-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N0dWfpFJYHhOx6fB/0cwsOIo7YgvHYnl0jtUcqVJf5wVrhuhbdH/v3k0mePuLw0D 9+NpGXJdPfL005SMULHBcg== 0001140361-08-014537.txt : 20080606 0001140361-08-014537.hdr.sgml : 20080606 20080606163628 ACCESSION NUMBER: 0001140361-08-014537 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080602 ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080606 DATE AS OF CHANGE: 20080606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORTUNE INDUSTRIES, INC. CENTRAL INDEX KEY: 0000851249 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 742504501 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32543 FILM NUMBER: 08886103 BUSINESS ADDRESS: STREET 1: ATTN: CARRIE FITZSIMONS STREET 2: 6402 CORPORATE DRIVE CITY: INDIANAPOLIS STATE: IN ZIP: 46268 BUSINESS PHONE: 3175321374 MAIL ADDRESS: STREET 1: ATTN: CARRIE FITZSIMONS STREET 2: 6402 CORPORATE DRIVE CITY: INDIANAPOLIS STATE: IN ZIP: 46268 FORMER COMPANY: FORMER CONFORMED NAME: FORTUNE DIVERSIFIED INDUSTRIES INC DATE OF NAME CHANGE: 20010820 FORMER COMPANY: FORMER CONFORMED NAME: WOW ENTERTAINMENT INC DATE OF NAME CHANGE: 20001116 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN GAMING & ENTERTAINMENT LTD /DE DATE OF NAME CHANGE: 19941229 8-K 1 form8k.htm FORTUNE INDUSTRIES INC 8K 6-2-2008 form8k.htm


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): June 2, 2008

FORTUNE INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

INDIANA
(State of incorporation or organization)

0-19049
(Commission file number)

20-2803889
(I.R.S. Employer
Identification No.)

6402 CORPORATE DRIVE
INDIANAPOLIS, INDIANA 46278
(Address of principal executive offices)

(317) 532-1374
(Registrant’s Telephone Number,
Including Area Code)

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 
 

 

ITEM 1.02. Termination of a Material Definitive Agreement.

Effective June 2, 2008, Fortune Industries, Inc., an Indiana corporation (the "Company"), terminated the Company’s Term Loan Note in the amount of $16,586,660 in principal and $61,046.96 in interest, and the Revolving Line of Credit Promissory Note in the amount of $15,000,000 in principal and $55,885.42 in interest, both with Fifth Third Bank.  The Term Loan Note was due August 31, 2008, and paid interest at LIBOR plus 2.0% or 1.75% upon achievement of certain financial performance criteria.  The Revolving Line of Credit Promissory Note was due in monthly installments of $167,000 and paid interest at LIBOR plus 2.0% or 1.75% upon achievement of certain financial performance criteria through the maturity date of August 31, 2011.  Both loans were secured by the business assets of the Company and personal guarantees of the Company’s two majority shareholders (the Chairman of the Board and the CEO of the Company).  The loans were further secured by certain marketable securities of the majority shareholder.

The payoffs were funded by a $32 million credit facility the Company entered into with the Company’s majority shareholder and Chairman of the Board of Directors of the Company on May 30, 2008.  No early termination penalties were incurred by the Company.

ITEM 9.01.  Financial Statements and Exhibits.

None.

 
 

 

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.


   
FORTUNE INDUSTRIES, INC.
     
Date: June 6, 2008
 
By: /s/ John F. Fisbeck
   
John F. Fisbeck
   
Chief Executive Officer
 
 

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