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) July 2, 1997
HOME HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware 0-19347 13-3584978
(State of (Commission file (I.R.S. Employer
Incorporation) number) Identification No.)
59 Maiden Lane, New York, New York 10038-4548
(Address or principal executive office) (Zip Code)
Registrant's telephone number including area code (212) 530-6600
Item 5. Other Events
On July 2, 1997, the Supreme Court of New York
County, New York, issued an Order and Judgment (and a
related Decision and Order) relating to The Home
Insurance Company v. Olympia & York Maiden Lane Company,
et al. (Index No. 603714/96), an action arising between
Plaintiff The Home Insurance Company ("Home Insurance")
and Defendant Olympia & York Maiden Lane Company
("O&YMLC"). Home Insurance is a New Hampshire-domiciled
property and casualty insurance company and the principal
subsidiary of the Registrant. O&YMLC is Home Insurance's
landlord at 59 Maiden Lane, New York, New York, the
commercial premises of which Home Insurance is the
primary tenant, and in connection with which the
litigation between Home Insurance and O&YMLC has arisen.
In its Order and Judgment, the Court extended
through July 7, 1997 a stay of entry and execution of
judgment against Home Insurance granted by Order, dated
December 30, 1996 (the "December 30 Order") for (i)
$18,995,262.33, an amount equaling all rental arrears due
and owing from June 1, 1996 to November 30, 1996; plus
(ii) $1,424,869.68, an amount equaling statutory interest
from September 1, 1996 through June 30, 1997.
The Court also ordered (i) O&YMLC to serve upon
Home Insurance a verified and itemized schedule of all
arrears of rent, additional rent and other charges due
and owing that were not included in the $18,995,262.33
amount listed above, and (ii) Home Insurance to deposit
with a temporary receiver the amount listed in such
verified and itemized schedule within ten (10) court days
after O&YMLC serves the schedule upon Home Insurance.
Under the terms of an Order of Supervision,
dated March 3, 1997, issued by the Commissioner of
Insurance (the "Commissioner") of the State of New
Hampshire and relating to Home Insurance, (i) Home
Insurance may not make any single payment to a claimant
in excess of $1,000,000 without the prior approval of the
Commissioner; and (ii) the Commissioner has final
authority to approve, disapprove or otherwise control
(including the power to direct) the settlement of any
dispute of any kind involving Home Insurance other than
in the ordinary course of business. On June 24, 1997, the
Commissioner issued an Order directing Home Insurance not
to pay any of the amounts listed above in response to a
request from Home Insurance for permission to pay such
amounts (which were awarded pursuant to a previously
disclosed June 13, 1997 Decision of the Court).
On July 7, 1997, Home Insurance filed an appeal
from certain orders, including the Order and Judgment,
with the Appellate Division, First Department, of the
Supreme Court of the State of New York. The Appellate
Division granted Home Insurance's application for an
interim stay of execution on the Judgment on July 7, 1997
pending a decision on Home Insurance's Motion for a Stay
of Enforcement of and Execution on the Judgment, which
will be submitted to the Appellate Division on July 14,
1997.
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.
HOME HOLDINGS INC.
Dated: July 9, 1997 By: /s/ Richard H. Hershman
---------------------------
Richard H. Hershman
(Principal Financial and
Accounting Officer through
the Services Agreement, dated
June 12, 1995, between Risk
Enterprise Management Limited,
a Delaware corporation, and
Home Insurance)
