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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K/A-1
CURRENT REPORT
Pursuant to Section 10 or 15(d) of the
Securities Exchange Act of 1934
October 23, 1995
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Date of Report (date of earliest event reported)
MARGATE INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 0-13817 84-8963939
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(State or Other (Commission (IRS Employer Iden-
Jurisdiction of File Number) tification Number)
Incorporation)
129 N. MAIN STREET
YALE, MICHIGAN 48097
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(Address of Principal Executive Offices
Including Zip Code)
(313) 387-4300
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(Registrant's telephone number,
including area code)
Not Applicable
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(Former name or former address, if changed since last report)
The purpose of this Amendment is to file required Exhibit 16.1 from the
Registrant's former auditors.
This report, with exhibits, consists of 5 sequentially numbered pages. Exhibit
Index appears at sequential page number 3.
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
(a)(1) Dismissal of Former Accountant
(i) By phone conversation on October 2, 1995 Margate Industries, Inc.
(the "Company") advised Arthur Andersen LLP, its independent
auditors, that they were dismissed as the Company's independent
auditors for the 1995 fiscal year.
(ii) The report of Arthur Andersen LLP dated March 22, 1995 on the
Company's consolidated financial statements as of December 31, 1994
and 1993 and for the three years in the period ended December 31,
1994 included an explanatory paragraph calling attention to an
uncertainty at the Company's 45%-owned equity investee, New Haven
Foundry. The report also included an explanatory paragraph calling
attention to a change in accounting.
(iii) The change of accountants was approved by the Company's Board of
Directors.
(iv) In connection with Arthur Andersen's audit of the 1994 consolidated
financial statements of the Company, the Board of Directors of
Margate Industries disagreed with Arthur Andersen regarding the
necessity of including the explanatory paragraph calling attention to
the uncertainty referred to in Item 4.(a)(i)(ii) above in their
Auditors' Report. The disagreement was ultimately resolved to Arthur
Andersen's satisfaction.
(v) There have been no Reportable Events under (a)(i)(v) of this Item.
(a)(2) Retention of New Accountant
On October 2, 1995 the Company engaged Perrin Fordree & Company, P.C.
as the independent auditors to audit the Company's financial
statements for the 1995 fiscal year.
(a)(3) Copy Provided to Former Accountants
On October 4, 1995, the Company provided Arthur Andersen LLP with a
copy of the disclosures made in response to this Item in this Form 8-
K. Arthur Andersen LLP's letter addressed to the Commission, stating
that it agrees with the statements made by the Company herein, will
be filed as Exhibit 16.1 to this Report.
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ITEM 7. EXHIBITS. The following exhibits are filed herewith:
16.1 Letter of Arthur Andersen LLP dated October 1, 1995 concerning
certain representations and statements made herein.
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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.
MARGATE INDUSTRIES, INC.
Dated: October 23, 1995 By: /s/ William H. Hopton
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William H. Hopton, President
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[ARTHUR ANDERSEN LETTERHEAD] EXHIBIT 16.1
October 10, 1995
Securities and Exchange Commission
Office of the Chief Accountant
Mail Stop 9-5
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Ladies and Gentleman:
We have read Item 4 included in the attached Form 8-K dated October 6, 1995, of
Margate Industries, Inc. filed with the Securities and Exchange Commission and
are in agreement with the statements contained therein.
Very truly yours,
/s/ Arthur Andersen LLP
Attachment
Copy to:
Mr. William H. Hopton, President, Margate Industries, Inc.
