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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): August 23, 1996
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AMERICAN SPORTS HISTORY INCORPORATED
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(Exact name of registrant as specified in its charter)
NEVADA 33-55254-46 87-0485307
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification
of incorporation) Number)
18-I Heritage Drive, Chatham, New Jersey 07928
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(Address of principal executive offices) (Zip Code)
(201) 635-0665
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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)
Total sequentially numbered pages in this document: 3.
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ITEM 5. OTHER EVENTS
On June 30, 1996, a Default Judgment was entered against Infinet, Inc.
("Infinet"), a wholly-owned subsidiary of the Registrant, and against Vincent
M. Nerlino, the Registrant's President/Director and principal shareholder.
Mr. Nerlino has filed a Motion to Set Aside the Entry of Default (the
"Motion") and Infinet plans to file a similar motion on or before August 28,
1996. Mr. Nerlino has filed briefs on his Motion and is currently awaiting
the setting of a date for a hearing on such Motion.
The entry of the Default Judgment is the result of a Cross-Complaint filed
by William Brin, former President of Fans Publishing, Inc. ("Fans"), against
Infinet and Vincent M. Nerlino, a former Vice-President and shareholder of
Fans, in Superior Court of Arizona, Maricopa County, Case No. CV 95-18275.
The Cross-Complaint seeks indemnification should any award be obtained in
the underlying suit (the "Complaint") together with punitive and compensatory
damages according to proof and attorneys' fees.
The Complaint was filed by Dr. Craig B. Pearson against Mr. Nerlino and
Mr. Brin and others alleging, among other things, a fraudulent sale of
securities, breach of contract, fraud and breach of fiduciary duties.
Dr. Pearson is seeking, among other things, actual damages of $600,000,
punitive damages, and attorneys' fees.
The court proceeding is in an early stage and no discovery procedures have
begun. Both the Registrant and Mr. Nerlino deny any wrongdoing and intend
to vigorously defend these actions. However, there is no assurance that the
Registrant and/or Mr. Nerlino will be successful in their respective
defenses. The Registrant is a development stage company with minimal
resources so that any substantial settlement or verdict in favor of the
Plaintiff would have a material adverse effect upon the Registrant.
On August 2, 1996, the Registrant was notified by attorneys for Robert
Wheeler ("Wheeler") that a complaint would be filed in the Superior Court of
the State of Arizona in and for the County of Maricopa, unless Wheeler's
$200,000 investment in the Registrant, plus interests and costs, is not
immediately returned. Wheeler is demanding rescission of his investment based
upon an allegation that the Registrant failed to timely register Wheeler's
stock of the Registrant with the Securities and Exchange Commission.
Settlement negotiations are currently being held between the Registrant and
Wheeler. However, there is no assurance that this matter will be satisfactorily
resolved without a lawsuit being filed. Although the Registrant denies any
wrongdoing and, if a lawsuit is filed, it will vigorously defend against it,
there is no assurance that the Registrant will be successful in its defense.
A verdict against the Registrant, if a lawsuit is filed in this matter, would
have a material adverse effect upon the Registrant.
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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 hereunto duly authorized.
American Sports History Incorporated
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(Registrant)
By: /s/ Vincent M. Nerlino
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Vincent M. Nerlino
President
Date: August 23, 1996
