Company Update

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): May 16, 2003 THE INTERGROUP CORPORATION ---------------------------------------------------- Exact Name of Registrant as Specified in Its Charter Delaware -------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-10324 13-3293645 ---------------------- ---------------------------------- (Commission File Number) (IRS Employer Identification Number) 820 Moraga Drive, Los Angeles, CA 90049 --------------------------------------- -------- (Address of Principal Executive Offices) Zip Code (310) 889-2500 --------------------------------------------------- (Registrant's Telephone Number, Including Area Code) N/A ---------------------------------------------------------- (Former Name or Former Address if Changed Since Last Report) ITEM 5. Other Events. On May 16, 2003, the Chairman of The InterGroup Corporation (the "Company") settled his related party promissory note to the Company in the principal amount of $1,437,500. The Chairman made a cash payment to the Company in the amount of $722,683.50, which was equal to one half of the principal and accrued interest due on the note. The balance of the obligation was satisfied through the forgiveness of debt. The transaction was approved by the disinterested members of the Company's Board of Directors and by its Audit Committee. The amounts due on the note had been reflected as a reduction in shareholders' equity on the Company's balance sheet. 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. THE INTERGROUP CORPORATION Dated: May 28, 2003 By /s/ John V. Winfield ----------------------------- John V. Winfield President -2-