Maxus Realty Trust Inc. - Current report filing (8-K)
16 Junho 2008 - 1:35PM
Edgar (US Regulatory)
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 even reported): June 4, 2008
Maxus
Realty Trust, Inc.
(Exact
name of registrant as specified on its charter)
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MISSOURI
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000-13457
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48-1339136
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(State
or other jurisdiction of
incorporation)
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(Commission
File
Number)
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(IRS
Employer Identification No.)
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104
Armour Road
North
Kansas City, Missouri 64116
(Address
of principal executive offices) (Zip Code)
(816)
303-4500
(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):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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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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o
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Pre-commencement
communications pursuant to rule 13e-4(c) under the Exchange Act (17 CFR
240.14e-r(c))
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Item
8.01 Other Events.
As previously disclosed on the Trust’s
Form 8-K filed with the Securities and Exchange Commission filed on May 19,
2008, the Trust agreed to a settlement in principle with RSUI Indemnity Company
(“RSUI”) with respect to its Hurricane Katrina insurance recovery lawsuit filed
against RSUI. On June 4, 2008, Maxus Realty Trust, Inc. (the “Trust”)
received the cash settlement payment of $4.25 million from RSUI Indemnity
Company (“RSUI”) in connection with the definitive Settlement and Release
Agreement entered into between the Trust and RSUI.
Pursuant
to the Settlement and Release Agreement, the Trust dismissed with prejudice the
lawsuit it filed against RSUI on September 7, 2006 in the United States District
Court for the Western District of Missouri (Case No. 06-0750-CV-W-ODS) and
released RSUI with respect to all claims related to the subject matter of the
lawsuit except to enforce the terms of the Settlement and Release Agreement in
exchange for the $4.25 million cash payment from RSUI.
The
lawsuit alleged breach of contract and vexatious refusal by RSUI for its failure
to fulfill its indemnity obligations under the commercial property insurance
policy issued to the Trust by RSUI covering Waverly Apartments, located in Bay
St. Louis, Mississippi, which was damaged by Hurricane Katrina. The
Trust had requested relief from the court for (i) compensatory damages in an
amount to be determined at trial, including interest and special damages, (ii)
pre-judgment and post-judgment interest on such compensatory damages and (iii)
all of our costs in bringing the action including attorneys’ fees.
Management
previously made a timely election under section 1033 of the Internal Revenue
Code of 1986, as amended, to defer gain from the involuntary conversion of the
Waverly Apartments as a result of the hurricane damage. In January
2007, the Highland Pointe Apartments were acquired as replacement property to
fulfill the requirements of section 1033. The additional proceeds
from the final settlement of the controversy with RSUI will operate as an
additional reduction to the Trust’s basis in the Highland Pointe
Apartments.
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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MAXUS
REALTY TRUST, INC.
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Date: June
13, 2008
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By:
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/s/ David L.
Johnson
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David
L. Johnson
Chairman
of the Board, President and Chief
Executive
Officer
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