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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) - September 5, 1997
General Credit Corporation
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(Exact name of registrant as specified in its charter)
New York 0-28910 13-3895072
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
370 Lexington Avenue,
Suite 2000
New York, New York 10021
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(Address or principal executive offices) zip code
Registrant's telephone number, including area code: (212) 697-4441
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NONE
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(Former name or former address, if changed since last report)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Not Applicable
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Not Applicable
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Not Applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On September 5, 1997, General Credit Corporation (the "Company")
dismissed Coopers & Lybrand LLP ("Coopers & Lybrand") as the Company's
independent auditors and retained Cornick, Garber & Sandler, LLP
("Cornick") as the Company's independent auditors for the fiscal year
ended December 31, 1997. The Company's decision to retain Cornick was
approved by the Company's Board of Directors and the Company's Audit
Committee. In connection with the services rendered by Coopers &
Lybrand, the Company believes that for the fiscal years ended December
31, 1995, December 31, 1996 and for the subsequent interim periods there
were no disagreements between the Company and Coopers & Lybrand on any
matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure, which disagreement, if not
resolved to the satisfaction of Coopers & Lybrand, would have caused
Coopers & Lybrand to make reference to the subject matter of the
disagreement. Further, the Company believes there are no reportable
events as defined by Item 304(a)(1)(iv)(B) of Regulation S-B.
Coopers & Lybrand's reports on the Company's financial statements for
the fiscal years ended 1996 and 1995 contained an explanatory paragraph
to the effect that the Company's ability to commence operations was
dependent on the Company obtaining adequate financial resources through
a contemplated public offering, or otherwise, which raised substantial
doubts about its ability to continue as a going concern.
A copy of Coopers & Lybrand's letter addressed to the U.S. Securities
and Exchange Commission is filed as Exhibit 1 hereto.
ITEM 5. OTHER EVENTS
Not Applicable
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS
Not Applicable
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of business acquired
None
(b) Pro forma financial information
None
(c) Exhibits
1 Letter dated September 10, 1997 from Coopers & Lybrand
LLP to the U.S. Securities and Exchange Commission.
ITEM 8. CHANGE IN FISCAL YEAR
Not Applicable
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
Not Applicable
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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.
GENERAL CREDIT CORPORATION
(Registrant)
Date: September 10, 1997 By: /s/ Irwin Zellermaier
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Irwin Zellermaier, Chief Executive Officer
