UNITED STATES
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
Date of report (Date of earliest event reported) May 2, 1996
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GETTY PETROLEUM CORP.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-8059 11-2232705
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(Date or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
125 Jericho Turnpike, Jericho, New York 11753
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(Address of principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (516) 338-6000
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(Former Name or Former Address, if Changed Since Last Report)
Page 1 of 6 Pages
Exhibit Index is on Page 4
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Item 5. Other Events.
On May 2, 1996, Getty Petroleum Corp. (the "Company") announced that a
federal judge in the Eastern District of New York had entered a judgment
against a former Getty subsidiary in the amount of $8.4 million plus
interest. Additional information with respect to the judgment and its
impact on the Company's results of operations is included in the press
release issued by the Company on May 2, 1996, which press release is filed
as an exhibit hereto and incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit
No. Description
99.1 Press Release dated May 2, 1996 of Getty Petroleum Corp.
2
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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.
GETTY PETROLEUM CORP.
Date: May 2, 1996 By: /s/ Leo Liebowitz
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Leo Liebowitz
President
3
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EXHIBIT INDEX
Exhibit Sequentially
No. Description Numbered Page
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99.1 Press Release dated May 2, 1996 of 5
Getty Petroleum Corp.
4
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EXHIBIT 99.1
RELEASE: IMMEDIATE
GETTY PETROLEUM CORP. ANNOUNCES
JUDGMENT AGAINST FORMER
GETTY CONSTRUCTION COMPANY SUBSIDIARY
RESULTING IN A $4.7 MILLION CHARGE
JERICHO, NY., May 2, 1996 -- Getty Petroleum Corp. (NYSE-GTY)
announced today that a federal judge in the Eastern District of New York
has entered a judgment in the amount of $8.4 million, plus interest of
approximately $2.7 million, in favor of Morrison-Knudsen Company Inc.
against Getty's former construction company subsidiary, Slattery Associates
Inc., which was sold in 1989.
The case arose out of a joint venture between Slattery Associates Inc.
and Morrison-Knudsen which was established to reconstruct in 1986 a portion
of an expressway in Philadelphia. The judgment represents Slattery's share
of joint venture construction costs which the Court held Slattery owed.
Slattery had contended that Morrison-Knudsen had mismanaged the joint
venture and had failed to disclose material facts. Slattery also had
contended that certain costs were improperly charged to the joint venture.
The judgment would result in an after-tax charge to Getty of $4.7
million, or $0.37 per share (net of previously established reserves) which
will be provided for in Getty's first fiscal quarter ended April 30, 1996.
Getty intends to vigorously appeal the judgment.
Getty Petroleum Corp., one of the nation's largest independent
marketers of gasoline and petroleum products, markets in a thirteen state
area in the Middle Atlantic and Northeastern areas of the United States.
The Company is also a marketer of heating oil and is a wholesale
distributor of a variety of petroleum products through its east coast
petroleum storage and distribution network.
Contact: John J. Fitteron
(516) 338-6000
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