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FORM 8-K
Securities and Exchange Commission
Washington, D.C. 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) September 15, 2000
PRINCETON AMERICAN CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 0-5141 22-1848644
(State or other (Commission File (IRS Employer
Jurisdiction of Number) Identification
Incorporation) Number)
2222 E. Camelback Road, Suite 105, Phoenix, Arizona 85016
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (602) 522-2444
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Princeton American Corporation sets forth below the following material
developments in the United States Bankruptcy Court pursuant to the
implementation of and operation under its Joint Plan of Reorganization which
became effective December 20, 1997:
COURT ORDER (1) APPROVING CANCELLATION OF OUTSTANDING CERTIFICATES AND
ISSUANCE OF NEW CERTIFICATES; AND (2) BARRING CLAIMS. As reported in Princeton
American's: (a) Current Report on Form 8-K filed February 10, 2000, and (b)
Annual Report on Form 10-KSB filed August 29, 2000, the Bankruptcy Court issued
a series of orders establishing the allowance or disallowance of claims of
persons purporting to own shares of Princeton American.
On September 15, 2000, the Bankruptcy Court ordered Princeton American
and its transfer agent, American Stock Transfer & Trust ("AST") to cancel all
outstanding Princeton American share certificates and issue new share
certificates reflecting the allowed interests of shareholders under the Plan of
Reorganization for Princeton American and the Court's prior orders. The Court
further ordered that Princeton American and AST are not subject to any claim
based upon the cancellation of outstanding share certificates and the issuance
of new certificates in accordance with the Court's orders. A copy of the final
Order, which became final and non-appealable on September 29, 2000, is attached
as Exhibit A to this Report.
Princeton American is in the process of implementing the Court's order,
and new share certificates will be issued for the allowed interests as soon as
reasonably practicable. In connection with the issuance of new certificates,
Princeton American has also initiated a process to change its trading symbol.
Effective as of October 9, 2000, the trading symbol, PELT, has been officially
cancelled, and no further trades will be made under that symbol. After new
certificates have been issued to a majority of those shareholders possessing an
allowed interest, a new trading symbol will be issued to Princeton American.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
OCTOBER 9, 2000
Princeton American Corporation
By: /s/ William C. Taylor
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William C. Taylor, Chief Executive Officer
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Exhibit Index
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Exhibit Number Description
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99.A Order (1) approving cancellation of outstanding share
certificates and issuance of new certificates, and (2)
barring claims
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