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
August 15, 1997
Date of Report (Date of earliest event reported)
ACAP CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-14451 25-1489730
(State or other juris- (Commission File (IRS Employer Iden-diction
of incorporation) Number) tification Number
10555 Richmond Avenue, Houston, Texas 77042
(Address of principal executive offices)
(713) 974-2242
(Registrant's telephone number, including area code)
(Former name or address, if changed since last report)
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ITEM 5. OTHER EVENTS.
In its Form 10-QSB as of June 30, 1997, Acap Corporation reported as
a subsequent event the expected sale of its home office building to an
unaffiliated third party scheduled to close on August 15, 1997. However,
on August 14, 1997, the prospective buyer informed American Capitol that
they would not be able to close the transaction. American Capitol
received $50,000 held as earnest money on August 15, 1997.
The company is in discussion with the prospective buyer regarding the
possibility of a seller financed arrangement and alteratively is
considering offering the property for sale again.
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.
ACAP CORPORATION
Date: August 15, 1997 By: \s\John D. Cornett
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John D. Cornett
Principal Financial Officer
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