FORMTable 8-K of Contents

~~Securities~~FORM ~~and Exchange Commission~~8-K

~~Washington,~~Securities ~~D.C.~~and ~~20549~~Exchange Commission

~~CURRENT~~Washington, ~~REPORT~~D.C. 20549

~~Pursuant~~CURRENT ~~to Section 13 or 15(d)~~REPORT ~~of the Securities Exchange Act of 1934~~

~~Date~~Pursuant ofto ~~Report~~Section 13 ~~(Date~~or 15(d) of ~~earliest~~the ~~event~~Securities ~~reported)~~Exchange ~~June 27,~~Act ~~2001~~of 1934

~~PRINCETON~~Date ~~AMERICAN~~of ~~CORPORATION~~ Report (~~Exact~~Date ~~name~~ of ~~registrant~~earliest event asreported) ~~specified~~June 11, ~~in its charter)~~2002

~~Nevada~~PRINCETON AMERICAN CORPORATION (~~State~~Exact orname ~~other Jurisdiction~~ of ~~Incorporation~~registrant ~~0-5141~~as ~~(Commission~~specified ~~File~~in ~~Number)~~its ~~22-1848644 (IRS Employer Identification Number~~charter)

2222 E. Camelback Road, Suite 105, Phoenix, Arizona (Address of Principal Executive Offices) 85016 (Zip Code)


Nevada	0-5141	22-1848644

(State or other	(Commission File	(IRS Employer




Jurisdiction of	Number)	Identification




Incorporation)		Number)






2222 East Camelback Road, Suite 105, Phoenix, Arizona		85016

(Address of Principal Executive Offices)		(Zip Code)

~~Registrant’s~~Registrants Telephone Number, including area code: (602) 522-2444

~~Item 3.~~TABLE ~~Bankruptcy~~OF ~~or Receivership~~ CONTENTS

~~Princeton~~Item ~~American~~3. ~~Corporation sets forth below the following developments in the United States~~ Bankruptcy ~~Court~~or ~~pursuant~~Receivership ~~to the implementation of and operation under its Joint Plan of Reorganization which became effective December 20, 1997:~~ SIGNATURES

Testasecca,Table et al. v. Princeton American Corporation, et al. In May 2001, Lawrence Testasecca and others filed a Complaint in an adversary pleading in the Bankruptcy Court asking for declaratory judgment, preliminary and permanent injunction, and damages based upon claims of breach of fiduciary duty, securities fraud, and negligence. Among other things, the Plaintiffs allege that they should be recognized as owner of an unspecified number of shares purchased after the Bankruptcy Court proceedings began without establishing that those shares were the subject of allowed interests under the Plan of Reorganization. The Plaintiffs filed an emergency Motion for Relief to vacate the Court’s order dated September 15, 2000, which ordered Princeton American and its transfer agent to cancel all outstanding Princeton American share certificates and issue new share certificates reflecting the allowed interests of shareholders under the Plan of Reorganization for Princeton American and the Court’s prior orders. Contents

~~At a hearing on May~~Item 31, 2001, the Court issued a limited temporary restraining order prohibiting Princeton American from canceling the shares of stock owned by the Plaintiffs. An evidentiary hearing was set for June 27, 2001. At the time set for that hearing, on the Plaintiffs’ motion, the Court continued the hearing to August 3~~, 2001~~. AtBankruptcy ~~the~~or ~~same time, the Court dissolved~~Receivership ~~the temporary restraining order.~~

Princeton American ~~believes~~Corporation ~~that~~sets ~~all~~forth ~~allegations~~below ofthe following material developments in the ~~Plaintiffs~~United ~~are~~States Bankruptcy Court pursuant to the ~~without~~implementation ~~merit,~~of and isoperation ~~vigorously~~under ~~defending~~its ~~all~~Joint ~~claims.~~Plan of Reorganization which became effective December 20, 1997:

~~Princeton~~Notice ~~American~~of ~~had~~Hearing ~~delayed~~Princeton ~~sending~~American ~~new~~Corporation’s ~~share~~Motion ~~certificates~~for toApproval ~~persons holding~~of ~~allowed interests until the Court ruled on the injunctive relief~~Plan ~~requested~~Implementation byOrder ~~the~~re ~~Plaintiffs.~~Distribution Onto ~~June 27,~~Nonresponsive ~~2001,~~Shareholders ~~the temporary restraining order~~and ~~was dissolved~~Creditors, ~~and~~all ~~Princeton American intends to deliver new share certificates to holders~~ of ~~record~~which asis ~~soon~~set asforth ~~reasonably~~in ~~practicable.~~EXHIBIT ~~Princeton~~A ~~American~~which is ~~seeking~~ toattached ~~have~~hereto in its ~~shares~~entirety ~~traded~~and ~~under~~made a ~~new~~part ~~trading symbol on the Over-the-Counter Bulletin Board~~hereof.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

June 2718, ~~2001~~2002







		Princeton American Corporation






		By: /s/ William C. Taylor

		William C. Taylor, Chief Executive Officer

Exhibit A

LEWIS AND ROCA LOGO

40 North Central Avenue
Phoenix, Arizona 85004-4429
Facsimile (602) 262-5747
Telephone (602) 262-5311

Bret A. Maidman State Bar No. 011604
Email: bmaidman@lrlaw.com
Henk Taylor State Bar No.: 016321
Email: htaylor@lrlaw.com

Attorneys for Reorganized Debtor Princeton
American Corporation

UNITED STATES BANKRUPTCY COURT

DISTRICT OF ARIZONA

In Re:

)

PRINCETON AMERICAN

)

CORPORATION

)

Chapter 11

)

Debtor.

)

Case No. 96-13675 PHX JMM

)

NOTICE OF HEARING

)

EIN: 86-0638840

)

Date:

July 31, 2002

)

Time:

11:00 a.m.

)

Place:

11th Floor, Courtroom #1

)

Phoenix, Arizona

NOTICE IS GIVEN that a hearing will be held at the United States Bankruptcy Court, 10th Floor, Courtroom 5, 2929 North Central Avenue, Phoenix, Arizona, on July 31, 2002 at 11:00 a.m., to consider and act upon:

Motion for Approval of Plan Implementation Order re Distributions to Nonresponsive Shareholders and Creditors. Pursuant to 11 U.S.C. §§ 105 and 1142(b), the reorganized debtor, Princeton American Corporation, has requested entry of an order approving a proposed procedure for handling distributions to creditors and shareholders that the company has been unable to locate or that have not responded to the company’s inquiries (the “Nonresponsive Claimants”). Specifically, Princeton has requested that the Court:

			(1) authorize Princeton to place the monetary and stock distributions due to Nonresponsive Claimants in escrow;

			(2) direct Princeton to conduct a national database search for addresses of Nonresponsive Claimants that it has been unable to locate to date;

LEWIS AND ROCA LOGO

			(3) direct Princeton to send by U.S. Mail a notice of distribution to Nonresponsive Claimants to their last known addresses (as updated per the nationwide database search);

			(4) direct that distributions due to nonresponsive creditors who fail to claim their distributions within six months of notice be vested in the company; and

			(5) authorize Princeton to remove from its share register the names of any nonresponsive shareholders who do not claim their distributions within six months of notice.

For further information, consult the motion on file in the office of the Clerk of the United States Bankruptcy Court. Any objection to the motion must be made in writing and filed with the Clerk of the United States Bankruptcy Court, P.O. Box 34151, 2929 N. Central Ave., Phoenix, Arizona 85067-4151, on or before July 24, 2002, and served upon the attorneys for the reorganized debtor:


	Bret A. Maidman Henk Taylor, Esq. LEWIS AND ROCA LLP 40 North Central, Suite 1900 Phoenix, Arizona 85004 Attorneys for Princeton American Corporation

DATED: June 11, 2002.


		/s/ BAM (#011604) Bret A. Maidman Henk Taylor Attorney for Reorganized Debtor Princeton American Corporation

FORMTable 8-K of Contents

Table of Contents

Table of Contents

Filing Compare · PRINCETON AMERICAN CORP