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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 21, 1995
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DeVlieg-Bullard, Inc
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(Exact name of registrant as specified in its charter)
Delaware 0-18198 62-1270573
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Gorham Island, Westport, CT 06880
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 221-8201
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ITEM 5. OTHER EVENTS
On November 3, 1995, a jury rendered a verdict against the Company in the net
amount of $1,323,228, plus interest, relating to a civil suit filed against the
Company in the Supreme Court for the State of New York, County of Erie, styled
Watson Bowman Acme Corp. v. DeVlieg-Bullard, Inc. A final determination of the
amount of the judgment has not been made at this time. The plaintiff had
alleged losses resulting from a breach of contract by the Company, as successor
to DeVlieg-Lyons Integrated Systems, Inc., in connection with the delivery to
the plaintiff of a CNC Milling Machine. The Company had countersued for the
remaining balance due under the contract of $279,544. Based on its review of
the allegations contained in the suit and the advice of its legal counsel, the
Company had concluded that the effect of any settlement or adverse judgment in
connection with this suit would not be material to the Company. The Company
had therefore made no accrual for any settlement or adverse judgment.
The Company believes that the jury's verdict in this case failed to consider
material evidence in the case that indicates that the Company was not in breach
of the contract and intends to immediately file post-trial motions seeking to
set aside the jury's verdict and enter judgments dismissing certain claims as a
matter of law or, in the alternative, to set aside the jury's verdict and order
a new trial on the ground that the jury's verdict was against the weight of the
evidence. No assurance can be given that such post-trial motions or any
subsequent appeal will be successful. Accordingly, the Company will make an
accrual in the amount of the jury's verdict, plus interest and other costs, net
of taxes.
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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 hereunto duly authorized.
DEVLIEG-BULLARD, INC.
Date: November 21, 1995 By: /s/ Lawrence M. Murray
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Lawrence M. Murray
Vice President and Chief Financial Officer
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