MPEL HOLDINGS CORP
8-K, 1998-10-26
MORTGAGE BANKERS & LOAN CORRESPONDENTS
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                                  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): September 11, 1998

                               MPEL HOLDINGS CORP.
                           -------------------------
             (Exact name of registrant as specified in its charter)


           NEW YORK                  0-3825                22-1842747
           --------                  ------                ----------
(State or other jurisdiction   (Commission File    (IRS Employer Identification
      of incorporation)             Number)                   Number)


                 25 MELVILLE PARK ROAD, MELVILLE, NEW YORK 11747
                 -----------------------------------------------
               (Address of principal executive offices) (Zip code)


       Registrant's telephone number, including area code: (516) 364-2700


                       COMPUTER TRANSCEIVER SYSTEMS, INC.
                     --------------------------------------
          (Former name or former address, if changed since last report)


<PAGE>


     Item 5. Other Events

     As of September 11, 1998, MPEL Holdings  Corp.'s Jon P. Blasi was no longer
employed as the Chief Operating Officer of the Company's "B/C" Lending Division.


                                   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.



                                                      MPEL HOLDINGS CORP.


                                                   By: /s/ Steven Latessa
                                                       ------------------
                                                       Steven Latessa, President



     Date: October 23, 1998


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