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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) May 5, 1997
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Westminster Capital, Inc.
(Formerly FarWest Financial Corporation)
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(Exact name of registrant as specified in charter)
Delaware 1-4923 95-2157201
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(State or other jurisdiction (Commission file (IRS employer
of incorporation) number) identification no.)
9665 Wilshire Boulevard, Suite M-10, Beverly Hills, California 90212
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 278-1930
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On May 5, 1997, KPMG Peat Marwick, LLP ("KPMG") resigned as the Company's
Independent Auditors, effective immediately. The Company has not yet selected
another certified public accounting firm to act as the Company's independent
auditors for the fiscal year ending December 31, 1997.
The reports of KPMG on the Company's consolidated financial statements for
the years ended December 31, 1996 and 1995 did not contain an adverse opinion or
a disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope or accounting principles.
During the two years ended December 31, 1996, and during the subsequent
period from January 1, 1997 through May 5, 1997, there were no "Disagreements"
(as such term is defined under the Federal Securities laws) with KPMG on any
matter of accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which Disagreements, if not resolved to the
satisfaction of KPMG, would have caused that firm to make reference to the
subject matter of the Disagreements in connection with their report.
During the two years ended December 31, 1996, and during the period from
January 1, 1997 through May 5, 1997, the Company was not (i) advised by KPMG
that the Company did not have internal controls necessary to develop reliable
financial statements; (ii) advised by KPMG that it was no longer able to rely on
management's representations or that it was unwilling to be associated with
financial statements prepared by management; (iii) advised by KPMG of a need to
expand the scope of its audit; or (iv) advised by KPMG that information had come
to its attention that materially impacted the fairness or reliability of any
audit report or financial statement issued or to be issued, or caused them to be
unwilling to rely on management's representations or be associated with the
Company's consolidated financial statements (collectively, "Reportable Events").
The Company has requested KPMG to furnish a letter addressed to the Securities
and Exchange Commission stating whether it agrees with the above statements. A
copy of that letter dated May 9, 1997 is filed as Exhibit A to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Letter from KPMG as of May 9, 1997.
(b) Financial Statements. None
(c) Pro Forma Financial Information. None
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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.
Westminster Capital, Inc.
Date: May 9, 1997 /s/ Keenan Behrle
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Keenan Behrle
Executive Vice President
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[LETTERHEAD]
May 9, 1997
Securities and Exchange Commission
Washington, DC 20549
Ladies and Gentlemen:
We were previously principal accountants for Westminster Capital, Inc. and,
under the date of March 1, 1997, we reported on the consolidated financial
statements of Westminster Capital, Inc. as of December 31, 1996 and 1995 and
for each of the years then ended. On May 5, 1997, we resigned as principal
accountants. We have read the statements included under Item 4 of the
Company's Form 8-K dated May 9, 1997, and we agree with such statements.
Very truly yours,
/s/ KPMG Peat Marwick LLP
