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 27, 1999
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PARAMOUNT FINANCIAL CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-27190 11-3072768
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction Identification No.)
of Incorporation) No.)
One Jericho Plaza, Jericho, New York 11753
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code - (516) 938-3400
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Not Applicable
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(Former Name or Former Address, if changed since last report)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
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Effective May 27, 1999, the Registrant dismissed Arthur
Andersen LLP as the Registrant's principal accountant to audit
the Registrant's financial statements. Concurrent with such
dismissal, the Registrant engaged BDO Seidman, LLP as its new
independent accountant.
Arthur Andersen LLP was dismissed as the Registrant's
accounting firm based on the Registrant's Board of Directors
decision to involve new accountants in the Registrant's affairs
and thereby obtain a newly invigorated level of services. None
of Arthur Andersen LLP's reports on the Registrant's financial
statements for any year contained an adverse opinion or a
disclaimer of opinion, or was qualified or modified as to
uncertainty, audit scope or accounting principles. Further,
there were no disagreements with the former accountants on any
matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure or other reportable
events with respect to any of the Registrant's prior fiscal years
or any subsequent interim period preceding such dismissal.
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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.
PARAMOUNT FINANCIAL CORPORATION
Date: June 2, 1999 By:/s/ Glenn Nortman
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Glenn Nortman, Chief Executive Officer
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