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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-KSB
CURRENT REPORT PURSUANT TO SECTION 13 OR
15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
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DECEMBER 31, 1996
Date of report (Date of earliest event
reported) ------------------------
Commission File Number: 0-18108 -----
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FINET HOLDINGS CORPORATION
(Exact name of registrant as specified in its
charter)
DELAWARE
(State or jurisdiction of
incorporation or organization)
3021 CITRUS CIRCLE
WALNUT CREEK, CA 94598
(Address of principal executive office)
94-3115180
(IRS Employer Identification Number)
Telephone Number: (415) 658-4150
(Registrant's telephone number, including area
code)
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant has (1) filed all
reports required to be filed by Section 13 or 15(d) of the Securities Act
of 1934
during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to filing requirements within the past 90 days.
Yes `X' No___
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ITEM 4 CHANGES IN INDEPENDENT ACCOUNTANT
Pursuant to Finet's previously reported reverse acquisition of Monument
Mortgage, Inc. on December 31, 1996, it has recently been determined by
the Registrant's current independent accountant and confirmed by the
Commission on April 7, 1997 that, for accounting purposes, Monument
Mortgage, Inc. was the acquiring entity.
Accordingly, on December 31, 1996, the effective date of the transaction,
Reuben E. Price & Co., Finet's principal independent accountant, was
automatically succeeded as the Registrant's principal independent
accountant by Deloitte Touche LLP, the then principal independent
accountant of Monument Mortgage, Inc.
Subsequently, on March 17, 1997, the client-auditor relationship between
the Registrant and Deloitte Touche LLP voluntarily ceased and Reuben E.
Price & Co. was reengaged as the Registrant's principal independent
accountant.
During the two most recent years there were no disagreements between
Reuben E. Price & Co. and Finet or between Deloitte Touche LLP and
Monument Mortgage, Inc. on any matters of accounting practice or
principles, financial statement disclosure or auditing scope or
procedure.
Included herein are a Letter of Succession and Engagement Resignation
from Reuben E. Price & Company and a Letter of Resignation from Deloitte
Touche LLP.
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LETTER OF SUCCESSION & RE-ENGAGEMENT
REUBEN E. PRICE & CO.
703 MARKET STREET
SAN FRANCISCO,CA 94103
April 8, 1997
To the Board of Directors and Stockholders
Finet Holdings Corporation
Pursuant to the business combination of Finet Holdings Corporation and
Monument Mortgage, Inc., effective December 31, 1996, and pursuant to
the accounting treatment of the business combination as a reverse
acquisition (per APB 16, paragraph 70), Monument Mortgage Inc. became
the acquiring corporation.
Accordingly, we have determined that Reuben E. Price & Co. was
automatically succeeded as the principal independent accountant of the
Registrant by Deloitte Touche LLP on that date.
Pursuant to the resignation of Deloitte Touche LLP as the Registrant's
principal independent accountant on March 17, 1997, Reuben E. Price &
Co.
was re-engaged as the Registrant's principal independent accountant
and hereby accepts said engagement effective as of that date.
/s/ Reuben E. Price & Company
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LETTER OF RESIGNATION
DELOITTE TOUCHE LLP
50 Fremont Street
San Francisco,CA 94105
March 17, 1997
Mr. Paul R. Garrrigues
Senior Vice President and Chief Financial Officer
MONUMENT MORTGAGE, INC.
3021 Citrus Circle, Suite 150
Walnut Creek, CA 94598
Dear Mr. Garrigues:
This is to confirm that the client-auditor relationship between
Monument Mortgage, Inc. and Deloitte & Touche LLP has ceased.
Yours truly,
/s/ Deloitte & Touche
