR RECEIVERSHIP.
In December, 1996, the Registrant received a notification from
Banque National de Paris (Canada) (BNP) of a default in the loan between the
VIP Phone Club, Inc. (VIP), a private Delaware corporation, and BNP, and
that BNP had commenced an action in the State of Maryland against VIP.
Subsequently, BNP commenced an action in the Ontario Courts against the
Registrant and AEG Entertainment, Limited (AEL), a wholly-owned subsidiary of
the Registrant, for payment of the outstanding loan balance, and filed a
motion in the Courts of Ontario (Toronto) asking that a Receiver be appointed
over the property and assets for both the Registrant and AEL. The Ontario
Court ordered the appointment of the accounting firm of Price Waterhouse
Limited as Receiver, without security, "of all the present and future
undertaking, property and assets of whatsover nature and kind and wherever
situate." By Order dated July 31, 1997, the Ontario Court ordered the
termination of the Receivership, at the request of Price Waterhouse Limited,
the former receiver.
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable
Item 5. OTHER EVENTS
Not Applicable
Item 6. RESIGNATION OF REGISTRANT'S DIRECTORS.
Not Applicable
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Not Applicable
Item 8. CHANGE IN FISCAL YEAR.
Not Applicable
Item 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not Applicable
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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.
AMERICAN ENTERTAINMENT GROUP, INC.
By: //Joel Wagman//
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Joel Wagman
Chairman
Dated: August 4, 1997
