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 23, 1997
PILGRIM AMERICA CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-19799 86-067-679
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Two Renaissance Square
40 North Central Avenue - 12th Floor
Phoenix, Arizona 85004-4424
(Address of principal executives offices) (Zip Code)
(602) 417-8100
(Registrant's telephone number, including area code)
EXPRESS AMERICA HOLDINGS CORPORATION
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On May 23, 1997, Pilgrim America Capital Corporation ("Company")
announced that it had entered into a settlement agreement with the Federal
Deposit Insurance Corporation ("FDIC"), settling all claims in the FDIC's action
filed against the Company and other defendants on December 8, 1995, in the
United States District Court in Phoenix, Arizona. No charge to earnings will
result from the settlement.
The Company also announced that it had received a payment from its
Director and Officer liability insurance carrier to settle the Company's claims
for coverage relating to the FDIC action.
Item 7. Exhibits.
(c) Exhibits.
1. Copy of the Company's press release of May 23, 1997, regarding
settlement of litigation.
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.
PILGRIM AMERICA CAPITAL CORPORATION
(Registrant)
Date: June 6, 1997 By: /s/ James R. Reis
----------------------
James R. Reis
Vice Chairman
EXHIBIT
Pilgrim America Capital Corporation News
For Immediate Release
PILGRIM AMERICA CAPITAL CORPORATION ANNOUNCES
SETTLEMENT OF LITIGATION
Phoenix, AZ, May 23, 1997 -- (NASDAQ:PACC) Pilgrim America Capital
Corporation announced today that it has settled all claims in the civil action
filed in December 1995 by the Federal Deposit Insurance Corporation (FDIC) in
the United States District Court, District of Arizona, against the Company and
other defendants in which the FDIC asked for at least $20 million in actual
damages and $60 million in punitive damages. The settlement covers all FDIC
claims asserted against the Company and certain of its officers and directors.
The Company also announced that it settled with its Director and
Officer liability insurance carrier under the policy providing coverage for this
matter.
No charge to earnings will result from this settlement.
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Contact: James M. Hennessy
602/417-8115
