SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) April 23,1998
MILESTONE PROPERTIES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-10641 65-0158204
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
150 E. Palmetto Park Road, 4th Floor, Boca Raton, Florida 33432
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (561) 394-9533
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS.
Reference is made to (i) the disclosures in "Item 3 - Legal Proceedings" of
the Annual Report on Form 10-K for the year ended December 31, 1997 of Milestone
Properties, Inc. (the "Registrant"), a Delaware corporation, filed with the
Securities and Exchange Commission (the "SEC") on March 30, 1998, in connection
with, and describing, a certain purported derivative and class action lawsuit
(John Winston v. Leonard S. Mandor, Robert A. Mandor, Joan LeVine, Harvey
Jacobson, Gregory McMahon, Geoffrey Aaronson, Milestone Properties, Inc. and
Concord Assets Group, Inc.) (the "Winston Action") pending in the Court of
Chancery of the State of Delaware (the "Delaware Court") against the Registrant
and certain of its directors, (ii) the Registrant's Current Report on Form 8-K
(the "November Form 8-K") which was filed with the SEC on November 12, 1997 in
connection with the parties to the Winston Action having entered into a certain
stipulation and agreement of settlement (the "Settlement Agreement") on October
30, 1997, and (iii) the Settlement Agreement, a copy of which was filed as
Exhibit 2 to the November Form 8-K.
Counsel for the plaintiff in the Winston Action has advised the Registrant
that the plaintiff will not proceed with the Settlement Agreement. The
Registrant's counsel has advised the Delaware Court that the Settlement
Agreement has been terminated and that the parties will resume litigation of the
Action which is currently on appeal.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
1. Milestone Properties, Inc. Press Release, dated April 23, 1998.
<PAGE>
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.
MILESTONE PROPERTIES, INC.
By: /s/ Patrick S Kirse
------------------------
Patrick S. Kirse
Vice President of Accounting
(Principal Accounting Officer)
Date: April 28, 1998
<PAGE>
EXHIBIT INDEX
Exhibit Description
99.1 Milestone Properties, Inc. Press
Release, dated April 23, 1998
<PAGE>
Exhibit 99.1
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PRESSRELEASE
Milestone Properties, Inc.o 150 Palmetto Park Road o Boca Raton, FL 33432 o
(561) 394-9533 o Fax: (561) 392-8311
For Immediate Release
Date: April 23, 1998
Contact: Karen Renza, Director of Stockholder Services
Phone: (561) 394-9533
Fax: (561) 392-8311
Boca Raton, Florida--Milestone Properties, Inc. (NYSE: MPI/MPI PRA) announced
today that the plaintiffs in a purported class action lawsuit pending in the
Court of Chancery of the State of Delaware against the Company and certain of
its directors have advised the Company that they will not proceed with a
previously announced settlement agreement. The Company's counsel has advised the
court that the proposed settlement agreement has been terminated and that the
parties will resume litigation of the matter which is currently on appeal.
The Company, directly and through its wholly owned subsidiaries, is engaged in
the business of owning, acquiring, managing, developing and investing in real
estate and real estate related assets.
