SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
Date of Report: March 15, 2000
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Date of earliest event reported: March 15, 2000
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KENILWORTH SYSTEMS CORPORATION
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(Exact name of registrant as specified in its charter)
New York 0-08962 13-2610105
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(State or other (Commission File No.) (IRS Employer
jurisdiction Identification
of incorporation) Number)
54 Kenilworth Road, Mineola, NY 11501
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Address of Principal Executive Office (Zip Code)
(Registrant's telephone number,
including area code) (516) 741-1352
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Not Applicable
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(Former address changed from last report)
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ITEM 1. Kenilworth Systems Corporation Engages New Auditors
On March 15, 2000 the Registrant, Kenilworth Systems Corporation
("Kenilworth" or the "Company") engaged Peter C. Cosmas Co., CPAs,
as the Independent Auditors for the periods ended December 31, 1998
and 1999 and the ensuing year.
The Company emerged from Chapter 7 Bankruptcy Proceedings on
September 23, 1998 when the Trustee for the Estate of Kenilworth
paid, in cash, one hundred percent (100%) of all approved creditors
claims and administration fees and expenses out of the $4,424,056
proceeds from the sale of substantially all of the assets of the
Kenilworth Estate and recoveries of receivables and interest income.
By virtue of having paid all claims in full (one hundred cents of
each dollar claimed), the residual value consisting of approximately
twenty million dollars ($20,000,000) in unexpired net operating tax
loss carry-forward credits belong to the Company and, in turn, to
the shareholders of Kenilworth.
The Company's former Independent Auditors believe they have a
conflict of interest resulting from a lawsuit brought against them
by a former client in which the president of the Company once owned
a ten percent (10%) interest when the lawsuit was commenced. By
mutual agreement the Auditor's partners decided not to continue as
the Independent Auditors for the Company.
The Company filed all reports required since September 23, 1998
except that the December 31, 1998 10-K report included unaudited
financials. The statement could not be audited since less than one
year expired after the Trustee issued checks to all creditors. All
checks were cashed and no one filed any objections to the
distribution of the Estate's funds. The Company believes that when
the audits for the periods ended December 31, 1998 and 1999 are
completed, it will not have to materially restate any of the
previously reported unaudited financials. The audits will be filed
with the SEC within the prescribed time period for the year ended
December 31, 1999.
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SIGNATURES
Pursuant to the requirements o the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereto duly authorized.
KENILWORTH SYSTEMS CORPORATION
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Registrant
Herbert Lindo
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Herbert Lindo, President
Dated: March 15, 2000
