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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): November 4, 1997
LEUCADIA NATIONAL CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
NEW YORK
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(State or Other Jurisdiction of Incorporation)
1-5721 13-2615557
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(Commission File Number) (I.R.S. Employer Identification No.)
315 PARK AVENUE SOUTH, NEW YORK, N.Y. 10010
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(Address of Principal Executive Offices) (Zip Code)
(212) 460-1900
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
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The information set forth in the press release issued
by Leucadia National Corporation, attached hereto as Exhibit
99.1, is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Statements
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and Exhibits
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(c) Exhibits
99.1 Press release of Leucadia National Corporation dated
November 4, 1997.
2
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SIGNATURE
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.
LEUCADIA NATIONAL CORPORATION
By: /s/ Joseph A. Orlando
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Joseph A. Orlando
Vice President and
Chief Financial Officer
Date: November 4, 1997
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EXHIBIT INDEX
Item No.
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99.1 Press release of Leucadia National Corporation dated
November 4, 1997.
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EXHIBIT 99.1
LEUCADIA NATIONAL CORPORATION
315 PARK AVENUE SOUTH
NEW YORK, NEW YORK 10010
212-460-1900
PRESS RELEASE
FOR IMMEDIATE RELEASE
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November 4, 1997
Contact: L. Ulbrandt
212-460-1900
LEUCADIA NATIONAL CORPORATION
COMPLETES SALE OF COLONIAL PENN
P&C GROUP TO GENERAL ELECTRIC
CAPITAL CORPORATION AND ANNOUNCES CASH DIVIDEND
New York, New York ... Leucadia National Corporation (NYSE and PSE: "LUK") today
announced the completion of the sale of the property and casualty insurance
business of the Colonial Penn P&C Group to General Electric Capital Corporation
for $950 million, plus additional consideration and a closing date dividend
aggregating $68 million, for a total of $1.02 billion in cash.
The Colonial Penn P&C Group consists of Colonial Penn Insurance Company,
Colonial Penn Madison Insurance Company, Colonial Penn Franklin Insurance
Company, Bayside Casualty Insurance Company and Bay Colony Insurance Company.
The Group's primary business is providing private passenger automobile insurance
to the mature adult population through direct response marketing.
Leucadia National expects to report a pre-tax gain of approximately $600 million
(including the Colonial Penn P&C Group's 1997 operating results). The Colonial
Penn P&C Group will be classified as discontinued operations in the Company's
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November 4, 1997
Page 2
financial statements for the quarter ended September 30, 1997. For calendar year
1996, the Colonial Penn P&C Group had revenues of approximately $596 million and
pre-tax earnings of approximately $73 million.
The Company's remaining insurance operations consist of personal and commercial
property and casualty insurance coverage conducted through the Empire Group and
the variable annuity business conducted through Charter National Life Insurance
Company and
Intramerica Life Insurance Company.
In addition, Leucadia National announced today that its Board of Directors has
declared a cash dividend equal to $.25 per Leucadia common share payable on
December 31, 1997 to record holders of Leucadia common shares on December 5,
1997.
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