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 12, 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 (Commission (IRS Employer
Jurisdiction 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 12, 2007, FIRSTPLUS Financial Group, Inc. (the "Company") filed
an original complaint for injunctive and declaratory relief (the "Federal
Complaint") against Robert D. Davis, John Hughey, Rolland Keller, George T.
Davis, Terrance Allan and John Does 1-20 (the "Federal Defendants") in the
United States District Court for the Southern District of Texas. In the Federal
Complaint, the Company alleges that Mr. Robert Davis and certain other Federal
Defendants (i) have failed to make disclosures required by rules and regulations
of the Securities and Exchange Commission despite controlling in excess of 5% of
the Company's Common Stock, and (ii) have engaged in an unlawful proxy
solicitation to influence the outcome of the voting at the Company's 2007 annual
meeting of stockholders held on October 17, 2007. The Company seeks injunctive
relief against the Federal Defendants for violations of Sections 13(d) and 14(a)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the
rules and regulations promulgated thereunder, and relief in the form of a
declaration that the Federal Defendants are a "group" for the purposes of
Section 13(d) of the Exchange Act and that as such, are required to comply with
applicable statutory and regulatory requirements.
On October 15, 2007, the Company filed an original petition for
declaratory relief (the "State Complaint") against Robert D. Davis, George T.
Davis, Terrance Allan, John Hughey, Rolland Keller, and John Does 1-100 (the
"State Defendants") in the District Court of Cameron County, Texas, 357th
Judicial District (the "State Court"). In the State Complaint, the Company seeks
a declaration as to the respective rights of the parties vis-a-vis the FirstPlus
Financial Group, Inc. Grantor Residual Trust (the "Grantor Trust"), including,
that as sole settlor and sole beneficiary, the Company has the right to dissolve
the Grantor Trust. The Company also seeks damages in an unspecified amount,
attorneys' fees and costs. On October 29, 2007, the State Court granted a
temporary injunction against the State Defendants (the "Temporary Injunction").
The Temporary Injunction restrains and enjoins the State Defendants from filing
any other suit in any forum seeking a declaration or determination of any issues
currently pending in the State Court or in the case commenced by the State
Complaint involving the Company and from filing or prosecuting any cause of
action that involves the Grantor Trust or issues ancillary to the Grantor Trust
or the interpretation thereof with respect to issues of payment to or from the
Grantor Trust.
SIGNATURE
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 30, 2007
FIRSTPLUS FINANCIAL GROUP, INC.
By: /s/ John Maxwell
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Name: John Maxwell
Title: President and Chief Executive Officer
