SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): February 11, 1999
MONACO FINANCE, INC.
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(Exact Name of Registrant as Specified in Charter)
Colorado 0-18819 84-1088131
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(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction Identification No.)
of Incorporation)
370 Seventeenth Street, Suite 5060
Denver, Colorado 80202
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(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (303) 592-9411
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Total number of pages is 3.
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ITEM 5. OTHER EVENTS.
On February 11, 1999, at a Special Meeting of the Board of Directors of
Monaco Finance, Inc. (the "Company"), the Board of Directors accepted the
resignation of John Sloan as a Director of the Company as well as the
resignation of Joseph Cutrona, as Chief Executive Officer. Mr. Cutrona will
remain as a Director of the Company.
The Company's Board of Directors also nominated and elected James T.
Moran, as Chief Executive Officer and filled the Board vacancy created by Mr.
Sloan's resignation by nominating and electing Mr. Moran as a Director of the
Company. Mr. Moran's past experience includes being Senior Managing Director
of PriceWaterhouse Coopers, LLP including twenty-five years of finance,
banking and business advisory experience.
The Company has been advised by its major shareholder, Senior Lender and
sole source of working capital, Pacific USA Holdings, Corp. that it no longer
intends to continue funding the Company's monthly capital requirements caused
by the Company's negative cash flow. The Company is taking measures to reduce
this need and pursuing other sources to fund its working capital requirements.
The Company's Board also appointed a special committee consisting of three
directors including Mr. Moran to review the Company's strategic alternatives
including certain business opportunities which, if consummated, could be
beneficial to the Company. However, there is no assurance that any or all of
such opportunities will be consummated.
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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.
MONACO FINANCE, INC.
Date: February 17, 1999 By: /s/ James T. Moran
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Its: Chief Executive Officer
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