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) February 10, 2000
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AMPEX CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-20292 13-3667696
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(State or Other (Commission) (I.R.S. Employer
Jurisdiction of File Number) Identification
Incorporation) No.)
500 Broadway, Redwood City, CA 94063-3199
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (415) 367-2011
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(Former name or former address, if changed since last report.)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
On February 1, 2000, the Registrant and its wholly-owned subsidiary,
iNextv Corporation ("iNextv") commenced a civil action against Information Super
Station L.L.C. ("ISS"), its subsidiary Executive Branch Webcasting Corporation
("EBWC") and certain individuals (collectively, the "Defendants") in the United
States District Court for the Southern District of New York. The complaint
alleges that the Defendants violated the Securities Act of 1934, and the rules
thereunder, breached their contract with the Registrant and iNextv and engaged
in tortious conduct in connection with an investment made by the Registrant in
EBWC. The complaint seeks compensatory and punitive damages and other relief
from the Defendants.
The litigation relates to an agreement entered into in July, 1999,
between the Registrant and the Defendants, with respect to the funding and
development of an Internet website, known as EXBTV.com, focusing primarily on
the webcasting of Federal government executive agency proceedings. In the fourth
quarter of 1999, for the reasons specified in the complaint, the Registrant
concluded that ISS was not fulfilling its obligations under the agreement and
determined to fund, develop and manage the EXBTV.com site independently.
Accordingly, prior to filing the complaint, the Registrant informed ISS that the
Registrant had elected not to exercise its options under the agreement to
acquire a controlling interest in EBWC and notified EBWC that the Registrant had
revoked a non-exclusive license previously granted to EBWC to use the EXBTV.com
Internet domain name. The Registrant has been operating the EXBTV.com site
independently since that time.
The Registrant has been informed by counsel to ISS that ISS and EBWC
intend to amend a previously filed but not served civil complaint in the
Superior Court of the District of Columbia against the Registrant and iNEXTV,
relating to the EBWC agreement. The original ISS complaint seeks compensatory
and punitive damages and injunctive relief. At the date of this Report, the
Registrant has not been served with the original complaint or an amended
complaint.
Management of the Registrant believes that ISS has defaulted in its
obligations under the agreement, made material misrepresentations and engaged in
fraudulent misconduct in connection with the EBWC agreement. Although no
assurance can be given as to the ultimate outcome of any litigation, management
of the Registrant believes that this litigation will not interfere with the
continued development of the EXBTV.com site or have a material effect on the
Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be on its behalf by the
undersigned hereunto duly authorized.
AMPEX CORPORATION
Date: February 10, 2000 By: /s/ Craig L. McKibben
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Craig L. McKibben
Vice President, Chief
Financial Officer and Treasurer
