Date of Amended Report May 4, 1998
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FIRST AMENDED FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-10569
AutoLend Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 22-3137244
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization identification no.)
600 Central SW, Third Floor, Albuquerque, NM 87102
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(Address of principal executive offices) (Zip Code)
(505) 247-9429
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(Registrant's telephone number, including area code)
<PAGE>
AutoLend Group, Inc.
FORM 8-K
INDEX
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PAGE
Item 4 Changes in Registrant's Certifying Accountant 1
Item 7 Financial Statements and Exhibits 2
Exhibits
1. Order Approving Debtor's Application to Employ Accountants
(Meyners + Company, LLC.) I-1
2. Letter to KPMG Peat Marwick, LLP dated April 21, 1998 II-1
16. Letter from KPMG Peat Marwick, LLP dated April 28, 1998
to the Commission 16-1
Signatures 3
-i-
<PAGE>
Item 4 Changes in Registrant's Certifying Accountant
On April 17, 1998, the United States Bankruptcy Court for the
District of New Mexico approved the selection by AutoLend
Group, Inc. (the "Company") of Meyners + Company, LLC,
Certified Public Accountants of Albuquerque, New Mexico to
serve as the Company's principal accountant to audit the
Company's financial statements, prepare the Company's tax
returns and perform services related to the preparation of
reports required to be filed with the Securities and Exchange
Commission (the "S.E.C."). (See Exhibit 1, "Order Approving
Debtor's Application to Employ Accountants.)
On April 21, 1998, the Company notified KPMG Peat Marwick, LLP
that Meyners + Company, LLC was being engaged by the Company
to perform the audit for the Company's fiscal year ended March
31, 1998. (See Exhibit 2, "Letter to KPMG Peat Marwick, LLP
dated April 21, 1998".)
The principal accountant's report issued by the previous
accountants under the date of May 16, 1997, except for note 14
which is as of July 10, 1997 as of and for the fiscal year
ended March 31, 1997 was qualified as to uncertainty as
follows:
"The accompanying 1997 consolidated financial statements
schedule have been prepared assuming that the Company will
continue as a going concern. As discussed in Note 4 to the
consolidated financial statements, the Company has suffered
recurring loses from operations and has a net capital
deficiency that raises substantial doubt about its ability to
continue as a going concern. Management's plans in regard to
these matters and need to restructure its obligations are also
described in Note 4. The 1997 Consolidated financial
statements and related financial statement schedule do not
include any adjustments that might result from the outcome of
this uncertainty."
The principal accountant's report issued by Deloitte & Touche
LLP which firm served as the principal accountants issued on
July 15, 1996 for the fiscal year ended March 31, 1996 was
qualified as to uncertainty as follows:
"The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. As
discussed in Note 1 to the financial statements, the Company's
recurring losses from operations and stockholders' equity
capital deficiency raise substantial doubt about its ability
to continue as a going concern. Management's plans concerning
these matters are also described in Note 1. The financial
statements do not include any adjustments that might result
from the outcome of this uncertainty."
With regard to the fiscal year ended March 31, 1996, there was
no disagreement with Deloitte & Touche LLP, the former
accountants, on any matter of accounting principals or
practices, financial statement disclosure or auditing scope of
procedure.
Although the former accountant KPMG Peat Marwick, LLP was
dismissed as of April 21, 1998, there is no disagreement with
the former accountant on any matter of accounting principals
or practices, financial statement disclosure or auditing scope
or procedure nor has there been such disagreement during the
last two fiscal years or for the interim period through April
21, 1998. (See Exhibit 3, "Letter from KPMG Peat Marwick,
dated April 28, 1998.)
The decision to change accountants will be submitted to the
Board of Directors for ratification at the next regularly
scheduled meeting of the Board of Directors which will occur
prior to July 31, 1998. The decision to change accountants was
not recommended by the Board of Directors or a committee of
the Board of Directors.
<PAGE>
Item 7 The following are attached as exhibits to this First Amended
Form 8-K:
1. Order Approving Debtor's Application to
Employ Accountants (Meyners + Company, LLC)
2. Letter to KPMG Peat Marwick, LLP dated April 21, 1998
16. Letter from KPMG Peat Marwick, LLP dated April 28,1998
to the Commission
<PAGE>
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 thereto duly authorized.
AUTOLEND GROUP, INC.
(Registrant)
SIGNATURE TITLE DATE
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/s/Jeffrey Ovington Executive Vice-President May 4, 1998
Jeffrey Ovington and Treasurer
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW MEXICO
In re:
AutoLend Group, Inc.
Tax I.D. No. 22-3137244 Case No. 11-97-15499-MA
Debtor.
ORDER APPROVING DEBTOR'S APPLICATION TO EMPLOY ACCOUNTANTS
(MEYNERS + COMPANY LLC)
The Court, after review of the Debtor's Application to Employ
Accountants (Meyners + Company LLC) (the "Application"), and after consideration
of the comments of the Office of the United States Trustee, (Ronald E. Andazola,
Esq.), hereby finds that the Application should be granted in part, on the terms
and conditions as set forth herein.
IT IS THEREFORE ORDERED ADJUDGED AND DECREED that the Debtor's
Application to Employ Accountants (Meyners + Company LLC) is approved, for the
following services only: (1) Any and all services related to the preparation of
the Debtor's tax returns, and (2) Any and all services related to the
preparation of Securities and Exchange Commission Forms 10-K, 10-Q, or other
required SEC reports, forms, or other reporting requirements. Meyners + Company
LLC is specifically authorized to perform any audit of the Debtor and its
subsidiaries necessary to fulfill its SEC and tax responsibilities.
IT IS FURTHER ORDERED, ADJUDGED AND DECREED that the Debtor shall
provide the Office of the U.S. Trustee with a document disclosing any and all
debts owed between and among the Debtor and its wholly owned subsidiaries, and
disclosing a list of all creditors of each subsidiary. Such disclosure shall be
provided no later than May 1, 1998. If such disclosure resolves the concerns of
the Office of the U.S. Trustee, the Court may enter an Order expanding the
employment of Meyners + Company LLC to the extent requested in Debtor's
Application. If such disclosure fails to resolve the concerns of the Office of
the U.S. Trustee, and if the parties are unable to resolve such concerns among
themselves, the Court will hold a hearing on such remaining issues, on short
notice to the Debtor and the Office of the U.S. Trustee.
IT IS FURTHER ORDERED, ADJUDGED AND DECREED that Meyners + Company LLC
shall make periodic application for payment of fees, subject to the Court's
allowance under 11 U.S.C. ss.ss.328, 329 and 330, with the first application to
be made no later than 180 days from the date of the entry of the Order.
/s/ MARK B. MCFEELEY
UNITED STATES BANKRUPTCY JUDGE
Submitted by:
WILLIAMS F. DAVIS & ASSOC., P.C.
/s/ CHRIS W. PIERCE
Chris W. Pierce, Esq.
Attorneys for the Debtor
P.O. Box 6
Albuquerque, NM 87103
(505) 243-6129
Accepted and approved:
UNITED STATES TRUSTEE
TELEPHONIC APPROVAL 4-16-98
Ronald E. Andazola, Esq.
Assistant United States Trustee
P.O. Box 608
Albuquerque, NM 87103-0608
(505) 248-6544
Peat Marwick, LLP
6565 Americas Parkway, NE, #700
P.O. Box 3939
Albuquerque, New Mexico 87190
Telephone: (505) 884-3939
Telephone: (505) 884-8348
April 28, 1998
Securities and Exchange Commission
Washington, DC 20549
Ladies and Gentlemen:
We were previously accountants for AutoLend Group, Inc. and, under the date of
May 16, 1997, except for note 14 which is as of July 10, 1997, we reported on
the consolidated financial statements of AutoLend Group, Inc. as of and for the
year ended March 31, 1997. This accountants' report contained a separate
paragraph stating that "The Company has suffered recurring losses from
operations and has a net capital deficiency that raises substantial doubt about
its ability to continue as a going concern. Management's plans in regard to
these matters and need to restructure its obligations are also described in note
4. The 1997 consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty."
On April 21, 1998, our appointment as principal accountants was terminated. We
have read Autolend Group, Inc.'s statements included under Item 4 of its form
8-K, dated April 23, 1998, and we agree with such statements, except we are not
in a position to agree or disagree with AutoLend Group, Inc.'s statement that
the decision to change accountants will be submitted to the Board of Directors
for ratification at the next regularly scheduled meeting of the Board of
Directors.
Very truly yours,
/s/ KPMG Peat Marwick, LLP
EXHIBIT 16
