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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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FEBRUARY 12, 1999
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, SUITE 150
WALNUT CREEK, CA 94598
(Address of principal executive office)
94-3115180
(IRS Employer Identification Number)
Telephone Number: (925) 988-6550
(Registrant's telephone number, including area code)
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<PAGE> 1
ITEM 4 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On February 12, 1999, the Registrant dismissed Reuben E. Price & Co. ("REP")
as its independent accountant and, on February 12, 1999, the Registrant
appointed Ernst & Young LLP ("E&Y") to that position.
The reports of REP on the Registrant's financial statements for the past two
fiscal years contained no adverse opinion or disclaimer, or were qualified as
to uncertainty, audit scope, or accounting principles.
The change in accountants was made in light of the recently expanded scope of
the Registrant's operations and the attendant requirement for the accounting
services of a larger firm of national scope and stature. The decision to
change independent accountants was recommended by management and was approved
by the Registrant's Audit Committee and Board of Directors.
During the Registrant's most recent two fiscal years and the subsequent
interim period there were no disagreements with REP on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure.
Attached, as an exhibit is a letter from REP to the Commission attesting to
its agreement with the above information.
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
Date: February 19, 1999 /s/ MARK L. KORELL
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MARK L. KORELL
(CEO AND PRINCIPAL EXECUTIVE OFFICER)
Date: February 19, 1999 /s/ GARY A. PALMER
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GARY A. PALMER
(PRINCIPAL FINANCIAL OFFICER)
REUBEN E. PRICE & CO.
PUBLIC ACCOUNTANCY CORPORATION
703 MARKET STREET
SAN FRANCISCO, CA 94103
To the Board of Directors
Finet Holdings Corporation
Walnut Creek, CA
We have been verbally informed on approximately February 1, 1999, that Finet
Holdings Corporation ("Finet") would retain Ernst & Young LLP as independent
accountants, and accordingly we do not consider ourselves as accountants of
record for the Company.
We have read Item 4 of Form 8-K dated February 12, 1999 and agree that the
reports of Reuben E. Price & Co. ("REP") on Finet Holdings Corporation's
financial statements for the past two fiscal years contained no adverse
opinion or disclaimer, or were qualified as to uncertainty, audit scope, or
accounting principles. We agree that during Finet's most recent two fiscal
year there were no disagreements with REP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedures.
/s/ REUBEN E. PRICE & CO.
San Francisco, CA
February 18, 1999
