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: December 29, 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.
(A) On December 29, 2000 the Registrant acquired the personal residence of
L. Scott Demerau, Chairman and Chief Executive Officer, and his wife in a
transaction totaling $8,000,000. The price paid for the property was based upon
an independent appraisal. The property has been leased at an annual rent of
$300,000 to a third party who is negotiating a sub-lease to the seller.
Payment consisted of the assumption of a $2,500,000 first mortgage,
issuance of $1,650,000 of preferred stock, a two year promissory note of about
$400,000 and various assets of the Registrant.
The preferred stock issued is a newly authorized Series B Preferred Stock.
There are 2,000,000 shares of no par value Series B Preferred authorized. The
preferred stock earns dividends at 4% for the first two years, 6% for the next
two years and 7.5% thereafter. The preferred stock may be converted into Common
Stock at $1.00 per share at the option of the holder, as long as all shares of
the Series B Preferred held by the holder are converted.
(B) On January 2, 2001, a bank acquired property of the Registrant in a
foreclosure auction. The property, historically referred to as "Peachtree
Industrial Boulevard" was recorded in the accounts of Registrant at an
approximate total cost of $2,800,000 at the date of the sale. The outstanding
balance of the debt and accrued interest was approximately $2,800,000.
Registrant anticipates no material impact on results of operations or
financial position either for the year ending September 30, 2000 or for the
quarter ending December 31, 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.
January 5, 2001
/s/ L. Scott Demerau
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L. Scott Demerau, President and
Chief Executive Officer
