Please, can anyone explain this to me in layman's words?
PALWEB CORP rpts important event financial statements & exhibits.
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Excerpted from 8-K filed on 11/17 by PALWEB CORP:
PALWEB CORP rpts important event, financial statements & exhibits.
ITEM 5. OTHER EVENTS
PACECO FINANCIAL SERVICES, INC.
On November 3, 2000, Paceco Financial Services, Inc. ("PFS"), an
indirect wholly owned subsidiary of PalWeb Corporation ("PalWeb"), sent a
Supplemental Notice to Investment Certificate Holders of Paceco Financial
Services, Inc. dated November 3, 2000, attached hereto as Exhibit 99.1 (the
"Supplemental Notice"), stating that PFS had amended its plan for redeeming
PFS's outstanding passbook savings and time certificates (the "Certificates") as
described in the Notice to Depositors of Paceco Financial Services, Inc. dated
October 10, 2000, which was attached as Exhibit 99.1 to PFS's Form 10-QSB filed
on October 16, 2000 (the "Initial Notice"). The Initial Notice and the
Supplemental Notice constitute the plan for redeeming the Certificates and are
referred to herein as the "Plan." The amendment, among other things, provides a
means by which the shares of PalWeb Corporation common stock ("PalWeb Shares")
held by PFS can be "put" to Mr. Paul Kruger, PalWeb's Chairman, Chief Executive
Officer and principal shareholder, and Mr. Kruger would agree to purchase the
PalWeb Shares at prices sufficient to fully redeem the outstanding principal
balances plus accrued interest to the date of redemptions in the Certificate
Holders' accounts over approximately a four year period ending December 31,
2004.
The Plan has been proposed by PFS to the holders of the investment
certificates. PFS has requested a letter from the Oklahoma Department of
Securities in connection with the Plan to the effect that the Department would
not initiate any enforcement action if the Plan is implemented. As of the date
hereof, the Department has not issued the requested letter.
LITIGATION
On November 6, 2000, PalWeb entered into a settlement agreement with the
plaintiffs in the case styled JAMES DUNEVANT AND SHANDA DUNEVANT, JAMES
DUNEVANT, JR., KAYLYNN DUNEVANT, AND KATIE DUNEVANT, MINORS, BY THEIR NEXT
FRIEND, SHANDA DUNEVANT, PLAINTIFFS, VS. WELLTECH EASTERN, INC. D/B/A KEY ENERGY
DRILLING, A DELAWARE CORPORATION, MERCURY EXPLORATION COMPANY, INC., A TEXAS
CORPORATION, AND COOPER MANUFACTURING CORP., AN OKLAHOMA CORPORATION pending in
the 46th Judicial Circuit Court of Otsego County, Michigan whereby PalWeb has
agreed to pay a total of $10,000 in exchange for a release of any and all
liability PalWeb might have to the plaintiffs.
(End of item excerpt.)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The following exhibits are filed herewith:
TABLE
CAPTION
Exhibit No. Description
S C
99.1 Supplemental Notice to Investment Certificate Holders of Paceco
Financial Services, Inc.
TABLE
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