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) May 18, 2007
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AMERICAN BILTRITE INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-4773 04-1701350
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(State or other jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
57 River Street, Wellesley Hills, Massachusetts 02481-2097
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(Address of principal executive offices, including zip code)
(781) 237-6655
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
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:
|_| Written communications 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 8.01 Other Events.
On May 18, 2007, the Superior Court of New Jersey, Law Division Middlesex County
issued an opinion in connection with the first phase of the New Jersey insurance
coverage litigation that American Biltrite Inc.'s majority-owned subsidiary
Congoleum Corporation ("Congoleum") is party against certain of Congoleum's
insurance carriers. In the opinion, the court ruled that the defendant insurers
have no coverage obligations with respect to the claimant agreement that
Congoleum entered into in 2003 with various asbestos personal injury claimants
as part of Congoleum's strategy to resolve its asbestos claims liability through
confirmation of a pre-packaged plan of reorganization under Chapter 11 of the
United States Bankruptcy Code. A copy of the opinion is attached hereto as
Exhibit 99.1.
For further information regarding the claimant agreement and the New Jersey
insurance coverage litigation Congoleum is party to against certain of its
insurance carriers, and the risks and uncertainties surrounding these matters
and Congoleum's pursuit of a plan of reorganization under Chapter 11 of the
United States Bankruptcy Code, see American Biltrite Inc.'s Annual Report on
Form 10-K for the year ended December 31, 2006 and its subsequent filings with
the Securities and Exchange Commission, including its Quarterly Report on Form
10-Q for the quarter ended March 31, 2007.
On December 31, 2003, Congoleum filed a voluntary petition with the United
States Bankruptcy Court for the District of New Jersey (Case No. 03-51524)
seeking relief under Chapter 11 of the United States Bankruptcy Code as a means
to resolve claims asserted against it related to the use of asbestos in its
products decades ago.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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EXHIBIT NO. DESCRIPTION
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99.1 Opinion of the Superior Court of New Jersey, Law Division
Middlesex County, dated May 18, 2007
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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.
AMERICAN BILTRITE INC.
Date: May 24, 2007 By: /s/ Howard N. Feist III
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Name: Howard N. Feist III
Title: Chief Financial Officer
Exhibit Index
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EXHIBIT NO. DESCRIPTION
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99.1 Opinion of the Superior Court of New Jersey, Law Division
Middlesex County, dated May 18, 2007
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