SECURITIES AND EXHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE ACT OF 1934
NOVEMBER 14, 2000
(Date of earliest event reported)
AUTOCORP EQUITIES, INC.
(Exact name of registrant as specified in its charter)
NEVADA 87-0522501
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporated organization)
000-15216
(Commission File Number)
911 W. Parker Rd., Suite 306
Plano, Texas 75023
(Address of principal executive offices)
(972) 378-5355
(Registrant's telephone number, including area code)
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In this report, the words we, our, ours, us, Company, and us refer only to
AutoCorp Equities, Inc. They do not include any of our subsidiaries unless we
specifically refer to them.
Headquartered in Plano, Texas, we are a sub-prime indirect consumer lender for
automobile finance and an investor/operator in new and used car dealerships. At
November 14, we acquired assets and re-capitalized our Company to allow us to
implement our business plans.
Item 2. Acquisition or Disposition of Assets
(a). Acquisition of Assets
As a part of the re-capitalization (Item 5) we acquired
certain assets from our primary creditor. Those assets consist
of cash (on a deferred basis), inventory, a portfolio of
customer notes receivable (secured by automobiles) owned but
considered to be "inactive" by the seller, and a portfolio of
customer notes considered to be "active" by the seller, but
were sold to us as part of the re-capitalization plan.
Deferred cash proceeds approximates $228,000, book value of
the inventory, based on actual cash values, approximates
$372,000 and the combined book value of both portfolios
approximates $9,600,000 on the books of the seller. However,
due to the age, delinquency and other factors relating to the
portfolio(s), the notes will be discounted significantly when
recorded on our books. On November 14, the amount of the
discount had not been determined.
(b) Disposition of Assets
Not Applicable
Item 5. Other Events
(a) Re-capitalization
As further described in the Exhibits, an agreement was reached
with our primary creditor, AutoPrime, Inc. and its parent
company to re-capitalize our Company. The agreement was
completed on November 14, 2000 with an effective date of
October 1, 2000. We believe, without assurance, that the
capitalization will enable us to implement a new business
model developed in anticipation of the re-capitalization.
After the re-capitalization, the largest single shareholder of
AutoCorp remains Charles Norman in his capacity as Trustee of
the three trusts described in our previous reports. He holds a
total of 854,563 shares in this capacity. These represent
19.6% of the 4,362,274 shares outstanding after the
re-capitalization.
Of the 3,217,000 shares originally placed in the three trusts
on December 30, 1998, 1,817,000 shares were returned to our
treasury in the re-capitalization, 545,437 shares have been
exchanged since December 30, 1998, for outstanding notes of
Consumer Investment Corporation (a subsidiary of ours at
December 30, 1998), and 154,563 shares will continue to be
held in trust until all aspects of that exchange offer have
been concluded. In addition, 700,000 shares remain in trust
for the benefit of our management and that of AutoPrime.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statement of Business Acquired
Not Applicable
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(b) Pro Forma Financial Information
Not Applicable
(c) Exhibits
5.1 Press Release dated October 6, 2000.
5.2 Press Release dated November 15, 2000 (as corrected).
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 thereto duly authorized.
Date: November 27, 2000 AUTOCORP EQUITIES, INC.
(Registrant)
/s/ Charles Norman
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Charles Norman
President and Chief Executive Officer
