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) December 29, 1994
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ALLEGHANY CORPORATION
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(Exact name of registrant as specified in charter)
Delaware 1-9371 51-0283071
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Park Avenue Plaza, New York, New York 10055
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number
including area code: 212-752-1356
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
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As disclosed in Registrant's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1994, on
October 31, 1994, Registrant completed the sale of its
consumer banking subsidiary, Sacramento Savings Bank
("Sacramento Savings"), and an ancillary company to First
Interstate Bank of California for a cash purchase price of
$331 million. As part of the transaction, Registrant,
through Alleghany Properties, Inc., a wholly owned
subsidiary, purchased real estate and real estate-related
assets of Sacramento Savings for a purchase price of about
$116 million. In addition to the credit recognized in the
quarter ended June 30, 1994, Registrant disclosed that it
expects a further addition to 1994 earnings (net of
transaction-related expenses and taxes and provisions related
to the retained assets) of about $50 million. Based on
Registrant's liquidation plan and anticipated higher carrying
costs for the real estate and real estate-related assets,
Registrant expects to realize less than $116 million.
Accordingly, and in recognition that no general loss reserves
of Sacramento Savings were transferred, Registrant reduced
the carrying value of such assets by about $20 million, net
of related tax benefits. The reduction to estimated net
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realizable value has been considered in arriving at the
estimated $50 million additional 1994 earnings. Registrant's
intention with respect to such real estate and real estate-
related assets, the bulk of which is raw land, is to dispose
of them in an orderly fashion, which may take several years.
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Signatures
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Pursuant to the requirements of the Securities Exchange
Act of 1934, Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
ALLEGHANY CORPORATION
By /s/ Peter R. Sismondo
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Peter R. Sismondo
Vice President, Controller
and Assistant Secretary
December 29, 1994
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