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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
March 5, 1996
Date of report (Date of earliest event reported)
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WEDGESTONE FINANCIAL
(Exact name of registrant as specified in its charter)
Commission File Number: 1-8984
MASSACHUSETTS 04-26950000
State or other jurisdiction of I.R.S. Employer Identification
incorporation or organization Number
5200 N. Irwindale Avenue, Suite 168, Irwindale, California 91760
Address of principal executive offices
(818) 338-3555
Registrant's Telephone
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ITEM 5. OTHER EVENTS
On March 5, 1996, the Company's wholly-owned subsidiary, Hercules Automotive
Products, Inc. ("HAP"), announced that it would immediately close its
manufacturing plant in Pelham, Georgia. The market for the bumpers produced in
Pelham, Georgia, has significantly changed during the past year. Historically, a
significant percentage of business at HAP was for sales to new truck dealers.
Competition from OEM manufacturers has made it extremely difficult for HAP to
remain competitive in this market segment. Accordingly, HAP incurred a loss in
1995 and has incurred losses in 1996 as a result of the continued erosion of
business to auto dealers.
After carefully analyzing the situation and considering possible solutions, the
closing of the Pelham, Georgia, plant was the most practical course of action.
HAP is working with its senior lender for an orderly liquidation of the assets
in Pelham.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Filed herewith is the Company's press release dated March 5, 1996.
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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 thereunto duly authorized.
WEDGESTONE FINANCIAL
Date: March 13, 1996 By:/s/______________________
President and Treasurer
(Principal Executive and Financial
Officer)
The name "Wedgestone Financial" (formerly Wedgestone Realty Investors Trust) is
the designation of the Trustees under a Declaration of Trust dated March 12,
1980, as amended, and in accordance with such Declaration of Trust, notice is
hereby given that all persons dealing with Wedgestone Financial by so acting
acknowledge and agree that such persons must look solely to the Trust property
for the enforcement of any claims against Wedgestone Financial and that neither
Trustees, officers, employees, agents nor shareholders assume any personal
liability for claims against the Trust or obligations entered into on behalf of
Wedgestone Financial, and that the respective properties shall not be subject to
claims of any other person in respect of any such liability.
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Exhibit A
HERCULES AUTOMOTIVE PRODUCTS, INC.
U.S. HIGHWAY 19 NORTH
P.O. BOX 469
PELHAM, GEORGIA 31779
NEWS RELEASE
Contact: Wedgestone Automotive Corporation
818-960-5051
Pelham, Georgia (March 5, 1996) - Hercules Automotive Products, Inc.,
today announced it will close its manufacturing plant in Pelham, Georgia. The
company has operated the facility since January 1995 when it was acquired from
Hercules Bumpers, Inc. The market for the Company's bumpers has been negatively
impacted during the last year and has made it extremely difficult for the
Company to remain competitive in certain market segments.
Regarding the closure, a spokesperson for Hercules Automotive Products,
Inc., stated "We are saddened by the decision to close the Pelham facility
especially when viewed in light of the improvements implemented at the plant
since it was acquired in January 1995. The employees in Pelham have demonstrated
a strong desire to work efficiently and the closure in no way reflects on the
quality of their efforts. After carefully analyzing the economics of the plant
and considering possible solutions, the closing of the plant was the most
practical course of action."
The Company has begun to decommission the facility and is discussing
with local officials potential uses of this 280,000 square foot facility located
on 40 acres along U.S. Route 19. The Company is also assisting employees in
finding other employment.