<PAGE>
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) June 25, 1996 (June 24, 1996)
RIDDELL SPORTS INC.
--------------------
(Exact name of registrant as specified in its charter)
DELAWARE 0-19298 22-2890400
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
900 Third Avenue, 27th Floor, New York, New York 10022
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 826-4300
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
1. On June 24, 1996 the bankruptcy trustee of MacGregor Sporting Goods,
Inc. (now known as M. Holdings Inc.) ( MAC I ) and MGS Acquisition
Inc. withdrew their motion to approve a agreement previously entered
into by the Company to settle two fraudulent transfer suits in which
the Company and certain others were named defendants. The trustees
withdrawal was made in light of the Creditors Committee recent
submission of a Plan of Reorganization of MAC I; the plan is subject to
acceptance by creditors and court approval. This Plan was submitted in
opposition to the settlement agreement.
The Company does not anticipate an adjustment to the $1.9 million
reserve previously established for these actions due to this event, but
there can be no assurances that the matter will ultimately be resolved
at an amount within the reserve.
The Company remains confident that the fraudulent transfer cases are
without merit, and intends to vigorously defend against them.
b) Exhibits
Exhibit Index:
Description of Exhibits
-----------------------
99 Press Release dated June 24, 1996,
concerning withdrawal of trustees
motion to approve settlement of
fraudulent transfer cases
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.
RIDDELL SPORTS INC.
Dated: June 25, 1996
By : /s/LISA J. MARRONI
------------------
Lisa J. Marroni
Vice President
<PAGE>
Exhibit 99
RIDDELL SPORTS INC.
- --------------------------------------------------------------------------
900 THIRD AVENUE/27TH FLOOR, NEW YORK, NEW YORK 10022 (212) 826-4300
FAX: (212) 826-5006
Contact: Lisa Marroni
RIDDELL SPORTS INC. REMAINS CONFIDENT FRAUDULENT TRANSFER CASES ARE
WITHOUT MERIT DESPITE TRUSTEE S WITHDRAWAL OF SETTLEMENT
New York, N.Y., June 24,1996 -- Riddell Sports Inc. (NASDAQ: RIDL)
today announced that the bankruptcy trustees of MacGregor Sporting Goods,
Inc. (now known as M Holdings Inc.) ( MAC I ) and MGS Acquisition, Inc.
withdrew their motion to approve the previously-announced settlement of the
two fraudulent transfer suits in which Riddell and certain others were
named defendants. The trustees withdrawal was made after the Creditors
Committee proposed a Plan of Reorganization of MAC I. This plan was
recently proposed in opposition to the settlement entered into by the
court-appointed trustees and Riddell, and seeks to replace the trustees and
continue the fraudulent transfer litigations.
The proposed Creditors Committee Plan is subject to acceptance by the
creditors and court approval. The Company does not anticipate that an
adjustment to the reserve previously established for these actions will be
made due to this event, but cautions that there can be no assurance that
the matters will ultimately be resolved at an amount within the reserve.
The Company entered into the settlement as an alternative to the
expense of litigation, and while disappointed that the settlement will not
be submitted by the trustees for court approval, the Company remains
confident that the fraudulent transfer cases are without merit and intends
to vigorously defend against them.
Riddell Sports Inc. is the world's leading manufacturer of football
equipment. The Company sells sporting goods products (including mini- and
full-size helmets made for display purposes for collectors), shoulder pads
and other sports protective equipment under the Riddell and ProEdge brands
and provides reconditioning services under the Riddell/All-American name.
The Company also licenses the Riddell and MacGregor trademarks for use on
athletic footwear, leisure apparel and sports equipment.
# # #
