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): October 16, 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 October 16, 1998, GIANT MARINE GROUP, LTD., ("GIANT
MARINE"), a wholly-owned subsidiary of GIANT GROUP, LTD., (the "Registrant"),
sold its second and remaining luxury yacht for a gross sales price of
$10,875,000, 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.
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 reduced only by the selling costs that the Registrant will
recognize as the loss on the yacht sale.
(c) Exhibits
None.
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: October 16, 1998 By: /s/ William H. Pennington
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William H. Pennington
Vice President