BRANTLEY CAPITAL CORPORATION 8-K
 

             
 
 
  
 
OMB APPROVAL
  
 
 
  
 
OMB Number:
   3235-0060  
 
Expires:
  March 31, 2006  
 
Estimate average burden
  
 
hours per response
 28.0  
 
 
 
          
 
 

EFFECTIVE AUGUST 23RD, 2004

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 4, 2005
   

BRANTLEY CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)
         
Maryland   814-00127   34-1838462
 
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
     
3201 Enterprise Parkway, Suite 350, Cleveland, Ohio   44122
 
(Address of principal executive offices)   (ZIP Code)
     
Registrant’s telephone number, including area code:
  (216) 464-8400
   

Not Applicable.

(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 (see General Instruction A.2. below):

o  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 8.01 Other Events.

Flight Options, Inc. (“Flight Options”)

During the course of the Company’s April and May 2005 Board of Directors meetings, the Company’s directors reviewed the overall market conditions of the general aviation industry, the operating results of Flight Options through December 31, 2004, and its ongoing capital needs including financing proposals being evaluated by the Flight Options Board of Directors. As a result of this analysis, our Board of Directors approved a valuation reduction from $32.5 million to $21.9 million. Giving effect to this valuation reduction, the current fair value of the Company’s investment in Flight Options represents an increase of nearly 300% from its original cost, which was $5,562,500.

Item 9.01 Financial Statements and Exhibits.

  (a)   Financial statements of businesses acquired.

Not applicable.

  (b)   Pro forma financial information

Not applicable.

  (c)   Exhibits

None.

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.

         
  BRANTLEY CAPITAL CORPORATION
 		  
  By:   /s/ Tab A. Keplinger    
    Tab A. Keplinger   
    Vice President and Chief Financial Officer   
 

Dated: May 19, 2005

-2-