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 Event: February 4, 1997
Date of Report: February 5, 1997
PLM INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
1-9670 94-3041257
(Commission File Number) (I.R.S. Employer Identification No.)
One Market
Steuart Street Tower, Suite 800
San Francisco, California 94105-1301
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 974-1399
ITEM 5. Other Events.
PLM International, Inc. (the "Company") announced that it has received a copy of
a class action complaint filed in the Circuit Court of Mobile, Alabama. A copy
of the press release announcing this complaint is attached as an exhibit to this
form.
Attachments:
Exhibit 1: Press release, dated February 4, 1997
EXHIBIT 1
Contact: Janet Turner
Vice President, Investor Relations
415-905-7214
PLM INTERNATIONAL NAMED IN COMPLAINT
FOR IMMEDIATE RELEASE
San Francisco, California, February 4, 1997 --- San Francisco-based PLM
International, Inc. (ASE:PLM) today announced that it has received a copy of a
class action complaint filed in the Circuit Court of Mobile, Alabama. The
complaint names PLM International, Inc. ("PLMI" or the "Company"), PLM Financial
Services, Inc. ("FSI"), PLM Investment Management, Inc. ("IMI"), PLM
Transportation Equipment Corporation ("TEC"), and PLM Securities Corp. ("PLM
Securities," and, collectively with all other defendants, the "PLM Entities"),
as defendants. The PLM Entities have not yet been formally served with the
complaint, however, while the Company is currently reviewing the substance of
the allegations, it believes the allegations to be completely without merit and
intends to defends this matter vigorously.
The plaintiffs, who filed the complaint on their own behalf and on behalf of all
class members similarly situated, are six individuals who allegedly invested in
certain California limited partnerships (the "Partnerships") sponsored by PLM
Securities, for which FSI acts as the general partner, including PLM Equipment
Growth Fund IV, PLM Equipment Growth Fund V, PLM Equipment Growth Fund VI, and
PLM Equipment Growth & Income Fund VII.
The complaint purports eight causes of action against all defendants as follows:
fraud and deceit, suppression, negligent misrepresentation and suppression,
intentional breach of fiduciary duty, negligent breach of fiduciary duty, unjust
enrichment, conversion, and conspiracy. Additionally, plaintiffs allege a cause
of action for breach of third party beneficiary contracts against and in
violation of the NASD rules of fair practice by PLM Securities alone.
Plaintiffs allege that each defendant owed plaintiffs and the class certain
duties due to their status as fiduciaries, financial advisors, agents, general
partner, and control persons. Based on these duties, plaintiffs assert liability
against the PLM Entities for improper sales and marketing practices,
mismanagement of the Partnerships, and concealing such mismanagement from
investors in the Partnerships. Plaintiffs seek unspecified compensatory and
rescissory damages, as well as punitive damages, and have offered to tender
their limited partnership units back to the defendants.
PLM International is a diversified equipment leasing company providing services
to transportation, industrial, and commercial companies. With a combined owned
and managed portfolio of $1.3 billion in equipment, PLM International operates
one of the twenty-five largest asset leasing pools in the United States today.
The Company specializes in creating equipment leasing solutions for domestic and
international customers.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed in its behalf by the
undersigned hereunto duly authorized.
PLM INTERNATIONAL, INC.
(Registrant)
DATE: February 5, 1997 By:/s/ J. Michael Allgood
------------------------------
J. Michael Allgood
Vice President and
Chief Financial Officer