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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported) March 18, 1998
THE SCOREBOARD, INC.
(Exact name of registrant as specified in its charter)
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New Jersey 0-16913 22-2766077
(State or other jurisdiction (Commission File Number) (I.R.S. Identification Number)
of incorporation or organization)
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1951 Old Cuthbert Road
Chery Hill, New Jersey 08034
(Address, including zip code of Principal Executive Offices)
(609) 354-9000
(Registrant's telephone number, including area code)
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Item 3. Bankruptcy or Receivership
On March 18, 1998, The Score Board, Inc. ("the Company") and its wholly
owned subsidiary, The Score Board Holding Corporation, filed voluntary petitions
under Chapter 11 of the Federal Bankruptcy Code with the United States
Bankruptcy Court, District of New Jersey (Case Numbers 98-12555 and 98-12557,
respectively).
The Company, which has been declared in default under its secured credit
facility, is developing a plan to identify the optimal business course for the
future and will seek financing approval from its lender. At present, the Company
is managing its business as Debtor-In-Possession subject to Court approval for
certain actions.
As a result of the Company's having filed a Chapter 11 petition on March
18, 1998, it must now seek a court order approving retention of its outside
auditors prior to such auditors being authorized to render professional services
to the Company. The Company's auditors have not yet agreed on terms or
conditions satisfactory for their retention with respect to an audit of the
Company's 1997 financial statements. Accordingly, the Company is unable to
predict when work on its 1997 financial statements will commence or when the
audit will be completed. As a result, the Company is unable to file its Annual
Report on Form 10-K with respect to 1997 in a timely manner and is unable to
predict when it will be in a position to file such Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on it behalf by the
undersigned hereunto duly authorized.
THE SCORE BOARD, INC.
Date: April 2, 1998 By: /s/ John F. White
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John F. White
President
