The Spiegel Group announced that the court entered an Order on April 10, 2003, granting relief in response to the company’s motion for clarification of the permanent injunction included in the SEC Judgment.

As previously disclosed, the company filed with the court a motion for clarification of the SEC Judgment. The Order makes it clear that, Spiegel, Inc., and its officers, directors, employees and agents, are not, and will not be in the future, in contempt of the SEC Judgment as a result of the company’s inability to timely file its 2002 Form 10-K and one or more Form 10-Qs with the SEC as required; provided that:

  • Spiegel, Inc. files its 2002 Form 10-K and any past due Form 10-Qs with the SEC as soon as possible and not later than 90 days after the filing of the independent examiner’s report.
  • On or before May 15, 2002, the company files under item 5 of Form 8-K its financial statements (including the notes thereto) that would have been included in its 2002 Form 10-K, on an unaudited basis, and a management’s discussion and analysis covering the unaudited financial statements, including a discussion of recent material events concerning the company.
  • The company also files any quarterly financial statements (including the notes thereto) that would have been included in a Form 10-Q and a management’s discussion and analysis covering these financial statements.

Until such time as Spiegel, Inc. is able to file its past due 2002 Form 10-K and any past due Form 10-Qs, it will file reports with the SEC on Form 8-K for the following:

  • Monthly sales reports, along with any accompanying press releases;
  • Any monthly financial statements that are filed by the company with the bankruptcy court; and
  • Any material developments concerning the company, along with any accompanying press releases.