SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) or
The Securities Act of 1934
Date of Report (date of earliest event reported) December 11, 1997
TLI LIQUIDATING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware Applied for
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
Incorporation)
361 Park Avenue, Glencoe, IL 60022
(Address of principal executive Office)
Registrant's telephone number, including area code 847-835-5350
TRANS LEASING INTERNATINOAL, INC., 570 Lake Cook Road, Suite 200, Deerfield, IL
60015
(Former name or former address, if changed since last report)
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Item 2.Acquisition or Disposition of Assets.
On December 11, 1997, the sale of substantially all of the
Registrant's business and assets to General Electric Capital Corporation
was consummated. The terms and effects of such transaction are described
in the Registrant's definitive Information Statement with respect to such
transaction filed with the Commission under Schedule 14C on November 5,
1997, which is hereby incorporated by reference.
Item 7.Financial Statements and Exhibits.
(b) Pro Forma financial information.
At Closing, following the transfer of the assets to be sold, the
Company's pro forma consolidated financial condition will comprise the
following.
Cash or gross proceeds equal to the sum of (I) $46,082,009; and
(ii) an amount representing the Company's accrued employee expenses for
payroll, bonuses, commissions, vacation, tuition reimbursement, FICA and
Medicare.
Liabilities for accrued employee expenses incurred by the Company
up to the time of Closing.
Net proceeds available to stockholders and to pay for expenses
noted below incurred after the Closing equal to $46,082,009.
Pro forma expenses after Closing include severance payments of
$1,105,000 as described in "The Proposed Sale - Interest of Certain
Persons in the Proposed Sale" and premium expenses related to directors
and officers liability insurance of $173,000. After Closing the Company
expects to distribute approximately $3,914,000 to holders of vested
employee stock options and director warrants not yet exercised. The
remaining net cash represents approximately $10.00 per share and will be
distributed to stockholders through a liquidating dividend in 1998.
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed by the
undersigned hereunto duly authorized.
TLII LIQUIDATING CORPORATION
By /s/MICHAEL HEYMAN
Michael Heyman
President
December 11, 1997
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