Form 8-K
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):
November 26, 2002 (November 25, 2002)
--------------------------------------------------------------------------------
CAPITAL PROPERTIES, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Rhode Island
--------------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
0-9380 05-0386287
--------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification Number)
100 Dexter Road, East Providence, Rhode Island 02914
--------------------------------------------------------------------------------
(Address of principal executive offices)
(401) 435-7171
--------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
Capital Properties, Inc (the "Company") today announced that on November
25, 2002 the United States District Court for the District of Rhode Island,
after a trial on the merits, awarded the Company approximately $1.48 million in
additional damages in connection with the condemnation proceedings brought by
the National Rail Passenger Corporation ("AMTRAK") with respect to certain land
and air rights owned by the Company in the Capital Center District in
Providence, Rhode Island. AMTRAK had previously paid the Company approximately
$1.25 million as compensation for these takings, which the Company believed, and
the Court determined, was inadequate. The condemned land includes air rights
over the railroad corridor and land immediately adjacent to the railroad right
of way. The Court's judgment will bear interest until paid in full.
At this time the Company does not know whether AMTRAK intends to appeal the
decision. If it elects to do so, the Company will vigorously defend the District
Court's determination. However, the Company can provide no assurance as to if
and when the judgment might be paid.
A more completed description of the condemnation proceedings is contained
in the Note 9 to the Company's financial statements contained in latest report
on Form 10-QSB as filed with the Securities and Exchange Commission.
Certain statements set forth above, including, but not limited to,
statements containing the words "anticipates," "believes," "expects," "intends,"
"will," "may" and similar words constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on management's current expectations and
include known and unknown risks, uncertainties and other factors, many of which
could cause the results or performance to differ materially from any future
results or performance expressed or implied by such forward-looking statements.
These statements involve risks, uncertainties and other factors detailed from
time to time in the Registrant's filings with the Securities and Exchange
Commissions. The Company cautions investors that any forward-looking statements
made by the Company are not guarantees of future performance. The Company
disclaims any obligation to update any such factors or to announce publicly the
results of any revisions to any of the forward-looking statements included
herein to reflect future events or developments.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press Release regarding condemnation award.
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.
CAPITAL PROPERTIES, INC.
By: /s/ Barbara J. Dreyer
------------------------
Barbara J. Dreyer, Treasurer
Date: November 26, 2002