SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
September 15, 2008
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Date of Report (date of earliest event reported)
ALL-AMERICAN SPORTPARK, INC.
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Exact name of Registrant as Specified in its Charter
Nevada 0-024970 88-0203976
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State or Other Jurisdiction Commission File IRS Employer Identification
of Incorporation Number Number
6730 South Las Vegas Boulevard, Las Vegas, NV 89119
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Address of Principal Executive Offices, Including Zip Code
(702) 798-7777
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Registrant's Telephone Number, Including Area Code
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 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On September 15, 2008, All-American SportPark, Inc. (the "Company")
entered into a settlement agreement with Urban Land of Nevada, Inc. ("Urban
Land") pursuant to which all of the outstanding claims between Urban Land,
the Company and certain other related parties. As a result of the settlement
agreement, the appeal pending before the Nevada Supreme Court and the
arbitration proceedings involving the parties which have previously been
reported by the Company have been or will be ended.
Under the terms of the settlement agreement, Urban Land has agreed to
pay the Company $850,000 for the Sierra SportService matter. Further, Urban
Land will not charge any rent for the ground lease on the Callaway Golf
Center for the months of October 2008 through March 2009. Effective on April
1, 2009, the minimum rent under the lease will be approximately $40,140 per
month which amount will be subject to certain increases in October 2012 and
October 2017. In addition, Urban Land's 35% interest in the Company's All
American Golf Center, Inc. subsidiary has been cancelled.
As part of the settlement, Urban Land also paid ASI Group, LLC, a
principal shareholder of the Company, $185,877 for legal expenses and
released certain other related parties from any liability in connection with
the legal proceedings.
SIGNATURE
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.
ALL-AMERICAN SPORTPARK, INC.
Date: September 22, 2008 By: /s/ Ronald S. Boreta
Ronald S. Boreta, President