SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): November 5, 1996
AutoLend Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 33-76200 13-3121813
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
The Bradbury Court, 215 Central Avenue, N.W., 3-B
Albuquerque, New Mexico 87102
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (505) 768-1000
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930 Washington Avenue, Miami Beach, Florida 33139
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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 November 5, 1996, the Registrant informed the accounting firm of
Deloitte & Touche LLP that the Registrant would not retain it to audit the
Registrant's financial statements for the fiscal year ending March 31, 1997.
Deloitte & Touche LLP had been the Registrant's principal accountants for the
purpose of auditing its financial statements since the fiscal year ended March
31, 1995. In its report on the consolidated financial statements of the
Registrant dated July 15, 1996, Deloitte & Touche LLP states that the Registrant
has suffered recurring losses from operations and a stockholders' capital
deficiency that raise substantial doubt about its ability to continue as a going
concern. The Registrant has had no disagreements with its former principal
accountants on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure which disagreements, if not
resolved to the satisfaction of the former principal accountants, would have
caused it to make reference to the subject matter of the disagreements in
connection with its report relating to the audits for the Registrant's two most
recent fiscal years.
The Registrant's decision not to continue to retain Deloitte & Touche
LLP was not based on the expectation that any disagreement would arise in
connection with the audit of its financial statements for the current fiscal
year. The decision not to retain Deloitte & Touche LLP was made by the
Registrant's Board of Directors in connection with the change in management of
the Registrant and the resulting change in location of its corporate
headquarters to Albuquerque, New Mexico where Deloitte & Touche LLP does not
maintain an office.
On November 5, 1996, the Registrant engaged the accounting firm of KPMG
Peat Marwick LLP as its principal accountants to audit the Registrant's
financial statements for the fiscal year ending March 31, 1997. Prior to the
Registrant's engagement of Deloitte & Touche LLP, the Registrant had engaged
KPMG Peat Marwick LLP as its principal accountants in connection with the audit
of the Registrant's financial statements beginning with the fiscal year ended
March 31, 1990 through the fiscal year ended March 31, 1994. In addition, the
Registrant consulted KPMG Peat Marwick LLP in connection with the preparation of
its unaudited pro forma and other financial information disclosed in the
Registrant's Offering Circular dated October 22, 1996 relating to an offer to
exchange Common Stock and Preferred Stock for all of the Registrant's
outstanding 9.5% Convertible Subordinated Debentures due 1997. Deloitte and
Touche LLP was not consulted regarding the preparation of such materials. Other
than during its engagement as the Registrant's principal accountants or
consultation with respect to the Offering Circular as aforesaid, the Registrant
has not engaged or otherwise consulted with KPMG Peat Marwick LLP regarding any
matter relating to the Registrant's financial statements, and no written report
or oral advice was provided to the Registrant by KPMG Peat Marwick LLP regarding
any decision of the Registrant as to any accounting, auditing or financial
reporting issue.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
The following exhibit will be filed by amendment to this Current Report
on Form 8-K:
16. Letter re: change in certifying accountant
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SIGNATURE
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 thereunto duly authorized.
Dated: November 12, 1996 AUTOLEND GROUP, INC.
By: /s/ Nunzio P. DeSantis
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Nunzio P. DeSantis, Chairman of the
Board and Chief Executive Officer
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