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 (Date of earliest event reported):
April 14, 1996
Mid-State Raceway, Inc.
(Exact name of registrant as specified in its charter)
NEW YORK STATE 000-01607 15-0555258
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(State or other jurisdiction of (Commission file (I.R.S. Employer
incorporation or orginization) Number) Identification Number)
P.O. Box 860, Ruth Street
Vernon, New York 13476
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(Address of Principal executive offices) (Zip Code)
(315) 829-2201
(Registrant's telephone number, including area code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On April 17, 1996, Coopers & Lybrand, LLP, the firm of accountants
previously engaged to audit Registrant's financial statements, resigned. The
resignation was unilateral and was first communicated orally without
explanation. The resignation was confirmed in a letter of the same date received
by facsimile and regular mail. The resignation was not requested or prompted by
Registrant.
The day after the resignation, it was publicly announced that Richard C.
Breeden, a partner with the firm of Coopers & Lybrand, LLP, was a candidate for
appointment as trustee in a Chapter 11 bankruptcy proceeding involving Bennett
Funding Group, Inc. and two related companies, all owned by Patrick Bennett and
members of his family. Patrick Bennett was, at the time, owner with his wife of
54 percent of the outstanding common stock of Registrant.
Coopers & Lybrand, LLP's reports on Registrant's financial statements for
the past two years contained no adverse opinion or disclaimer of opinion, nor
were they qualified or modified for any reason.
During Registrant's two most recent fiscal years there were no
disagreements with Coopers & Lybrand of the character described in paragraph
(a)(1)(iv) nor any reportable events of the character described in paragraph
(a)(i)(v) of Regulation (ss)229.304, Item 304, except as follows: Coopers &
Lybrand, LLP advised Registrant of the need to expand significantly the scope of
its audit for the reason discussed in Item 5 of this Form 8-K, and due to
Coopers & Lybrand, LLP's resignation, such expanded work was not completed.
A successor accounting firm has not yet been designated.
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ITEM 5. OTHER EVENTS
Registrant was unable to file its Annual Report on Form 10-K within the
time prescribed by the regulations under the Securities Exchange Act of 1934
because certain accounts could not be sufficiently reconciled to permit timely
completion of certified financial statements by Registrant's regular outside
auditors, Coopers & Lybrand, LLP. The unreconciled accounts amount to
approximately $41,898.
Patrick Bennett was charged on March 29, 1996 by the S.E.C., in criminal
and civil proceedings in the United States District Court for the Southern
District of New York, with securities fraud and perjury. So far as is known by
the Registrant, none of the violations charged in such proceedings relate to any
activities involving the Registrant.
On April 18, 1996, Richard F. MacPherson, a member of Registrant's board of
directors and of Bennett Funding's board of directors, resigned as a member of
Registrant's board of directors.
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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.
MID-STATE RACEWAY, INC.
(Registrant)
By: /s/ FRANK O. WHITE, JR.
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Frank O. White, Jr.
President and Chief Executive Officer
Date: May 10, 1996
