UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________
FORM 8-K/A
AMENDMENT NO. 1
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 11, 1995
PROPERTY SECURED INVESTMENTS, INC.
(Exact name of registrant as specified in its charter)
California 33-26036 95-4320650
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
445 South Figueroa Street, Suite 2600,
Los Angeles, California 90071-1630
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(213) 612-7714
EXHIBIT INDEX AT PAGE 3.
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Item 4. Changes in Registrant's Certifying Accountant
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On April 11, 1995, acting under Board authorization,
Property Secured Investments, Inc. (the "Company") engaged the
accounting firm of Deloitte & Touche ("D & T") to replace Singer,
Lewak, Greenbaum & Goldstein ("SLGG") (as the successor to
Shillan, Abrams & Company) as the Company's principal accountant.
The Company appointed SLGG to replace D & T over two years ago
based entirely on the lower cost of the services to be provided
by SLGG as compared to D & T. The Company's new management
sought competitive bids to conduct its 1994 year end audit.
D & T proved to be the lowest bidder and has been selected to
again be the Company's principal accountants based both upon
D & T's international reputation and due to the competitive
nature of its fee proposal.
During the fiscal years 1994 and 1993, and in the subsequent
interim period from December 31, 1994 to the date of this report,
no report prepared by SLGG contained an adverse opinion or
disclaimer of opinion, or was qualified or modified as to
uncertainty, auditing scope or accounting principles, nor did the
Company have any disagreements with SLGG regarding any matter of
accounting principles or practices, financial statement disclo-
sure, or auditing scope or procedure. Furthermore, no
"reportable events" (as defined in Regulation S-K
Item 304(a)(1)(v)) occurred during such period.
Dated: May 11, 1995 PROPERTY SECURED INVESTMENTS, INC.
By: /s/ Andrew K. Proctor
--------------------------------
ANDREW K. PROCTOR, President
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EXHIBIT INDEX
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No. Description
--- -----------
16 Letter on Change in Accountants - to be filed
subsequently.
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EXHIBIT 16
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Singer, Lewak, Greenbaum & Goldstein
Certified Public Accountants &
Management Consultants, a Professional Corporation
May 9, 1995
Securities and Exchange Commission
Washington, D.C. 20549
Re: Property Secured Investments, Inc.
File No. 33-26036
Dear Sir and Madam:
We have read Item 4 of the Form 8-K of Property Secured
Investments, Inc. dated April 11, 1995, and agree with the
statement contained therein.
Very truly yours,
SINGER, LEWAK, GREENBAUM & GOLDSTEIN
Certified Public Accountants & Management Consultants,
A Professional Corporation
/s/ Marc I. Abrams
Marc I. Abrams, C.P.A.
Partner
MIA:mc
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