SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)
March 11, 1997
COUNTRY WORLD CASINOS, INC.
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(Exact name of registrant as specified in its charter)
Nevada
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(State or other jurisdiction of incorporation)
0-22450 13-3140389
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(Commission File Number) (IRS Employer Identification No.)
13576 West Utah Avenue, Lakewood, CO 80228
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 912-5776
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COUNTRY WORLD CASINOS, INC.
INFORMATION TO BE INCLUDED IN THE REPORT
Item 3. Bankruptcy or Receivership
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On March 11, 1997, Country World Casinos, Inc., the Registrant (the
"Company") received the Judgment of the U.S. Bankruptcy Court for the District
of Colorado which included an order that the Company's bankruptcy case under
Chapter 11 (Case No. 95-20563 RJB) was dismissed. The Order of dismissal was
made pursuant to a motion by the Company, which motion was opposed by New Allied
Development Corporation and its subsidiary, Tommyknocker Casino Corp.
(collectively, "NADC").
The Company has had ongoing disputes with NADC, which disputes prompted the
initial filing of the bankruptcy petition in October 1995. In January 1997,
NADC had moved to convert the Company's Chapter 11 proceeding to Chapter 7
pursuant to which the Company's assets would have been liquidated. NADC may
determine to appeal the Judgement and Order of the Bankruptcy Court.
The Bankruptcy Court further ordered that it would retain jurisdiction for
allowing the present appeal of a prior order of the Bankruptcy Court involving
NADC, as described below, to go forward to conclusion in the United States
District Court for the District of Colorado, including any further appeals, and
to rule upon any matters which might be remanded to the Bankruptcy Court in
connection with those rulings and to resolve the dispute concerning a claim for
which $45,000 is being held in escrow.
As noted in the Company's Report on Form 10-QSB for the quarter ended
December 31, 1996, in November 1996, the Bankruptcy Court issued an opinion
determining the method and amount of NADC's claim, which was secured by a second
deed of trust on the Company's principal property. The Company made payment to
NADC as provided by the Order of the Bankruptcy Court. The payment was made
without prejudice to the right of the Company to appeal. The Company has
appealed, and NADC has filed a cross-appeal. The appeal is pending.
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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.
COUNTRY WORLD CASINOS, INC.
Dated: March 17, 1997 By: /S/ ROBER D. LECLERC
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Roger D. Leclerc, President
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