UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) December 30, 2004
PUBLIC STORAGE, INC.
(Exact name of registrant as specified in its charter)
California 1-8389 95-3551121
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
Of Incorporation) Identification Number)
701 Western Avenue, Glendale, California 91201-2397
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
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Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written communication 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 40.14d-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
As we have previously announced, in November 2002, a shareholder of the Company
made a demand on the Board that challenged the fairness of the Company's
acquisition of PS Insurance Company, Ltd. ("PSIC") from B. Wayne Hughes and
members of his family. That transaction is currently the subject of a a lawsuit
entitled Gustvson, et al. v. Public Storage, Inc. (filed in the Superior Court
of Los Angeles in June 2003) and iscurrently set for trial at the end of March
2005.
At the end of December 2004, the same shareholder and a second shareholder filed
a shareholder's derivative complaint naming as defendants the Company's
directors (and two former directors) and certain officers of the Company
entitled Potter, et al. v. Hughes, et al. (United States District Court -
Central District of California, case no. 04CV10607). The matters alleged in the
complaint relate to PSIC, the Hughes family's Canadian mini-warehouse operations
and the Company's 1995 reorganization.
We are currently in the process of evaluating the recently filed complaint. We
believe that the litigation will not have any financially adverse effect on the
Company (other that the costs and other expenses relating to the lawsuit).
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.
PUBLIC STORAGE, INC.
Dated: January 10, 2005
By: /s/ David Goldberg
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David Goldberg
Vice President and Senior Counsel