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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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MARCH 17, 1997
Date of report (Date of earliest event reported)
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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. CHANGE IN CERTIFYING ACCOUNTANT - AMENDED
4.1 BACKGROUND
Effective December 31, 1996, Finet Holdings Corporation (the "Registrant"
or the "Company") entered into a reverse acquisition with Monument
Mortgage, Inc. ("Monument"). In the reverse acquisition, Monument is
considered to be the acquirer for accounting purposes, even though it
legally became a wholly owned subsidiary of the Registrant. As the
acquirer, Monument's historical financial statements are now deemed to be
the historical financial statements of the reporting entity, although they
will be labeled as those of the Registrant.
The certifying accountant for Monument's financial statements for the past
two fiscal years, ending April 30, 1996 and 1995, was Deloitte & Touche LLP
("D&T"). The certifying accountant for the Registrant is Reuben E. Price &
Co. ("Price"). Following the reverse acquisition, the Registrant changed
its fiscal year end from December 31 to April 30 to conform to the fiscal
year end of Monument. Accordingly, the next period for which financial
statements will be audited is the fiscal year ending April 30, 1997. Price
will report on the fiscal year ending April 30, 1997 as the certifying
accountant for the Registrant and its consolidated subsidiaries.
4.2 AMENDMENT
The Registrant hereby amends its Form 8-K, dated April 10, 1997, concerning
the previously reported Change in Certifying Accountant.
The Registrant previously reported that D&T, the independent certifying
accountant of Monument, a wholly-owned subsidiary of the Registrant
acquired effective December 31, 1996, automatically became the independent
certifying accountant of the Registrant as the result of accounting for the
acquisition of Monument as a reverse acquisition transaction.
Upon further consideration, the Registrant has concluded that since the
Registrant was the legal acquirer of Monument, there has been no change in
the Registrant's independent certifying auditor. At no time did an auditor-
client relationship exist between D&T and the Registrant. Price, the
independent certifying accountant of the Registrant prior to the Monument
acquisition, remained the independent certifying accountant of the
Registrant after the acquisition.
D&T advised Monument on March 17, 1997, that the client-auditor
relationship had ceased between D&T and Monument. A copy of the Letter of
Resignation from D&T to Monument is attached as an Exhibit 16.
During the two most recent fiscal years ended April 30, 1995 and 1996,
respectively, and the period through March 17, 1997, there have been no
disagreements between D&T and Monument on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope
or procedures which disagreement, if not resolved to D&T's satisfaction
would have caused them to make reference in connection with its reports to
the subject matter of disagreement. In addition, D&T's reports on the
Company's financial statements for such fiscal periods contained no adverse
opinion or disclaimers of opinion, nor were such reports qualified or
modified as to uncertainty, audit scope or accounting principles.
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ITEM 8 - CHANGE IN FISCAL YEAR
As described in 4.1 above, Monument is considered the acquirer of the
Registrant for accounting purposes. As the acquirer, Monument's historical
financial statements are now deemed to be the historical financial
statements of the reporting entity, although they will be labeled as those
of the Registrant. Accordingly, the Registrant has changed its fiscal year
end from December 31 to April 30 to conform to the fiscal year end of
Monument. The next period for which financial statements will be audited
and reported in Form 10-KSB is the fiscal year ending April 30, 1997.
The exhibits listed in the accompanying index to exhibits are filed as part
of this report.
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EXHIBITS
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Exhibit Description
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<S> <C>
EX-16 Letter re change of certifying accountant
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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, THEREUNTO DULY AUTHORIZED.
FINET HOLDINGS CORPORATION
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<S> <C>
Date: April 24, 1997 /s/ L. DANIEL RAWITCH
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L. DANIEL RAWITCH
(CEO AND PRINCIPAL EXECUTIVE OFFICER)
Date: April 24, 1997 /s/ JAN C. HOEFFEL
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JAN C. HOEFFEL
(PRESIDENT AND PRINCIPAL FINANCIAL OFFICER)
</TABLE>
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
