SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) October 10, 1997 (October 1,
1997)
HELMSTAR GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-9224 13-2689850
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
2 World Trade Center, Suite 2112, New York, New York 10048
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 775-0400
(Former name or former address, if changed since last report.)
Item 5. Other Events
On September 30, 1997, Blowing Rock Outlet Partners and Nags Head
Outlet Partners each sold their manufacturers outlet shopping center to Tanger
Factory Outlet Centers. The Registrant, through separate, wholly-owned
subsidiaries, has a majority financial interest and a 50% voting interest in
each of the two selling partnerships.
In connection with this matter, the Company issued the press release
attached hereto as Exhibit A.
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 authorized.
Helmstar Group, Inc.
(Registrant)
/s/George W. Benoit
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George W. Benoit
President
DATE: October 10, 1997
Helmstar Group, Inc.
2 World Trade Center, Suite 2112
New York, NY 10048-0203
Tel: 212-775-0400 Fax: 212-775-0901
Contact: Susan Forsyth
New York, NY - October 1, 1997 -- Helmstar Group, Inc. (AMEX:HLM) announced that
two partnerships in which the Company has a majority financial interest and a
50% voting interest have sold their manufacturers outlet shopping centers to
Tanger Factory Outlet Centers, Inc. One shopping center is located in Blowing
Rock, North Carolina, and the other is located in Nags Head, North Carolina. The
Company's share of the sales proceeds will be approximately $5 million. The
Company expects to report an after-tax gain of between $4.5 - $4.75 million.
Upon completion of the sale, the Company's assets will consist primarily of cash
and cash equivalents approximating $7.5 million.
George Benoit, Helmstar's Chairman, remarked: "We have been very
pleased with the performance of both centers. After developing and operating
these properties for several years, we felt it was an opportune time to realize
the value we had created along with our partners. We hope to redeploy our
capital in new, successful merchant banking activities."