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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 Exchange Act of 1934
Date of Report (Date of earliest event reported)
MAY 3, 2000 (MAY 2, 2000)
AMC FINANCIAL, INC.
Exact Name of Registrant as Specified in its Charter
DELAWARE 0-27314
State of Commission File Number 11-2994671
Incorporation or I.R.S. Employer
Organization Identification No.
11111 WILCREST GREEN
SUITE 250 77042
HOUSTON, TEXAS (Zip Code)
Address of Principal Executive
Offices
(713) 787-0100
Registrant's telephone number,
including area code
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
See Item 5.
ITEM 5. OTHER EVENTS.
On May 2, 2000, at a special meeting (the "Special Meeting") of the Board of
Directors of the Company, the Board of Directors adopted a plan of liquidation
and dissolution of the Company (the "Plan"). Adoption of the Plan is subject to
approval by an affirmative vote of a majority of the Company's common stock
entitled to vote at the annual meeting of the Company's stockholders, which is
currently anticipated to be held in late June 2000. A press release is attached
hereto and incorporated herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Exhibits. The following exhibits are filed as part of this
report:
99.1 Press Release, dated May 2, 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 hereunto duly authorized.
Dated: May 3, 2000
AMC FINANCIAL, INC.
By: /s/ D. RICHARD THOMPSON
D. Richard Thompson
Chief Executive Officer and President
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EXHIBIT 99.1 PRESS RELEASE DATED MAY 2, 2000.
PRESS RELEASE
Houston, Texas - AMC Financial, Inc. announced that on May 2, 2000, its Board of
Directors adopted a Plan of Liquidation and Dissolution, subject to shareholder
approval. On January 13, 2000, the company announced the selection of Peter J.
Solomon Company Limited to advise the company on strategic alternatives to
optimize shareholder value, which alternatives included re-entering the mortgage
loan origination business, investments, acquisitions, sale or merger of the
company to or with another entity, joint venture or liquidation. Management
immediately began working with the professionals at Peter J. Solomon Company to
provide them with information on the company.
The Board of Directors recently received the report of Peter J. Solomon Company,
which identified four possible strategic alternatives for the company; re-entry
into the mortgage loan origination and servicing business; sale of the company;
liquidation of assets and distribution of cash to shareholders upon dissolution
of the company; and maintenance of the current status of the company. Peter J.
Solomon Company recommended liquidation and dissolution of the company as the
strategy most likely to maximize shareholder value. After further consultation
with Peter J. Solomon Company about the data and assumptions underlying each
alternative, the Board of Directors resolved to pursue a strategy of liquidation
and dissolution. To that end, the Board of Directors adopted a Plan of
Liquidation and Dissolution, which will be presented to the shareholders of the
company for approval at an annual meeting of shareholders. At present, the
company anticipates calling the annual meeting of shareholders on a date in late
June 2000.
This report contains forward-looking statements that involve risks and
uncertainties. The company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of certain factors
including, but not limited to, implementing one or more of the company's
strategic alternatives, legal proceedings, adverse economic conditions,
competition and other risks detailed from time to time in the company's
Securities and Exchange Commission reports. The company undertakes no obligation
to release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
anticipated or unanticipated events.
AMC Financial, Inc., formerly known as Cityscape Financial Corp., is a
consumer finance company which, through its wholly-owned subsidiary Cityscape
Corp., is in the business of selling and holding in its portfolio mortgage
loans secured primarily by one-to four-family residences.
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