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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 22, 2000
MID-STATE RACEWAY, INC.
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(Exact name of registrant as specified in its charter)
New York State 000-01607 15-0555258
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
P.O. Box 860, Ruth Street, Vernon, New York 13476
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (315) 829-2201
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(Former name or former address, if changed since last report.)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On September 22, 2000, Urbach Kahn & Werlin, LLP, Certified Public Accountants
(UK&W), the firm of independent accountants previously engaged as the principal
accountants to audit Registrant's financial statements, resigned. The
resignation was unilateral and was communicated in a letter to the Registrant of
the same date received by facsimile. UK&W's resignation letter is attached as
Exhibit (marked "A"). The resignation was not requested or prompted by
Registrant.
UK&W's reports on Registrant's financial statements for the past two (2) years
contained no adverse opinion or disclaimer of opinion, nor were they qualified
or modified as to uncertainty, audit scope, or accounting principles, except
that a "going concern" opinion was issued on the Registrant's 1998 financial
statements, which modification was eliminated in 1999.
During Registrant's two (2) most recent fiscal years and the subsequent interim
period up to the date of the resignation, there were two (2) initial
disagreements with UK&W of the character described in paragraph (a)(1)(iv) of
Regulation S-K, Item 304 which, if not resolved to the satisfaction of the
former accountants, would have caused it to make reference to the subject matter
of the disagreements in connection with its report. The first issue concerned
the period in which to record the settlement of a deferred compensation lawsuit.
The Registrant recorded this settlement as a 1999 transaction. UK&W proposed an
adjustment to the 1999 financial statements since it determined that the
settlement was not concluded until 2000. The second issue concerned the per
share value Registrant assigned to shares of its common stock issued to settle
another lawsuit in 1999. UK&W proposed an adjustment to the 1999 financial
statements to increase the settlement expense to reflect the per share price of
a private placement of common stock issued by the Registrant prior to the
settlement. Both of these issues were resolved between personnel of the
Registrant responsible for presentation of its financial statements and
personnel of UK&W responsible for rendering its report and were therefore not
discussed with Registrant's board of directors. The Registrant will authorize
UK&W to respond fully to the inquiries of a successor accounting firm, yet to be
designated by the Registrant, concerning the subject matter of each of such
initial disagreements. There were no reportable events of the character
described in paragraph (a)(1)(v) of Regulation S-K, Item 304.
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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.
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(Registrant)
Date September 26, 2000 /s/ JOHN J. SIGNORELLI
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(Signature)
John J. Signorelli,
President and Chief Executive Officer
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