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):          APRIL 15, 2002



                              GROUP MANAGEMENT CORP
             (Exact name of registrant as specified in its charter)



             DELAWARE                  33-19196A             59-2919648
         (State or other              (Commission        (I.R.S. Employer
   jurisdiction of incorporation)     File Number)      Identification No.)


                    13135 DAIRY ASHFORD, SUITE 525
                           SUGAR LAND, TEXAS                     77478
              (Address of principal executive offices)         (zip code)


                                 (281) 295-8400
              (Registrant's telephone number, including area code)




         (Former name or former address, if changed since last report.)


<PAGE>

ITEM  1.          CHANGES  IN  CONTROL  OF  REGISTRANT

     Not  applicable.

ITEM  2.          ACQUISITION  OR  DISPOSITION  OF  ASSETS

     Not  applicable.

ITEM  3.          BANKRUPTCY  OR  RECEIVERSHIP

     Not  applicable.

ITEM  4.          CHANGES  IN  REGISTRANT'S  CERTIFYING  ACCOUNTANT

     Not  applicable.

ITEM  5.          OTHER  EVENTS

     On  April  15,  2002, Group Management Corp filed its Annual Report on Form
10-KSB  dated April 8, 2002 (the "Initial 10-KSB").  On May 1, 2002, the Company
filed  an  amended  Annual  Report  on  Form  10-KSB/A dated April 29, 2002 (the
"Amended  10-KSB").

     In  both  the Initial 10-KSB and the Amended 10-KSB, the Company included a
consolidated  balance  sheet  of Group Management Corp. as of December 31, 2001,
and  the  related consolidated statements of operations, cash flows, and changes
in  stockholders'  equity  for  the  two  years  then ended.  The Amended 10-KSB
included  the  Independent  Auditors' Report of Wrinkle, Gardner & Company, P.C.

     The  Company  elected  to  list its 88.5% owned subsidiary, Swan Magnetics,
Inc.  (Swan)  as  an  unconsolidated  affiliate  because  it  was precluded from
obtaining the necessary information to allow a consolidated financial filing due
to  Swan's former CEO withholding financial records, making control impractical.
Litigation  has  been  initiated  to  gain  control  of  the  books and records.

     The  short history of this Company's merger with Swan and the problems that
ensued  is  as  follows.  At all relevant times prior to June 30, 2001, Eden Kim
was  the  Chairman  of the Board and President of Swan.  He was also Chairman of
the  Board  of  the Company.   After the Company purchased 88.5% of the stock of
Swan,  and  while  Kim  remained  the Chairman of the Board of both Swan and the
Company,  all the needed financial and other information of Swan was provided to
the Company.  This information was used for the continued management of Swan and
for  the  requisite  SEC filings.  A dispute with Kim arose in June 2001 and Kim
resigned as the Chairman of the Company. Kim remained the President and Chairman
of  Swan.  Thereafter,  although  Kim  continued to agree to provide the Company
audited financial statements and other information of Swan he in fact never did.
There were numerous requests, both telephonically and written, to Kim requesting
and demanding audited financials and other pertinent information regarding Swan.
However,  despite  continued  promises  to  do  so,  the  information  was never
provided.

                                        2
<PAGE>

     On  February  26,  2002,  the  Company  terminated Kim as the President and
Chairman  of  the Board of Swan.  In March 2002 the Company sold its interest in
Swan  to  Lumar  Worldwide,  Inc.

     In  March  2002,  the  Company  was  served  with a lawsuit brought by Swan
Magnetics,  Inc.  in  the  Superior  Court of the State of California, County of
Santa  Clara.  The  only  defendant in the action is the Company.  The Complaint
alleges,  among  other things, that the Company breached its obligations under a
promissory  note  in  the  principal  amount of $2,843,017, that the Company has
breached  its  obligations  under  a series of settlement documents entered into
between  Swan  and  the  Company,  and  that  the  Company  has  interfered with
contractual  relationships  between  Swan  and certain third parties.  The total
relief  sought  by  Swan  is  $3,040,000,  plus  interests,  costs, and punitive
damages.  In  separate correspondence, Mr. Eden Kim has alleged that the Company
never  owned  a  majority  interest  in  Swan  Magnetics,  Inc.  The  Company is
vigorously  defending this lawsuit although the Company believes that the action
lacks  merit.  The  case  is at a stage where no discovery has been taken and no
prediction  can  be  made  as  to  the  outcome  of  this  case.

     The  Company intends to request that the court in the above-referenced case
order Kim and Swan to turn over to the Company necessary books and records for a
full  and  accurate  review  as  necessary  for the Company to include Swan as a
consolidated  subsidiary.  At  such time, the Company will amend its Form 10-KSB
to include financial statements reflecting the consolidation.  Management of the
Company  is  unable to determine what the exact effect of Swan's operations will
be  on  the  Company's  consolidated financial statements, or when the necessary
financial  information  might  be  made  available.

ITEM  6.          RESIGNATIONS  OF  DIRECTORS  AND  EXECUTIVE  OFFICERS

     Not  applicable.

ITEM  7.          FINANCIAL  STATEMENTS

     Not  applicable.

ITEM  8.          CHANGE  IN  FISCAL  YEAR

     Not  applicable.

                                        3
<PAGE>

ITEM  9.          REGULATION  FD  DISCLOSURE

     Not  applicable.

EXHIBITS

     None.

                                   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.

Dated:  May  1,  2002              Group  Management  Corp.


                                   /s/ Elorian Landers
                                   __________________________
                                   By:     Elorian  Landers
                                   Its:    Chief  Executive  Officer

                                        4
<PAGE>
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{"company-data": {"conformed-name": "GROUP MANAGEMENT CORP", "cik": "0000826674", "assigned-sic": "6770", "irs-number": "592919648", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-32635", "film-number": "02631392"}, "business-address": {"street1": "13135 DAIRY ASHFORD", "street2": "SUITE 525", "city": "SUGAR LAND", "state": "TX", "zip": "77048", "phone": "7135969308"}, "former-company": [{"former-conformed-name": "IVG CORP", "date-changed": "20010417"}, {"former-conformed-name": "SCI TECH VENTURES INC", "date-changed": "19920703"}, {"former-conformed-name": "INTERNET VENTURE GROUP INC", "date-changed": "20000210"}, {"former-conformed-name": "STRATEGIC VENTURES INC /FL", "date-changed": "19990701"}]}
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):          APRIL 15, 2002

                              GROUP MANAGEMENT CORP
             (Exact name of registrant as specified in its charter)

             DELAWARE                  33-19196A             59-2919648
         (State or other              (Commission        (I.R.S. Employer
   jurisdiction of incorporation)     File Number)      Identification No.)

                    13135 DAIRY ASHFORD, SUITE 525
                           SUGAR LAND, TEXAS                     77478
              (Address of principal executive offices)         (zip code)

                                 (281) 295-8400
              (Registrant's telephone number, including area code)

         (Former name or former address, if changed since last report.)
ITEM  1.          CHANGES  IN  CONTROL  OF  REGISTRANT

     Not  applicable.

ITEM  2.          ACQUISITION  OR  DISPOSITION  OF  ASSETS

     Not  applicable.

ITEM  3.          BANKRUPTCY  OR  RECEIVERSHIP

     Not  applicable.

ITEM  4.          CHANGES  IN  REGISTRANT'S  CERTIFYING  ACCOUNTANT

     Not  applicable.

ITEM  5.          OTHER  EVENTS

     On  April  15,  2002, Group Management Corp filed its Annual Report on Form
10-KSB  dated April 8, 2002 (the "Initial 10-KSB").  On May 1, 2002, the Company
filed  an  amended  Annual  Report  on  Form  10-KSB/A dated April 29, 2002 (the
"Amended  10-KSB").

     In  both  the Initial 10-KSB and the Amended 10-KSB, the Company included a
consolidated  balance  sheet  of Group Management Corp. as of December 31, 2001,
and  the  related consolidated statements of operations, cash flows, and changes
in  stockholders'  equity  for  the  two  years  then ended.  The Amended 10-KSB
included  the  Independent  Auditors' Report of Wrinkle, Gardner & Company, P.C.

     The  Company  elected  to  list its 88.5% owned subsidiary, Swan Magnetics,
Inc.  (Swan)  as  an  unconsolidated  affiliate  because  it  was precluded from
obtaining the necessary information to allow a consolidated financial filing due
to  Swan's former CEO withholding financial records, making control impractical.
Litigation  has  been  initiated  to  gain  control  of  the  books and records.

     The  short history of this Company's merger with Swan and the problems that
ensued  is  as  follows.  At all relevant times prior to June 30, 2001, Eden Kim
was  the  Chairman  of the Board and President of Swan.  He was also Chairman of
the  Board  of  the Company.   After the Company purchased 88.5% of the stock of
Swan,  and  while  Kim  remained  the Chairman of the Board of both Swan and the
Company,  all the needed financial and other information of Swan was provided to
the Company.  This information was used for the continued management of Swan and
for  the  requisite  SEC filings.  A dispute with Kim arose in June 2001 and Kim
resigned as the Chairman of the Company. Kim remained the President and Chairman
of  Swan.  Thereafter,  although  Kim  continued to agree to provide the Company
audited financial statements and other information of Swan he in fact never did.
There were numerous requests, both telephonically and written, to Kim requesting
and demanding audited financials and other pertinent information regarding Swan.
However,  despite  continued  promises  to  do  so,  the  information  was never
provided.

                                        2
On  February  26,  2002,  the  Company  terminated Kim as the President and
Chairman  of  the Board of Swan.  In March 2002 the Company sold its interest in
Swan  to  Lumar  Worldwide,  Inc.

     In  March  2002,  the  Company  was  served  with a lawsuit brought by Swan
Magnetics,  Inc.  in  the  Superior  Court of the State of California, County of
Santa  Clara.  The  only  defendant in the action is the Company.  The Complaint
alleges,  among  other things, that the Company breached its obligations under a
promissory  note  in  the  principal  amount of $2,843,017, that the Company has
breached  its  obligations  under  a series of settlement documents entered into
between  Swan  and  the  Company,  and  that  the  Company  has  interfered with
contractual  relationships  between  Swan  and certain third parties.  The total
relief  sought  by  Swan  is  $3,040,000,  plus  interests,  costs, and punitive
damages.  In  separate correspondence, Mr. Eden Kim has alleged that the Company
never  owned  a  majority  interest  in  Swan  Magnetics,  Inc.  The  Company is
vigorously  defending this lawsuit although the Company believes that the action
lacks  merit.  The  case  is at a stage where no discovery has been taken and no
prediction  can  be  made  as  to  the  outcome  of  this  case.

     The  Company intends to request that the court in the above-referenced case
order Kim and Swan to turn over to the Company necessary books and records for a
full  and  accurate  review  as  necessary  for the Company to include Swan as a
consolidated  subsidiary.  At  such time, the Company will amend its Form 10-KSB
to include financial statements reflecting the consolidation.  Management of the
Company  is  unable to determine what the exact effect of Swan's operations will
be  on  the  Company's  consolidated financial statements, or when the necessary
financial  information  might  be  made  available.

ITEM  6.          RESIGNATIONS  OF  DIRECTORS  AND  EXECUTIVE  OFFICERS

     Not  applicable.

ITEM  7.          FINANCIAL  STATEMENTS

     Not  applicable.

ITEM  8.          CHANGE  IN  FISCAL  YEAR

     Not  applicable.

                                        3
ITEM  9.          REGULATION  FD  DISCLOSURE

     Not  applicable.

EXHIBITS

     None.

                                   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.

Dated:  May  1,  2002              Group  Management  Corp.

                                   /s/ Elorian Landers
                                   __________________________
                                   By:     Elorian  Landers
                                   Its:    Chief  Executive  Officer

                                        4