SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 and 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
November 19, 2002 (December 9, 2002)
CRESTED CORP.
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Exact Name of Registrant as Specified in its Charter)
Colorado 0-8773 84-0608126
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
Glen L. Larsen Building
877 North 8th West
Riverton, WY 82501
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (307) 856-9271
Not Applicable
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(Former Name, Former Address or Former Fiscal Year,
if Changed From Last Report)
ITEM 5. OTHER EVENTS
Update Regarding Nukem (Sheep Mountain Partners) Litigation. On November
19, 2002, USECC received an Order from U.S. District Judge Lewis T. Babcock
granting a motion filed by the Special Master to seek an extension of time to
file his final accounting report. The accounting is being conducted on the
trades of uranium from three former republics of the Soviet Union (Commonwealth
of Independent States, "CIS") by RWE Nukem, Inc. and its affiliates. The
extension being granted is from December 6, 2002 to March 3, 2003. RWE Nukem,
Inc., a wholly owned subsidiary of German utility conglomerate RWE AG (OTC
Bulletin Board: "RWEOY" and DAX: "RWE GR"). RWE Nukem is the Trustee for the
Sheep Mountain Partners SMP Partnership Constructive Trust. SMP is 50% owned by
USECC and 50% by RWE Nukem.
According to an Order issued previously by the U.S. District Court on
February 15, 2001, "The only remaining assets of the SMP Partnership are the CIS
purchase rights and the profits therefrom." The Court appointed Raymond L.
Friedlob as Special Master to determine the amount owed by RWE Nukem to the
partnership and to file a report with the Court. The Special Master engaged the
Denver-based accounting firm of Cordes & Co. to assist him in conducting the
accounting. At a status hearing held in August 2002, the Court set December 6,
2002 as the deadline for the Special Master to file his report, and ordered a
further scheduling hearing for December 13, 2002.
The Special Master's Motion for extension notes, "The accountant assisting
the Special Master, Cordes & Company ("Cordes"), has notified the Special Master
that as a result of a delay in the receipt of certain documentation and
information from Nukem and its affiliates requested previously, which Cordes
believed would be delivered in October 2002, Cordes will be unable to complete
their work on the final accounting by December 6, 2002. Cordes is awaiting
information relating to repurchases, cash disbursements and sales transactions,
among other items, from Nukem and is unable to complete its work until this
information has been received and analyzed."
Forward Looking Statements
This Report on Form 8-K includes "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). All statements other than statements of historical fact
included in this Report, are forward-looking statements. In addition, whenever
words like "expect," "anticipate" or "believe" are used, we are making
forward-looking statements.
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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 hereunto duly authorized.
CRESTED CORP.
Dated: December 9, 2002 By: /s/ Daniel P. Svilar
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DANIEL P. SVILAR, Secretary
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