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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: January 21, 1997
(Date of earliest event reported)
LUNN INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-1298 11-1581582
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
1 Garvies Point Road
Glen Cove, New York 11542-2828
(Address of principal executive offices; zip code)
(516) 671-9000
(Registrant's telephone number, including area code)
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Item 4. Changes in Registrant's Certifying Accountant.
(a) Effective January 21, 1997, Lunn Industries, Inc. (the
"Company") has dismissed the independent accounting firm of
Coopers & Lybrand, L.L.P., 225 Broad Hollow Road, Melville, New
York 11747 ("Coopers & Lybrand"). The termination of Coopers &
Lybrand has been approved by the Board of Directors. The
Company and Coopers & Lybrand were unable to reach agreement on
the fees proposed by Coopers & Lybrand for the 1996 audit.
(b) Neither during the audit of the Company's two most recent
fiscal years, nor during any subsequent interim period have
there been any disagreements with Coopers & Lybrand on any
matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure or any
reportable events.
(c) Coopers & Lybrand's report on the financial statements for the
year ended December 31, 1995 did not contain any adverse
opinion, disclaimer of opinion or was modified as to
uncertainty, audit scope, or accounting principles.
(d) Coopers & Lybrand's report on the financial statements for the
year ended December 31, 1994 did not contain any adverse
opinion, disclaimer of opinion or was modified as to
uncertainty, audit scope, or accounting principles, except for
a separate paragraph that stated that the financial statements
had been prepared assuming the Company would continue as a
going concern. The Company incurred net losses of $4,476,000
for the past two years (1994 and 1993) and was not in
compliance with certain restrictive debt covenants under its
borrowing agreements and has not made certain required
payments, for which waivers of non-compliance have not been
obtained. These uncertainties raise substantial doubt about the
Company's ability to continue as a going concern.
(e) The Company has requested that Coopers & Lybrand furnish it
with a letter addressed to the Securities and Exchange
Commission stating whether or not they agree with the
statements made by the Company in this Item 4 and, if not,
stating the respects in which they do not agree.
(f) Effective January 21, 1997, Lunn Industries, Inc. (the
"Company") has engaged the independent accounting firm of KPMG
Peat Marwick, LLP., 1 Jericho Plaza, Jericho, New York 11753
("Peat Marwick"). The engagement of Peat Marwick has been
approved by the Board of Directors.
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Item 7. Financial Statements and Exhibits.
16.1 Letter from Coopers & Lybrand, LLP. dated January 22,
1997.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LUNN INDUSTRIES, INC.
Date: January 22, 1997 By: s/ Lawrence Schwartz
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Lawrence Schwartz
Vice President
Chief Financial Officer
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Index of Exhibits
16.1 Letter from Coopers & Lybrand, LLP. dated January 22, 1997.
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Exhibit 16.1
[Coopers & Lybrand L.L.P. Letterhead]
January 21, 1997
Securities and Exchange Commission
450 5th Street N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Lunn Industries, Inc. (copy attached), which
we understand will be filed with the Commission, pursuant to Item 4 of Form 8-K,
as part of the Company's Form 8-K for the month of January 1997. We agree with
the statements concerning our Firm in such Form 8-K.
Very truly yours,
Coopers & Lybrand L.L.P.
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