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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
Commission File Number 0-21689
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NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 11-K [ ] Form 20-F
[ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: August 31, 1999
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[ ] Transition Report on Form 10-K [ ] Transition Report on
Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on
Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
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Read attached instruction sheet before preparing form. Please print or
type.
Nothing in this report shall be construed to imply that the commission
has verified any information contained herein.
If the notification relates it a portion of the filing checked above,
identify the item(s) to which the information relates:
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PART 1
REGISTRANT INFORMATION
Full name of registrant Altiva Financial Corporation
Former name if applicable Mego Mortgage Corporation
Address of principal executive office (Street and number) 1000 Parkwood Circle
Suite 600
City, state and zip code Atlanta, Georgia 30339
PART II
RULE 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
(a) The reasons described below in reasonable detail in
part III of this form could not be eliminated without
unreasonable effort or expense;
[X]
(b) The subject annual report, semi-annual report,
transition report on Form 10-K, 20-F, 11-K of Form N-SAR, or
portion thereof will be filed on or before the 15th calendar
day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth calendar
day following the prescribed due date; and
(c) The accountant's statement or other exhibit required
by Rule 12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K,
20-F, 10-Q, N-SAR or the transition report portion thereof could not be filed
within the prescribed time period. (Attach extra sheets if needed.)
Due to certain unresolved accounting issues, Deloite & Touche, the
Registrant's auditors, require additional time to fully complete their audit of
the financial statements necessary to complete the required filing. Registrant's
inability to file in a timely manner could not be eliminated by Registrant
without unreasonable effort or expense. Registrant will file its Annual Report
on Form 10-K no later than the 15th calendar day following the prescribed due
date.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification:
J. Richard Walker (770) 952-6700
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or
15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for
such shorter period that the registrant was required to file such
report(s) been filed? If the answer is no, identify the report(s).
[ ] Yes [X] No
On November 25, 1998, the Registrant filed a Notification of
Late Filing of its Annual Report on Form 10-K for the fiscal
year ended August 31, 1998. The Report was filed on December
16, 1998.
(3) Is it anticipated that any significant change in the results
of operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the
subject report or portion thereof? [X] Yes [ ] No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
For the fiscal year ended August 31, 1998, the Registrant
reported a net loss before taxes of approximately $126 million. The net
loss resulted primarily from a one time write-down in the value of the
Registrant's mortgage related securities. The Registrant did not
experience a similar write-down during the fiscal year ended August 31,
1999, and, as such, expects to report a smaller loss. The presence of
outstanding accounting issues currently prevents the Registrant from
making a reasonable estimate of its results of operations for the
fiscal year ended August 31, 1999.
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Altiva Financial Corporation
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: November 29, 1999
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By: /s/ J. Richard Walker
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J. Richard Walker
Executive Vice President and Chief
Financial Officer
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To the Securities and Exchange Commission:
Our audit of Altiva Financial Corporation (the "Company") as of and for the year
ended August 31, 1999 cannot be completed by November 29, 1999 without the
incurrence of unreasonable effort or expense by the Company due to several
unresolved accounting issues.
Deloitte & Touche LLP
San Diego, California
November 29, 1999
