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: January 15, 1999
(Date of earliest event reported)
LANXIDE CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-16293 51-0270253
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(State or other jurisdiction (Commission File Number) (IRS Employer
Identification Number)
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1300 MARROWS ROAD
NEWARK, DELAWARE 19714-6077
302) 456-6200
(Address including zip code, and telephone number including area code of
registrants' principal executive offices)
Item 3. Bankruptcy or Receivership.
On January 15, 1999, Lanxide Corporation, a Delaware corporation
(the "Company"), issued a press release announcing that it had filed for
bankruptcy relief under Chapter 7 of Title 11 of the United States Code
which will result in a complete liquidation of the Company. The Company's
petition for relief was filed on January 15, 1999 in the United States
Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") in a
case captioned In re: Lanxide Corporation, Case No. 99-91. The Bankruptcy
Court assumed jurisdiction over the matter on that date. On January 19,
1999, Montague Claybrook was appointed by the Bankruptcy Court to act as
the trustee responsible for the liquidation of the Company's assets.
A copy of the January 15, 1999 press release is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Exhibits:
99.1 Press release dated January 15, 1999
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.
LANXIDE CORPORATION
By: /s/ Montague Claybrook
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Montague Claybrook
Trustee
Date: January 22, 1999
INDEX TO EXHIBITS
Exhibit
Number Exhibit
99.1 Press release dated January 15, 1999
EXHIBIT 99.1
LANXIDE FILES CHAPTER 7 BANKRUPTCY PETITION
NEWARK, DELAWARE. January 15, 1999 Lanxide Corporation (OTC Bulletin
Board: LNXI) announced that it has filed a petition under Chapter 7 of the
U.S. Bankruptcy Code with U.S. Bankruptcy Court for the District of
Delaware. On January 6, the Company was forced to lay-off its employees
and cease operations due to a lack of sufficient funds to operate. The
Company elected to file voluntarily so as to preserve the value of its
estate for its creditors and shareholders. There are approximately 19
corporations currently using Lanxide's technology pursuant to license
agreements.
Prior to filing bankruptcy, the Company filed its Form 10-K Report for the
fiscal year ended September 30, 1998. As of that date, the Company had
assets of $2.5 Million and liabilities of $12.1 million.
A bankruptcy trustee has not yet been appointed in the bankruptcy case.
Bankruptcy counsel is The Bayard Firm in Wilmington, Delaware. Attorney
Scott Cousins is handling the case for the Company and can be reached at
(302) 655-5000.