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): December 31, 1996
GREENBRIAR CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEVADA 0-8187 75-2399477
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4265 KELLWAY CIRCLE, ADDISON, TEXAS 75244
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 407-8400
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
ACQUISITION OF AMERICAN CARE COMMUNITIES, INC.
On December 31, 1996, the Company acquired American Care Communities, Inc.
("ACC"), a private company, by means of a merger of ACC into a wholly owned
subsidiary of Registrant.
ACC was founded in July 1993 to acquire, develop and operate assisted
living facilities. ACC, which is headquartered in Cary, North Carolina,
currently owns, operates or manages a total of 15 assisted or independent
living facilities with a capacity for 1,275 residents. ACC has thirteen
facilities located in North Carolina, one in Florida and one in Maine.
The consideration for the American Care acquisition was 1,300,000 shares of
unregistered Greenbriar common stock issued to the sellers who consist of 12
persons all of whom were previously unrelated to the company. Such
consideration was determined by means of arms' length negotiations among the
parties.
Upon the closing of the acquisition, Floyd B. Rhoades, who, until the
acquisition, was Chairman, President, Chief Executive Officer and the majority
shareholder of ACC, entered into a three year employment agreement to become
President and Chief Executive Officer of Greenbriar Corporation. Mr. Rhoades has
also become a member of the Company's Board of Directors and Executive
Committee.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable
ITEM 5. OTHER EVENTS.
Not Applicable
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not Applicable
(b) The financial statements required to be filed with respect to
this acquisition will be filed by amendment.
(c) Exhibits
(2) - Agreement and Plan of Merger
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable
SIGNATURES
Pursuant to the requirement 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.
GREENBRIAR CORPORATION
Dated: January 13, 1997 By: /s/ Gene Bertcher
Name: Gene Bertcher
Title: Chief Financial Officer