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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): July 21, 2000
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U.S. Industrial Services, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-22388 99-0273889
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(State or other jurisdiction Commission File (I.R.S. Employer
of incorporation) Number Identification No.)
40 Skokie Boulevard, Suite 110, Northbrook, Illinois 60062
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(Address of principal executive offices)
Registrant's telephone number, including area code (847) 509-8500
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8111 Preston Road, Suite 715, Dallas, Texas 75225
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(Former name or former address, if changed since last report.)
Item 1. Changes in Control of Registrant.
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On July 21, 2000 (the "Closing Date"), Deere Park Capital, L.L.C., an
Illinois limited liability company ("Deere Park") acquired 7,175,858 shares of
common stock (the "Shares") of U.S. Industrial Services, Inc., a Delaware
corporation (the "Company"). The acquisition of the Shares was effected through
a foreclosure on such Shares that had been previously owned by American Eco
Corporation ("AEC") and pledged by AEC to Deere Park. The Shares had previously
been pledged to Deere Park under that certain Settlement Agreement by and among
Deere Park, AEC and the Company dated January 21, 2000. The Shares represent
approximately 81.9% of the currently outstanding common stock of USIS. The
Shares were obtained in a UCC sale at which Deere Park bid $1,935,000.00 of the
debt it was owned by AEC for the Shares.
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Item 5. Other Events.
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On July 27, 2000, Deere Park, in its capacity as 81.9% stockholder in the
Company, replaced all of the directors and officers of the Company with its own
candidates and moved the principal offices of the Company.
Item 7. Pro-Forma Financial Information and Exhibits.
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(c) Exhibits
10.1 Settlement Agreement by and among Deere Park Capital, L.L.C.,
American Eco Corporation and U.S. Industrial Services, Inc.,
dated January 21, 2000 (incorporated by reference from U.S.
Industrial Services, Inc. Form 8-K filed May 1, 2000).
10.2 Escrow Agreement by and among Deere Park Capital, L.L.C.,
American Eco Corporation and LaSalle Bank National
Association, dated January 21, 2000 (incorporated by reference
from U.S. Industrial Services, Inc. Form 8-K filed
May 1, 2000).
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SIGNATURE
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.
U.S. INDUSTRIAL SERVICES, INC.
(Registrant)
Dated: July 27, 2000 By: /s/ Frank Fradella
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Frank Fradella
President and Chief Executive Officer