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.
December 20, 1996
Date of Report
(Date of earliest event reported)
BONNEVILLE PACIFIC, CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 0-14846 87-0363215
State of Commission File No. IRS Employer
Incorporation Identification No.
50 West 300 South, Suite 300
Salt Lake City, UT 84101
(Address of principal executive offices)
(801) 363-2520
(Registrant's telephone number)
<PAGE>
Item 4. Change in Registrant's Certifying Accountant
On December 5, 1991, the Registrant filed a petition in the United States
Bankruptcy Court for the District of Utah, Central Division, Case No.91A-27701,
seeking protection under Chapter 11 of the Federal Bankruptcy Code. Subsequent
to the filing of such petition, the Registrant applied to the Securities and
Exchange Commission (the "Commission") to modify the Registrant's reporting
obligations under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). On April 9, 1992, the Commission indicated that it would raise no
objection if the Registrant modified its reporting obligations under the
Exchange Act. Accordingly, the Registrant has not had audited financial
statements since 1990 and has had not retained any independent accountant to
audit its financial statements since such date. Roger G. Segal was appointed as
the Trustee of the Registrant (the "Trustee") on June 12, 1992 and has served as
Trustee since that date.
Subsequent to June 12, 1992, the Trustee did not reappoint and did not use
the services of the Registrant's former independent certifying accountant and
eventually initiated litigation against such accounting firm (as well as against
other persons and entities) alleging breach of duty, malpractice and other wrong
doings. The litigation against the former independent certifying accountant was
ultimately settled without it admitting any liability for the claims made by the
Trustee. Such accounting firm paid the Trustee $65,000,000 as part of such
settlement.
During the last two years, the Registrant has settled a number of the
claims which it had made against members of former management, various
professionals and others. As a result of such settlements and the improved
operating results of the Registrant's continuing operations, the Trustee
believes that it is now in the best interests of the Bankruptcy Estate for the
Registrant to obtain audits of the financial statements for the last two fiscal
years and for the fiscal year ending December 31, 1996.
After reviewing the Registrant's auditing requirements, and the costs
associated therewith, in December, 1996, the Trustee determined that the
accounting firm of Hein + Associates LLP be appointed as the Registrant's
certifying independent public accountant. Hein + Associates LLP has been the
auditor of the Registrant's wholly-owned subsidiary, Bonneville Fuels
Corporation, since 1994. The Trustee filed an Application requesting the
Bankruptcy Court's approval of the appointment of such accounting firm as the
Registrant's independent certifying accountant for the fiscal years ended
December 31, 1994, 1995 and 1996.
On December 20, 1996, the Bankruptcy Court signed an Order authorizing the
appointment of Hein + Associates LLP as the Registrant's independent certifying
accountant for the fiscal years ended December 31, 1994, 1995 and 1996 effective
as of December 20, 1996.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: December 24, 1996
Bonneville Pacific Corporation.
By /s/ Roger G. Segal
Roger G. Segal, Chapter ll Trustee
By /s/ R. Steven Blackham
R. Steven Blackham, Assistant Controller