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): March 16,
2010
Tutor
Perini Corporation
(Exact
name of registrant as specified in its charter)
____________________
|
Massachusetts
(State
or other jurisdiction of
incorporation
or organization)
|
1-6314
(Commission
file number)
|
04-1717070
(I.R.S.
Employer
Identification
No.)
|
15901
Olden Street, Sylmar, California 91342-1093
(Address
of principal executive offices) (Zip code)
Registrant’s telephone number,
including area code: (818) 362-8391
None
(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 March
11, 2010, Perini Building Company, a wholly owned subsidiary of Tutor Perini
Corporation (collectively “Company”), filed a “Fifteen-Day Notice of Intent to
Lien” with MGM CityCenter (“MGM”) in the amount of
$491,240,000. Under Nevada law, the Company was required to deliver
this Notice at that time to preserve its ultimate lien rights in the event of
non-payment by MGM of amounts owed to the Company. The amount
referenced in the Notice consists primarily of contract receivables, but also
includes claims for additional work, for the Company and its subcontractors and
suppliers. Perini Building Company is the general contractor for the
CityCenter project.
On March
12, 2010, MGM filed a Current Report on Form 8-K asserting it “believes” that it
owes “substantially less” than the claimed amount and that it is “entitled to
significant offsets” against the amount claimed by the Company in the
Notice. MGM’s filing does not specify the basis for its belief,
though it goes on to assert that MGM “believes” it is has “significant claims”
against the Company, in its capacity as general contractor, relating to alleged
defects in the construction of the Harmon Hotel, which is part of the CityCenter
project.
The
Company continues to expect to receive payment from MGM of amounts due for work
on the CityCenter project. The Company intends to continue to pursue
collection of all amounts owed, to exercise all rights and remedies available to
it, and to defend itself vigorously against any claims that MGM ultimately
decides to pursue. The Company also has contractual indemnities from
the responsible subcontractor, as well as existing insurance coverage that it
expects will be available and sufficient to cover any liability associated with
the Harmon Hotel situation. The Company is not aware of a basis for
other claims that would amount to material offsets against what MGM
owes.
We
make statements in this report that are considered forward-looking statements
within the meaning of the Securities Exchange Act of 1934. These statements are
not guarantees of future performance and are subject to risks, uncertainties,
and other important factors that could cause actual performance or achievements
to be materially different from those we project, including, but not limited to,
the outcome of pending or future litigation, arbitration or other dispute
resolution proceedings, and actions taken or not taken by third parties,
including the Company's customers, suppliers, business partners, and
competitors. For a full discussion of risks, uncertainties, and other
important factors, we encourage you to read our documents on file with the
Securities and Exchange Commission, including those set forth in our periodic
reports under the forward-looking statements and risk factors sections.
Except as required by law, we do not intend to update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be filed on its behalf by the undersigned hereunto
duly authorized.
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Dated: March
16, 2010
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Tutor
Perini Corporation
By: /s/Kenneth R. Burk
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|
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Kenneth
R. Burk
Executive
Vice President and Chief Financial
Officer
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