MPEL HOLDINGS CORP
NT 10-Q, 2000-05-15
MORTGAGE BANKERS & LOAN CORRESPONDENTS
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                                                                SEC FILE NUMBER
                                                                         1-7948

                                                                   CUSIP NUMBER
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 12b-25

                           NOTIFICATION OF LATE FILING


(Check One): _  Form 10-K  _  Form 20-F _ Form 11-K   X Form 10-Q  _ Form N-SAR

                  For Period Ended: March 31, 2000
                  [ ] Transition Report on Form 10-K
                  [ ] Transition  Report on Form 20-F
                  [ ] Transition Report on Form 11-K
                  [ ] Transition Report on Form 10-Q
                  [ ] Transition Report on Form N-SAR
                  For the Transition Period Ended:_____________________________

  Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing  in this  form  shall be  construed  to imply  that the  Commission  has
verified any information contained herein.

If the notification relates to a portion of the filing check above, identify the
Item(s) to which the notification relates:

PART I -- REGISTRANT INFORMATION

         MPEL HOLDINGS CORP.
Full Name of Registrant


Former Name if Applicable

         25 Melville Park Road
Address of Principal Executive Office (Street and Number)

         Melville, New York  11747
City, State and Zip Code

PART II -- RULES 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 in reasonable  detail in Part III of this form could
     not be eliminated without unreasonable effort or expense;


<PAGE>



(b)  The subject annual report,  semi-annual  report,  transition report on Form
     10-K, Form 20-F, 11-K or Form N-SAR, or portion  thereof,  will be filed on
     or before the fifteenth  calendar day following the prescribed due date; or
     the subject  quarterly report of 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 Forms 10-K,  20-F, 11-K, 10-Q,
N-SAR, or the transition  report or portion  thereof,  could not be filed within
the prescribed time period.

     The Company has experienced  minor computer  problems which has delayed the
     completion  of  its  financial  statements.   Because  of  these  problems,
     management  needs  an  additional  period  of  five  days to  finalize  the
     financial  statements  and file Form 10-QSB for the quarter ended March 31,
     2000.


PART IV - OTHER INFORMATION

(1)  Name  and  telephone  number  of  person  to  contact  in  regard  to  this
     notification

         Cary Wolen                  (516)                      364-2700
          (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 answer is not, identify report(s), Yes X No

         Form 10-KSB

(3)      Is it anticipated that any significant  change in results of operations
         from  the  corresponding  period  for  the  last  fiscal  year  will be
         reflected  by th  earnings  statements  to be  included  in the subject
         report or portion thereof? ___ Yes X 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.


                               MPEL HOLDINGS CORP.
                  (Name of Registrant as Specified in Charter)

     has caused this  notification to be signed on its behalf by the undersigned
     hereunto duly authorized.


         Date     May 12, 2000                      By:  /s/ Cary Wolen
                                                         --------------------
                                                         CARY WOLEN




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