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)
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November
29, 2007
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PubliCARD,
Inc.
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(Exact
Name of Registrant as Specified in Its
Charter)
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Pennsylvania
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001-03315
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23-0991870
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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Seventy
Five Rockefeller Plaza, 16th
Floor, New York, NY
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10019
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
telephone number, including area code
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(212)
265-7013
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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
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Written
communication pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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ITEM
7.01 REGULATION FD DISCLOSURE
Approval
of First Amended Disclosure Statement
On
November 29, 2007, the United States Bankruptcy Court for the Southern District
of New York (the “Court”) approved the First Amended Disclosure Statement (the
“Disclosure Statement”) to accompany the First Amended Plan of Reorganization
(the “Plan”) of PubliCARD, Inc. (“PubliCARD”, the “Debtor” or the “Company”) (In
re: PubliCARD, Inc., Case No. 07-11517).
The
Plan
contemplates that The 500 Group, LLC, an entity currently controlled by
PubliCARD’s Chief Executive Officer, Joseph E. Sarachek, will contribute
$500,000 to the Reorganized Debtor. In exchange for the contribution, The 500
Group, LLC will receive 90% of the Reorganized Debtor’s common stock. Holders of
PubliCARD’s existing common and preferred stock will each receive 5% of the
Reorganized Debtor’s common stock.
Proceeds
of The 500 Group, LLC’s contribution will be used to fund the Reorganized
Debtor, to pay allowed administrative expenses, to pay allowed priority claims,
and to provide $60,000 to pay allowed general unsecured claims. It is
anticipated that holders of general unsecured claims will receive an approximate
15% recovery.
The
Plan
is subject to approval by the stakeholders of PubliCARD and the Court. A hearing
on the confirmation of the Plan is scheduled for January 9, 2008.
Copies
of
the approved Disclosure Statement and the Plan may be accessed via the following
link.
http://www.triaxcapitaladvisors.com/docs/DSFILE_Final_Approved.pdf
(c) |
Exhibits
- Not applicable
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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.
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PubliCARD,
Inc.
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Registrant
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Date:
December 13, 2007
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/s/
Joseph E. Sarachek
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Joseph
E. Sarachek, President,
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Chief
Executive Officer
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