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) September 1, 2006
DVL, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-8356 13-2892858
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
70 East 55th Street, 7th Floor, New York, NY 10022
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 350-9900
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(Former name or former address, if changed since last report.)
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:
|_| Written communications pursuant to Rule 425 under the 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 240.13a-4(c))
Item 1.01 Entry into a Material Definitive Agreement
Effective September 1, 2006, DVL, Inc. (the "Company") and the Pennsylvania
Business Bank (the "Lender") entered into an amendment to the promissory note,
dated August 29, 2002, as amended, pursuant to which the Company and the Lender
agreed to extend the maturity date of the $4.5 million loan from the Lender to
the Company from September 1, 2006 to March 1, 2007. The promissory note, as
amended, provides that unpaid principal and interest are due March 1, 2007 and
provides for interest payable monthly at a rate per annum of prime plus 2%. In
connection with the amendment, the Company paid to the Lender a fee of $22,500.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On September 20, 2006, the Chairman of the Company's Board of Directors, Myron
Rosenberg, died. The Company intends to seek a replacement for Mr. Rosenberg on
the Board of Directors, but to date no replacement has been appointed.
Signature
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.
DVL, INC.
By: /s/ Henry Swain
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Name: Henry Swain
Title: Executive Vice President
and Chief Financial Officer
Date: September 26, 2006