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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) February 20, 1998
KOLL REAL ESTATE GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-17189 02-0426634
(Commission File Number) (I.R.S. Employer Identification No.)
4343 Von Karman Avenue, Newport Beach, California 92660
(Address of principal executive offices) (Zip Code)
(714) 833-3030
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address,
if Changed Since Last Report)
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Item 5. OTHER EVENTS
On February 20, 1998, the Registrant issued a press release describing
the Registrant's plan to appeal the ruling of the San Diego Superior Court
that the California Coastal Commission did not fully comply with the
requirements of the Coastal Act when it reconsidered the Bolsa Chica Local
Coastal Program Amendment during a hearing in October 1997. A copy of the
press release is attached hereto and is incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
Exhibit No. Description
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99.1 Press Release, issued February 20, 1998
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 thereunto duly authorized.
KOLL REAL ESTATE GROUP, INC.
Date: February 24, 1998 By: /s/ Raymond J. Pacini
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Raymond J. Pacini
Executive Vice President and
Chief Financial Officer
3.
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[KOLL LETTERHEAD]
NEWS RELEASE
Contacts: Raymond J. Pacini, Chief Financial Officer, 714-833-3030 X291
Lucy Dunn, Senior Vice President, Koll Communities, Inc. 714-472-5800
KOLL REAL ESTATE GROUP, INC. INTENDS TO APPEAL
JUDGE'S RULING ON BOLSA CHICA
NEWPORT BEACH, California -- February 20, 1998 - Koll Real Estate Group, Inc.
(NASDAQ:KREG) announced that it plans to appeal today's San Diego Superior
Court ruling that the California Coastal Commission did not fully comply
with the requirements of the Coastal Act when it reconsidered the Bolsa Chica
Local Coastal Program Amendment. The Court's decision was based on its view
that the Coastal Commission should not have limited the scope of public
comments during the Commission's October 1997 hearing.
According to Koll Communities' Senior Vice President Lucy Dunn, "The
Company is obviously disappointed with the Court's ruling. During the 25-year
Bolsa Chica planning process, the public has had ample opportunity to
participate in a very long line of public hearings, meetings and workshops.
We are confident that the California Coastal Commission acted appropriately
in this matter. We intend to take this case to the Court of Appeals, as well
as pursue all other available legal and administrative options."
The Company indicated that the Court's ruling will delay the previously
planned start of infrastructure construction this year; however, the Company
is unable to predict the length of such delay at this time.
Any forward looking statements in this press release involve risks and
uncertainties. The Company's actual results could differ materially from those
currently anticipated in any such forward looking statements because of many
factors.
KREG provides residential and commercial real estate development services
on a national and international basis. The Company holds a large residential
land inventory in Southern California. More information about Koll Real
Estate Group is available on the Internet at WWW.KOLLREGROUP.COM.
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