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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section l3 or l5(d) of the
Securities Exchange Act of l934
Date of Report (Date of earliest event reported) July 8, 1998
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SLM INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 34-0-19596 13-36-32297
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(State of other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) Identification No.)
C/O MASKA U.S., INC.
139 HARVEST LANE, P.O. BOX 1200, WILLISTON, VT 05495
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(Address of principal executive offices) (Zip Code)
(802) 872-4226
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
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<PAGE>
Item 5. Other Events.
SLM International, Inc. announced today that Maska U.S., Inc. ("Maska"),
its wholly-owned subsidiary, had obtained a favorable jury verdict in a case
that Maska brought against several insurance companies to recover environmental
expenses and damages. Maska, a leading manufacturer of hockey equipment and
apparel bearing the CCM trademark, incurred substantial expenditures to
investigate and clean up environmental contamination at and around its Bradford,
Vermont manufacturing facility and to defend and settle claims brought by
neighboring landowners.
After a trial in the federal district court in Brattleboro, Vermont, the
jury rendered a verdict in Maska's favor of $9,151,067.12 against three of its
liability insurers--Zurich Insurance Company, United States Fire Insurance
Company and Reliance Insurance Company. The jury verdict compensated Maska for
its costs to defend itself against the claims, and to clean up the soil and
groundwater around its property. In addition, Maska reached substantial
settlements with its other insurers prior to trail, namely American Home
Assurance Company, New Hampshire Insurance Company and CIGNA Insurance Company.
The trial in this case follows on the heels of several noteworthy decisions
on legal issues in this case. On December 2, 1996, the U.S. District Court for
the District of Vermont decided that the pollution exclusions contained in
Maska's insurance policies were unenforceable under the laws and public policy
of the State of Vermont.
Relying on the fact that the Vermont Department of Banking and Insurance
generally disapproves insurance policies containing pollution exclusions, the
court found that Vermont made a public policy choice to hold insurers liable for
environmental claims to facilitate cleanup of environmental contamination on
private land and benefit Vermont's overall environment. Accordingly, the court
refused to enforce the pollution exclusions in Maska's insurance policies.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
1. Press Release, dated July 29, 1998.
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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 thereunto duly authorized.
SLM INTERNATIONAL, INC.
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(Registrant)
/s/ RUSSELL J. DAVID
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Russell J. David (Signature)
Senior Vice President, Finance
Date: July 29, 1998
Exhibit 1
[Letterhead DOREMUS NEWSROOM]
200 Varick Street, New York, NY 10014
T:212.366.3100 F:212.366.3105
Contact: Gerald B. Wasserman
Chief Financial Officer
SLM International, Inc.
514-932-1118
MONTREAL, Canada, July 29--SLM International, Inc. announced today that
Maska U.S., Inc. ("Maska"), its wholly-owned subsidiary, had obtained a
favorable jury verdict in a case that Maska brought against several insurance
companies to recover environmental expenses and damages. Maska, a leading
manufacturer of hockey equipment and apparel bearing the CCM trademark, incurred
substantial expenditures to investigate and clean up environmental contamination
at and around its Bradford, Vt. manufacturing facility and to defend and settle
claims brought by neighboring landowners.
After a trail in the federal district court in Brattleboro, Vt., the jury
rendered a verdict in Maska's favor of $9,151,067.12 against three of its
liability insurers. Zurich Insurance Company, United States Fire Insurance
Company and Reliance Insurance Company. The jury verdict compensated Maska for
its costs to defend itself against the claims, and to clean up the soil and
groundwater around its property. In additional, Maska reached substantial
settlements with its other insurers prior to trial, namely American Home
Assurance Company, New Hampshire Insurance Company and CIGNA Insurance Company.
The trial in this case follows on the heels of several noteworthy decisions
on legal issues in this case. On December 2, 1996, the U.S. District Court for
the District of Vermont decided that the pollution exclusions contained in
Maska's insurance policies were unenforceable under the laws and public policy
of the State of Vermont.
<PAGE>
Relying on the fact that the Vermont Department of Banking and Insurance
generally disapproves insurance policies containing pollution exclusions, the
court found that Vermont made a public policy choice to hold insurers liable for
environmental claims to facilitate cleanup of environmental contamination on
private land and benefit Vermont's overall environment. Accordingly, the court
refused to enforce the pollution exclusions in Maska's insurance policies.
SLM International, Inc. and its subsidiaries design, develop, manufacture
and market a wide range of ice and roller hockey products, marketed under the
CCM brand name, and licensed sports apparel under the CCM and #1 Apparel brand
names.
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July 29, 1998
