UNITED STATES
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): December 8, 2008
GLOBAL ENTERTAINMENT CORPORATION
(Exact name of registrant as specified in charter)
Nevada 000-50643 86-0933274
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1600 N. Desert Drive, Suite 301, Tempe, AZ 85281-1230
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (480) 994-0772
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
ITEM 2.04. TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL
OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT.
On December 8, 2008, the Greater Wenatchee Regional Events Center Public
Facilities District (the "Public Facilities District") purchased the Town Toyota
Center, an event center located in Wenatchee, Washington and owned by Wenatchee
Events Center, LLC ("Wenatchee LLC"), a wholly-owned subsidiary of Global
Entertainment Corporation ("Global"). The purchase was made pursuant to the
terms of the Amended and Restated Lease with Purchase Option Agreement between
Wenatchee LLC and the Public Facilities District and City of Wenatchee, dated
May 30, 2007, which lease was previously filed with the Securities and Exchange
Commission (the "Commission") on August 29, 2008 as Exhibit 10.9 to Global's
Annual Report on Form 10-K.
The purchase of the 4,300-seat, 161,000 square foot event center was
effected for a total cash consideration of $52,404,301.24.
Construction of the Town Toyota Center was funded pursuant to the terms of
the Construction-Term Loan Agreement (the "Construction Loan") by and among
Marshall Financial Group, LLC ("Marshall") and Wenatchee LLC, which loan
agreement was previously filed with the Commission on August 29, 2008 as Exhibit
10.8 to Global's Annual Report on Form 10-K. The Construction Loan was
guaranteed by Global. Pursuant to the terms of the Construction Loan and related
documents, the sale of the Town Toyota Center caused all amounts owed by
Wenatchee LLC to Marshall under the Construction Loan to be immediately due and
payable. Accordingly, upon the closing of the sale of the Toyota Event Center,
Marshall was paid $48,919,254.85 in full satisfaction of the principal,
interest, and fees owed Marshall by Wenatchee LLC under the Construction Loan
and related promissory note.
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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.
GLOBAL ENTERTAINMENT CORPORATION
Date: December 11, 2008 /s/ James Yeager
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James Yeager
Senior Vice President & Chief Financial
Officer
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