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 Earliest Event Reported: September 14, 2000
THE MURDOCK GROUP CAREER SATISFACTION CORPORATION
(Exact name of registrant as specified in its charter)
Utah 0-29705 87-0574421
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
5295 South Commerce Drive, Suite 475
Salt Lake City, Utah 84107
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(Address of Principal Executive Offices)
(801) 268-3232
(Issuer's Telephone Number, Including Area Code)
Item 5. Other Events
On September 12, 2000, the Company announced restructuring plans that
will take place immediately. The plans include a proposed name change to The
Murdock Group Holding Company, Inc. The name change is subject to shareholder
approval of an amendment to the articles of incorporation effecting the
change. The registrant has commenced doing business under the new name
pursuant to a "d/b/a" filing with the State of Utah Division of Corporations
pending the formal change effected by amendment to the articles of
incorporation. The restructure plans are intended to increase profitability
and to restructure the registrant's outstanding debt.
The registrant has engaged a professional management consultant firm
specializing in corporate renewal to assist it in the design and
implementation of a restructure plan aimed at increasing profitability and
enabling the registrant to meet its obligations.
The registrant's most recent balance sheet filed August 21, 2000 with
its quarterly report on Form 10-QSB for the quarter ended June 30, 2000
indicated a shareholders' deficit of approximately $3.1 million. Subsequent
losses have increased the deficit and management believes that absent
successful rehabilitation of the company unsecured creditors can expect no
substantial recovery and shareholders may sustain a complete loss of their
investment.
The restructure plan to be implemented by the registrant seeks to meet
the expectations of the registrant's stakeholders (including note holders and
shareholders) by:
Reducing operating expenses to increase the profitability of the
registrant's career development division, which currently
generates $2.5 million in revenues annually;
Negotiating with creditors to restructure more than $26 million of
secured and unsecured liabilities;
Adding seasoned business leaders and financial experts to the
senior management team of the registrant;
Refocusing the chief executive officer's priorities to emphasize
making strategic acquisitions for the registrant;
Establishing an advisory board to monitor acquisitions, financing
arrangements, cash disbursements and plan implementation; and
Providing timely plan progress reports to all stakeholders of the
registrant.
The registrant intends to begin implementation of the plan immediately.
It is anticipated that compromises with creditors may include issuing common
stock or other securities in satisfaction of outstanding liabilities, in whole
or in part, and entering into payment schedules and agreements to forbear.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated September 12, 2000.
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 hereunto duly authorized.
THE MURDOCK GROUP CAREER SATISFACTION CORPORATION
By: /s/ KC Holmes
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KC Holmes, Chief Executive Officer
Dated: September 14, 2000