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) October 26, 2007
PubliCARD,
Inc.
(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
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(Commission
File Number)
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(I.R.S.
Employer
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of
Incorporation)
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Identification
No.)
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Seventy
Five Rockefeller Plaza, 16th Floor,
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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):
[
] Written communication
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[
] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[
] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[
] 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
Filing
of Disclosure Statement and Plan of Reorganization
On
October 26, 2007, PubliCARD, Inc. (“PubliCARD”, the “Debtor” or the “Company”)
filed its Disclosure Statement and Plan of Reorganization with the United States
Bankruptcy Court for the Southern District of New York (the “Court”) (In re:
PubliCARD, Inc., Case No. 07-11517).
On
November 20, 2007, PubliCARD, Inc. (“PubliCARD”, the “Debtor” or the “Company”)
filed its First Amended Disclosure Statement and First Amended Plan of
Reorganization with the United States Bankruptcy Court for the Southern District
of New York (the “Court”) (In re: PubliCARD, Inc., Case No. 07-11517).
Under
the
both the First Amended Plan of Reorganization and the Plan of Reorganization,
as
originally filed, 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.
PubliCard’s existing common and preferred shareholders will receive
approximately 10% 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 unsecured 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
Court
will consider whether to approve Publicard's First Amended Disclosure Statement
at a hearing on November 27, 2007. The Disclosure Statement, which describes
the
terms of the First Amended Plan in plain language, must be approved by the
Court
before Publicard can send the Plan to stakeholders for a vote.
Copies
of
the First Amended Disclosure Statement and First Amended Plan may be accessed
via the following link.
http://www.triaxcapitaladvisors.com/docs/Revised_DSFILE_11.19.07.pdf.
Copies
of
the Disclosure Statement and Plan, as originally filed, may be accessed via
the
following link:
http://www.triaxcapitaladvisors.com/docs/DSFILE-Exhibits.pdf
(a) Not
applicable
(b) Not
applicable
(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.
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Registrant
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Date:
November 26, 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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