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) January 9, 2008
PubliCARD,
Inc.
|
(Exact
Name of Registrant as Specified in Its
Charter)
|
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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75
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 Written
communication 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
7.01 REGULATION FD DISCLOSURE
Confirmation
of the First Amended Plan of Reorganization
On
January 9,2008, the United States Bankruptcy Court for the Southern District
of
New York (the “Court”) confirmed 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).
Under
the
Plan, 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
which will change its name from PubliCARD to Chazak Value Corp., a Delaware
Corporation, to pay allowed administrative expenses, to pay allowed priority
claims, and to provide $60,000 to pay allowed general unsecured claims. Holders
of general unsecured claims will receive an approximate 17% recovery.
On
the
Effective Date of the Plan, a new Board of Directors will be installed for
the
Reorganized Debtor consisting of Joseph Sarachek, Charles Fisch, Jonathan Lewis,
Roger Ehrenberg, and David Marcus.
.
(c) |
Exhibits
- Not applicable
|
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.
Registrant
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|
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Date:
January 15, 2008 |
By: |
/s/ Joseph
E.
Sarachek |
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Joseph
E. Sarachek, President,
Chief
Executive Officer
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|
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