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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
November 27, 1996
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Date of Report (Date of Earliest Event Reported)
Residential Resources, Inc.
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(Exact Name of Registrant as Specified in its charter)
Arizona 86-0544838
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2058 North Mills Avenue, Suite 344, Claremont, California 91711
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(Address of principal executive offices)
714-518-5945
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(Registrant's telephone number, including area code)
With Copies To:
Matthias & Berg LLP
Jeffrey P. Berg, Esq.
515 South Flower Street
Seventh Floor
Los Angeles, California 90071
(213) 895-4200
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Item 5. OTHER EVENTS
The Company has recently determined, upon investigation, that Clare T. Morse, a
member of the Company's Board of Directors and its Secretary has entered into
unauthorized transactions on behalf of the Company without board approval. Upon
investigation, further information has been presented to the Company that Mr.
Morse has engaged in other serious acts of a potential unlawful nature between
himself, and his affiliates, without disclosure to the Board of Directors. The
Board of Directors has instructed counsel to continue to investigate and to make
a full report to the Board of Directors as soon as possible.
At a Board of Directors meeting held on November 14, 1996, the Board of
Directors determined that Mr. Morse had acted in a manner which was inconsistent
with the corporation's best interest and terminated Mr. Morse as Secretary of
the corporation. Further, since many of Mr. Morse's acts may have involved acts
involving moral turpitude, it was determined that he should be removed from the
Board immediately.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has dully caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Residential Resources, Inc.
Dated: November 27, 1996 By: /s/ William P. Schlick
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William P. Schlick
Chairman of the Board
of Directors
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