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 AND EXCHANGE ACT OF 1934
Date of Earliest Event Reported: November 14, 2000
LAHAINA ACQUISITIONS, INC.
(Exact Name of Registrant as specified in its Charter)
Commission File No. 0-27480
Colorado 84-1325695
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
5895 Windward Parkway, Suite 220
Alpharetta, Georgia 30005
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(Address of Principal Executive Offices, including Zip Code)
(770) 754-6140
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Copies to:
Robert E. Altenbach, Esq.
Kutak Rock LLP
Suite 2100
235 Peachtree Street, N.E.
Atlanta, Georgia 30303
(404) 222-4600
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Item 2. Acquisition or Disposition of Assets.
On November 14, 2000 Registrant acquired 100% of the stock of United
Capital Mortgage Corporation ("United"). The effective date of the purchase was
October 1, 2000. The total purchase price was $2,947,675, payable as follows:
$750,000 in cash at the closing.
$250,000 note due 90 days from the date of closing.
$897,675 note due in 12 equal monthly installments beginning 30 days after
the closing date.
$1,050,000 in stock of Registrant (total of 934,996 shares of restricted
common stock of Lahaina Acquisitions, Inc.)
If the market value one year after the closing of the stock issued is less
than $1,050,000, the selling stockholders have the right to demand additional
shares such that the aggregate value of the shares issued is $1,050,000. The
market value of the shares issued was and will be determined by the average
closing price of the stock for the 5 days preceding the measurement date.
The price paid for the stock of United was determined through arm's length
negotiations between the parties.
United Capital is a traditional mortgage operation in that it has a
warehouse line of credit that is used to fund mortgages that are then sold to
investors. United collects fees for originating the loans and then earns fees
when the loan is sold to the ultimate lender/investor. United retains no loans
for investment and performs no loan servicing function. United's corporate
offices are in Denver, CO with traditional branch operations in Boulder, Co,
Clearwater, FL, Fort Collins, CO, and Las Vegas, NV. United has a relatively
small wholesale operation in Buffalo, NY.
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Item 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired will be filed in an amendment
to the 8-K within 60 days.
(b) Pro Forma Financial Information will be filed in an amendment to the
8-K within 60 days.
(c) Exhibits
2.1 Stock Purchase Agreement Among Lahaina Acquisitions, Inc. and The
Shareholders of United Capital Mortgage Corporation. Dated October 1, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LAHAINA ACQUISITIONS, INC.
November 21, 2000
/s/ L. Scott Demerau
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L. Scott Demerau, President and
Chief Executive Officer
