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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
DATE OF REPORT (Date of earliest event reported): January 6, 1997
CANTERBURY CORPORATE SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-1558 23-2170505
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
1600 Medford Plaza
Route 70 & Hartford Road
Medford, New Jersey 08055
(Address of Principal Executive Offices)
Registrant's telephone number: (609) 953-0044
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FORM 8-K
ITEM 5. OTHER EVENTS
On January 6, 1997, the Registrant filed an Order To Show
Cause, Verified Complaint and Affidavit of Stanton M. Pikus,
President of Canterbury Corporate Services, Inc. against The Chase
Manhattan Bank in the Superior Court of New Jersey under Docket No.
BUL-L-00042-97 for breach of the Term Loan and Revolving Loan
Agreements. Among other allegations contained in the Complaint,
Canterbury is suing Chase for Chase's failure to consent to
Canterbury's sale on November 30, 1996 of it's Landscape
Maintenance Services, Inc. subsidiary. Canterbury claims that
Chase granted its consent, or in the alternative should have
granted its consent because it should not have been unreasonably
withheld. Because of the potential damages Chase's failure to
consent will cause Canterbury, Canterbury is withholding all
financial payments to Chase on the Term Loan and Revolving Loan
totaling approximately 6.3 million dollars. Chase in turn has
notified Canterbury that it believes that Canterbury is in default
for not making these payments and has accelerated the obligations.
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 hereunto duly authorized.
CANTERBURY CORPORATE SERVICES, INC.
BY: /s/STANTON M. PIKUS
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STANTON M. PIKUS, President
Dated: January 14, 1997
