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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): January 24, 2003
MID-POWER SERVICE CORPORATION
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(Exact name of registrant as specified in its charter)
Nevada 2-85602-D 87-0398403
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
3800 Howard Hughes Parkway
Suite 860A
Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
(702) 214-3615
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(Registrant's telephone number, including area code)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
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On January 24, 2003, Mid-Power Service Corporation and a wholly owned
subsidiary, Mid-Power Resource Corporation, filed petitions in the United States
Bankruptcy Court for the District of Nevada in Las Vegas seeking protection
under Chapter 11 of the Bankruptcy Code.
These Chapter 11 petitions were filed following the termination of
settlement negotiations with Edward Mike Davis and prior to expiration of the
temporary restraining order and the hearing on Mid-Power's motion for a
preliminary injunction in the pending action initiated by Mid-Power against
Edward Mike Davis, Mid-Power Service Corporation, et al. v. Edward Mike Davis,
et al., in Clark County, Nevada District Court. This state court action,
initiated by Mid-Power in December 2002, included causes of action for fraud,
breach of warranty, and conversion associated with Mid-Power's acquisition of
the Clear Creek, Utah property and additional claims related to Colorado and
Wyoming oil and gas ventures with Mr. Davis. Mr. Davis has also filed lawsuits
in Colorado and Wyoming against Mid-Power respecting those ventures. The filing
of the Chapter 11 petitions automatically stays further proceedings in the
pending Nevada, Colorado and Wyoming lawsuits.
Mr. Davis is Mid-Power's single largest unsecured creditor as a result
of the issuance to him of a $10.0 million promissory note as partial
consideration for the acquisition of the Clear Creek, Utah property in June
2002. Mr. Davis also owns approximately 61.2% of Mid-Power's outstanding common
stock, which he also received in the Clear Creek acquisition. Mid-Power's second
largest unsecured creditor is SCRS Investors, which is principally owned by
James W. Scott, Mid-Power's president, chief executive officer and a director.
Mid-Power will continue to manage and operate its properties and
business as a debtor-in-possession under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the Bankruptcy Code.
As part of the Chapter 11 proceeding, Mid-Power expects to file a plan of
reorganization for consideration by its creditors and approval by the court.
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SIGNATURES
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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.
MID-POWER SERVICE CORPORATION
Dated: January 24, 2003 By: /s/ James W. Scott
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James W. Scott, President