UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): October 17, 2007
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FIRSTPLUS FINANCIAL GROUP, INC.
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(Exact Name of Registrant as specified in Charter)
Nevada 0-27750 75-2561085
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
122 W. John Carpenter Freeway, Suite 450, Irving, Texas 75039
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (972) 717-7969
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(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS.
On October 17, 2007, FIRSTPLUS Financial Group, Inc. (the "Company") held
its 2007 Annual Meeting of Stockholders (the "Meeting"). The following three
proposals were voted on at the meeting: (i) a proposal concerning the election
of five directors to the Company's Board of Directors, (ii) a proposal
concerning the ratification of the appointment of the Company's independent
auditors, and (iii) a stockholder proposal concerning the declaration of a
dividend by the Company, which was treated as a non-binding stockholder
recommendation because the declaration of dividends is a matter entirely within
the discretion of the Board of Directors under Nevada law.
On October 19, 2007, the Company issued a press release that sets forth
the vote tallies from the Meeting. The text of the press release is furnished as
Exhibit 99.1 hereto and incorporated herein by reference.
DESCRIPTION OF THE COMPANY'S BUSINESS
At the Meeting, certain shareholders requested that the Company provide
detailed information regarding the Company's business. Such a description,
incorporating information taken from the Company's website and that of its
subsidiaries, is set forth below.
The Company is a diversified company that provides commercial loan, auto
loan, facility restoration, facility care, and construction management services.
Toward this end, the Company has made several complementary acquisitions of
seasoned businesses that are designed to create value through synergy and
enterprise-level expertise.
The Company has three direct subsidiaries, Rutgers Investment Group, Inc.
("Rutgers") FirstPlus Financial, Inc. and FirstPlus Enterprises, Inc. In turn,
FirstPlus Enterprises, Inc. has four of its own direct subsidiaries, Ole Auto
Group, Inc. ("Ole"), FirstPlus Restoration Co., LLC ("FirstPlus Restoration"),
FirstPlus Development Company ("FirstPlus Development"), and FirstPlus Facility
Services Co., LLC ("FirstPlus Facility"). The operational aspects of certain of
these subsidiaries are set forth below.
RUTGERS
Rutgers operates chiefly in the commercial loan sector by providing
financial advisory services and capital for small and middle market companies,
i.e., those with annual sales over $500,000. In this regard, Rutgers offers
various business funding programs with lines of credit between $50,000 and $25
million. These programs include loans (term, bridge, real estate, line of
credit), financing (equipment, machinery, purchase order, accounts receivable),
sale-leaseback of existing machinery, new leases, merger and leveraged buyout.
In marketing these financial solutions, Rutgers focuses on businesses that are
less attractive to conventional banking institutions, as well as those in the
medical and construction industries. Rutgers accepts a variety of collateral as
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consideration, including commercial accounts receivable, machinery and
equipment, inventory, real estate, and liquid securities. Once Rutgers receives
a completed client financial package, it generally can process loan approval
within seven to 14 business days.
FIRSTPLUS ENTERPRISES
FirstPlus Enterprises seeks to acquire established companies as well as
newer, developing companies in need of resources and direction to realize their
business goals. Our personnel are skilled in the areas of operations and
finance, disciplines vital to the success of acquisitions.
OLE
Ole is active in the buy here-pay here segment of the used automobile
market, which accommodates customers with limited or damaged credit histories.
Ole directly finances the sales of used automobiles and, due to the subprime
status of its borrowers, is able to charge above-market interest rates.
Currently, Ole owns three used car dealerships in Texas. In the future, Ole will
seek to acquire other lots in major metropolitan Texas markets. Ole also plans
to open a reconditioning center in the fourth quarter of 2007 to support its
existing dealerships.
FIRSTPLUS RESTORATION
FirstPlus Restoration is a national provider of restorative services for
commercial, industrial and residential facilities that have been severely
damaged as a result of unlawful activity or natural disaster, e.g., fire, flood,
hurricane or wind damage. Services include mold remediation and prevention,
emergency board-up, structural drying, water extraction, content inventory, pack
out and storage, and smoke and soot cleaning.
Before restoration and prior to removing damaged interior materials,
FirstPlus Restoration contracts with insurance companies. In addition, through
its toll-free telephone number, FirstPlus Restoration provides customer service
24 hours a day, seven days a week.
FirstPlus Restoration uses several technologies in its restoration
services. Infrared camera technology detects water leakage as well as post-
flood and fire damage; infrared thermographic inspection provides a non-invasive
means of monitoring and diagnosing building conditions; and Cold Jet dry ice
blasting technology allows for non-abrasive surface cleaning.
FIRSTPLUS FACILITY
FirstPlus Facility is a national facility care provider for industrial,
commercial and residential facilities that occupy both interior and exterior
environments. Restorative services include general cleaning (from heavy-duty to
detail cleaning), floor care, construction clean-up, transitional store
cleaning, commercial kitchen cleaning and light bulb replacement. Specific to
residential properties, FirstPlus Facility provides post-residential clean-up
and move-in/move-out cleaning services. FirstPlus Facility also provides
clean-up services required because of fire, flood or national disaster. Similar
to FirstPlus Restoration, FirstPlus Facility offers 24 hour a day, seven day a
week customer service through its toll-free telephone number.
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FIRSTPLUS DEVELOPMENT
FirstPlus Development offers the following real estate development
services: general contracting, construction management, project design and
build, and renewal and renovation. Specific project specialties include
townhouse, mid rise and high rise, custom home, and planned unit development.
Additionally, FirstPlus Development handles fire restoration, extensions of
existing buildings, roof raising and interior alteration. The
commercial/industrial development division provides these services to catering
halls, restaurants, retail stores, warehouses and other commercial operations.
FirstPlus Development personnel have recently led several multimillion dollar
construction projects, including a $65 million townhouse development, a $1.5
million warehouse complex and a $60 million residential high rise.
Moving forward, the Company seeks to expand by growing the profitability
of currently held subsidiaries and researching potential acquisitions that fit
its current business model. Specifically, the Company's mergers and acquisitions
team looks for companies in need of rehabilitation, those in niche markets and
companies that provide consulting services for businesses seeking equity
investments.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit No. Exhibits
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99.1 Press release of FIRSTPLUS Financial Group, Inc.
dated October 19, 2007.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
October 19, 2007
FIRSTPLUS FINANCIAL GROUP, INC.
By: /s/ John Maxwell
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Name: John Maxwell
Title: President and Chief Executive Officer
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