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
Date of Report (date of earliest event reported): April 17, 1998
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GIANT GROUP, LTD.
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(Exact name or registrant as specified in its charter)
Delaware 1-4323 23-0622690
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
9000 Sunset Boulevard, Los Angeles, California 90069
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 273-5678
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N/A
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(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets.
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On April 17, 1998, GIANT MARINE GROUP, LTD., ("GIANT
MARINE"), a wholly-owned subsidiary of GIANT GROUP, LTD., (the
"Registrant"), sold one of its two luxury yachts for a gross
sales price of $14.5 million, less selling costs, to an
unrelated purchaser. In addition, GIANT MARINE will seek
refunds from the U.S. Customs Services for amounts previously
deposited with such agency and will be entitled to charter fees
through closing and a specified two week period thereafter.
The Registrant had previously stated that it had
ended its Co-Ownership Program for the two yachts and was
marketing them for sale. The Registrant is marketing the
remaining yacht for sale, and will continue to charter it
pending a sale.
Item 7. Financial Statements and Exhibits.
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(b) Pro Forma Financial Information
The unaudited pro forma effect of the yacht sale on the
Registrant's Consolidated Balance Sheet as of December 31, 1997
would be a decrease to assets held for sale and an increase to
cash and marketable securities for an equal dollar amount as
the Registrant recognized no gain or loss on the yacht sale.
(c) Exhibits
None.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
GIANT GROUP, LTD.
Dated: April 24, 1998 By: /s/ William H. Pennington
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William H. Pennington,
Vice President
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