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) December 18,1995
BANYAN MORTGAGE INVESTMENT FUND
(Exact name of Registrant as specified in its charter)
Delaware 1-9885 36-3465359
(State of or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
150 South Wacker Drive, Suite 2900, Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 553-9800
Item 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANTS
On December 18, 1995, Banyan Mortgage Investment Fund (the "Registrant") was
informed by Coopers & Lybrand L.L.P. ("C&L") that it was resigning as the
Registrant's independent accountant effective immediately. At no time during
the past two years did C&L's report on the Registrant's financial statements
contain an adverse opinion or a disclaimer of opinion, or was it qualified or
modified as to uncertainty, audit scope, or accounting principles. C&L's
decision was based solely on its own considerations and was not made based on
any action taken by the Registrant's board of directors.
At no time during C&L's engagement as the Registrant's principal accountant
were there any disagreements between the Registrant and C&L on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope of procedure. As of the date of this Report, the Registrant
has engaged the independent accounting firm of Ernst and Young LLP to serve as
the Registrant's principal independent accountant, to audit the Registrant's
financial statements. Attached hereto as Exhibit 16.1 and 16.2, respectively,
are copies of correspondence received by the Registrant from C&L informing the
Registrant of its resignation as the Registrant's principal independent
accountant and C&L's concurrence with the statements made by the Registrant
with respect to the reasons for C&L's resignation.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
EXHIBITS:
16.1 Coopers & Lybrand L.L.P.'s letter informing the Registrant
of its resignation as the Registrant's principal independent
accountant.
16.2 Coopers & Lybrand L.L.P.'s letter to the Securities and
Exchange Commission stating its agreement with the statement
made by the Registrant in its Form 8-K, dated December 21,
1995.
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.
Date: December 21, 1995 BANYAN MORTGAGE INVESTMENT FUND
(Registrant)
By: /s/ Joel L. Teglia
Joel L. Teglia
Its: Vice President, Chief Financial
and Accounting Officer.
Exhibit 16.1
Coopers Coopers & 203 North LaSalle Telephone
& Lybrand Lybrand L.L.P. Street, Chicago, (312) 701-5500
a professional Illinois 60601-
service firm 1210 Facsimile
(312) 701-6533
December 18, 1995
Mr. Joel Teglia
Chief Financial Officer
Banyan Mortgage Investment Fund
150 S. Wacker Drive - Suite 2900
Chicago, IL 60606
Dear Mr. Teglia:
This is to confirm that the client-auditor relationship between Banyan
Mortgage Investment Fund (Commission File Number 1-9885) and Coopers &
Lybrand L.L.P. has ceased.
Very truly yours,
Coopers & Lybrand L.L.P.
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 9-5
450 Fifth Street, N.W.
Washington, D.C. 20549
<PAGE>
Exhibit 16.2
Coopers Coopers & 203 North LaSalle Telephone
& Lybrand Lybrand L.L.P. Street, Chicago, (312) 701-5500
a professional Illinois 60601-
service firm 1210 Facsimile
(312) 701-6533
December 20, 1995
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Banyan Mortgage Investment Fund
(copy attached), which we understand will be filed with the Commission,
pursuant to Item 4 of Form 8-K, as part of the Company's Form 8-K report
for the month of December 1995. We agree with the statements concerning
our Firm in such Form 8-K.
Very truly yours,
Coopers & Lybrand L.L.P.
Attachment
<PAGE>
