SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
ON FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report : April 2, 1997
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(Date of earliest event reported) : March 18, 1997
MANAGEMENT TECHNOLOGIES, INC.
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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)
0-17206 13-3029797
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Commission File No. I.R.S. Employer
Identification
630 Third Avenue, New York, NY 10017
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Address of principal executive offices Zip Code
(212) 983 5620
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Registrant's telephone number,
including area code
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
By order dated March 19, 1997, the High Court of Justice, Chancery
Division, Companies Court in London, England, (the "High Court") ordered that
the following three wholly owned subsidiaries of the Company, MTi Trading
Systems, Winter Partners Limited and MTi Holding (UK) Limited (collectively, the
"UK Subsidiaries"), be managed by joint administrators pursuant to the
provisions of Section 8 of the English Insolvency Act 1986. The High Court
appointed Mr. Malcolm Cohen and Anthony Peter Supperstone of BDO Stoy Hayward as
joint administrators. The stated purposes of the High Court orders are (i) the
survival of the UK Subsidiaries, and the whole or part of their undertaking, as
a going concern, (ii) the approval of a voluntary arrangement under part I of
the English Insolvency Act 1986, and (iii) a more advantageous realisation of
the UK Subsidiaries' assets than would be effected on a winding up.
ITEM 5 OTHER EVENTS
The Company extended the expiration of its Class C Warrants to April 28,
1997 at 5:30 PM Eastern Standard Time. The original expiration date was
February 26, 1997 and was previously extended to March 31, 1997.
On March 18, 1997, the Supreme Court of the State of New York issued a
temporary restraining order prohibiting Mr. Peter Morris and Mr. John Ridley
from entering the Company's premises, from dealing in any of the Company's
assets or properties, and from taking any action or doing anything in the name
or on behalf of the Company. Messrs. Morris and Ridley are directors of the
Company. They have challenged the temporary restraining order and removed the
matter to the Federal Court in the Southern District of New York where it is
scheduled for hearing on May 22nd, 1997.
As a result of such events involving the Company's management and certain
directors, the Company has not yet been able to file its quarterly report on
Form 10-QSB for the quarter ended January 31, 1997.
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 authorised.
MANAGEMENT TECHNOLOGIES, INC.
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(Registrant)
/s/ Michael Edison
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Michael Edison
President & Chief Executive Officer
Dated: New York, New York
April 2, 1997