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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20509
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
July 28, 2000
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Date of Report
(Date of Earliest Event Reported)
WORLD INTERNETWORKS, INC.
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(Exact Name of Registrant as Specified in its Charter)
Nevada 033-05844-NY 87-0575839
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(State or other juris- (Commission File No.) (IRS Employer
diction of incorporation) I.D. No.)
418 South Commerce Road Suite #422
Orem, Utah 84058
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(Address of Principal Executive Offices)
(801) 434-7517
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Registrant's Telephone Number
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Item 1. Changes in Control of Registrant.
None.
Item 2. Acquisition or Disposition of Assets.
None; not applicable.
Item 3. Bankruptcy or Receivership.
On July 28, 2000, the United States Bankruptcy Court for the
District of Utah ordered closed the bankruptcy cases that were pending with
respect to the following wholly-owned subsidiaries of World Internetworks,
Inc., a Nevada corporation (the "Company"): (i) World Internet Marketplace, a
Utah corporation; (ii) Global Media Group, a Utah corporation doing business
as Institute for Financial Independence; and (iii) Global Wholesale Exchange,
a Utah corporation (collectively, the "Subsidiaries"). The Court also
discharged the bankruptcy trustee that had been appointed with respect to the
Subsidiaries.
As a result of the closure of the bankruptcy cases filed by each of
the three Subsidiaries, the Company will record an extraordinary gain from
forgiveness of debt in the amount of $2,459,205 in the second quarter of the
current fiscal year. The reserve for discontinued operations in the same
amount will be removed from the Company's current liabilities on its balance
sheet.
Each of the Subsidiaries is inactive, having ceased business
operations in 1998.
Item 4. Changes in Registrant's Certifying Accountant.
None; not applicable.
Item 5. Other Events.
None; not applicable.
Item 6. Resignations of Registrant's Directors.
None; not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Exhibits
None.
Item 8. Change in Fiscal Year.
None; not applicable.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
WORLD INTERNETWORKS, INC.
Date: 8/2/00 By: /s/ Steven K. Hansen
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Steven K. Hansen
CEO, President and Chairman
Date: 8/2/00 By: /s/ Randal L. Roberts
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Randal L. Roberts
Director
Date: 8/2/00 By: /s/ Gary S. Winterton
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Gary S. Winterton
Director
