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): SEPTEMBER 30, 2002
SCIENT, INC.
(EXACT NAME OF REGISTRANT SPECIFIED IN CHARTER)
DELAWARE 333-68402 58-2643480
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(STATE OF INCORPORATION) (COMMISSION FILE NUMBER) (IRS EMPLOYER
IDENTIFICATION NO.)
79 FIFTH AVENUE
NEW YORK, NEW YORK 10003
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(212) 500-4900
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(REGISTRANT'S TELEPHONE NUMBER)
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ITEM 2. Acquisition or Disposition of Assets.
On September 30, 2002, in connection with the voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of New York, Case Nos.
02-13455 through 02-13458 (AJG), as filed by Scient, Inc. and certain of its
subsidiaries (collectively "Scient"), the sale of substantially all of Scient's
assets to SBI and Company and SBI Scient, Inc. (collectively "SBI") was
consummated. These assets were sold for an aggregate purchase price of
$15,195,169, of which amount $13,433,655.63 was applied to the payment of
secured debt owing by Scient. The sale was made pursuant to the bankruptcy
court's order approving the sale issued on September 13, 2002.
Despite the receipt by Scient of cash proceeds in connection with this
sale, it is anticipated that Scient's common stock will have no value.
ITEM 7. Exhibits.
(c) Exhibits:
2.1 Asset Purchase Agreement dated as of July 14, 2002 by and between
Scient, Inc., a Delaware corporation ("Scient"), iXL Enterprises,
Inc., a Delaware corporation and a wholly owned subsidiary of Scient
("IXLE"), Scient Enterprises, Inc., a Delaware corporation and a
wholly owned subsidiary of Scient ("SEI"), iXL, Inc., a Delaware
corporation and a wholly owned subsidiary of IXLE ("IXLI" and
collectively with Scient, IXLE, and SEI the "Sellers" and each
individually a "Seller"), and SBI and Company, a Utah corporation
("SBI"), and SBI Scient Inc., a Utah corporation and a wholly owned
subsidiary of SBI ("SBIS"), together with the First Amendment to
Asset Purchase Agreement dated August __, 2002 and the Second
Amendment to Asset Purchase Agreement dated September 30, 2002.
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Signature
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.
Scient, Inc.
By: /s/ Gerard Dorsey
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Gerard Dorsey
Chief Financial Officer
Dated: October 4, 2002
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Exhibit Index
2.1 Asset Purchase Agreement dated as of July 14, 2002 by and between
Scient, Inc., a Delaware corporation ("Scient"), iXL Enterprises,
Inc., a Delaware corporation and a wholly owned subsidiary of Scient
("IXLE"), Scient Enterprises, Inc., a Delaware corporation and a
wholly owned subsidiary of Scient ("SEI"), iXL, Inc., a Delaware
corporation and a wholly owned subsidiary of IXLE ("IXLI" and
collectively with Scient, IXLE, and SEI the "Sellers" and each
individually a "Seller"), and SBI and Company, a Utah Corporation
("SBI"), and SBI Scient Inc., a Utah Corporation and a wholly owned
subsidiary of SBI ("SBIS"), together with the First Amendment to
Asset Purchase Agreement dated August __, 2002 and the Second
Amendment to Asset Purchase Agreement dated September 30, 2002.
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