UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 19, 2002
THE MORGAN GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-13586 22-2902315
(Commission File Number) (IRS Employer Identification No.)
2746 Old U.S. 20 West, Elkhart, Indiana 46514-1168
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
574-295-2200
ITEM 2. Acquisition or Disposition of Assets
In August 2002, The Morgan Group, Inc. (the "Company" or "Morgan"), a
Delaware corporation, decided to exit the business of providing transportation
services to the manufactured housing industry. On August 14, 2002 the Company
sold the manufactured housing transportation division of the Company to Bennett
Truck Transport, L.L.C. ("Bennett"), a privately held company headquartered in
McDonough, Georgia.
The decision to sell the manufactured housing division to Bennett was
approved by the Company's Board of Directors on August 14, 2002.
The assets included in the sale include substantially all personal property
at the Company's manufactured housing terminals. The sale excludes real
property, computer and copier equipment, and personal property at the Company's
headquarters in Elkhart, Indiana. The assets sold also include customer lists,
driver files, and certain specific vehicles and vehicle finance contracts.
In addition, this transaction resulted in the settlement of certain
litigation originally brought by Morgan against Bennett and certain former
Morgan employees.
Bennett is to pay the Company the sum of $1,050,000 in installments ranging
from the closing date to approximately 75 days subsequent to closing. The sale
price was determined by negotiations between the Company and Bennett.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not Applicable
(b) Proforma Financial Information --
To be filed by amendment pursuant to Form 8-K, Item 7(b)(2).
(c) Exhibits.
2.1 Letter Agreement dated August 14, 2002 to Purchase Assets of the
Manufactured Housing Transportation Division of Morgan Drive Away,
Inc.
SIGNATURE
Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this current report to be signed on its behalf by the
undersigned hereunto duly authorized.
The Morgan Group, Inc.
/s/ Gary J. Klusman
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Date: August 19, 2002 Gary J. Klusman
Chief Financial Officer