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) June 22, 1999
Interactive Entertainment Limited
(Exact name of registrant as specified in its charter)
Bermuda 0-22622 98-0170199
(State or other (Commission File Number) (IRS Employer
Jurisdiction of Identification
incorporation) Number)
P.O. Box 241603
Memphis, Tennessee 38124
(901) 685-0200
(Address, including zip code,
and telephone number, including area code,
of registrant's principal executive offices)
ITEM 4. Changes in Registrant's Certifying Accountant.
On June 22, 1999, Ernst & Young LLP notified Interactive
Entertainment Limited (the "Company") that they were resigning as
auditor for the Company. At the time of their resignation, Ernst
& Young LLP was reviewing whether certain capitalized software
had been impaired at December 31, 1998 and should not continue to
be carried as an asset by the Company. The results of that
review, which was not complete, could have a material impact on
the fairness of the presentation or reliability of financial
statements covering the year ended December 31, 1998 and
subsequent periods.
The Company's audit committee did not discuss the subject
matter of this issue with Ernst & Young LLP and the Company has
authorized Ernst & Young LLP to respond fully to any inquiries
which the successor accountants may have with respect to this
issue.
The Company is in the process of interviewing independent
accountants to replace Ernst & Young LLP.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits (numbered in accordance with Item 601 of
Regulation S-K).
16. Letter dated June 30, 1999 from Ernst & Young LLP
re disclosure in Form 8-K dated June 30, 1999.
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 hereunto duly authorized.
INTERACTIVE ENTERTAINMENT LIMITED
June 30, 1999 By: /s/ Michael A. Irwin
-----------------------------
Name: Michael A. Irwin
Title: Controller
EXHIBIT INDEX
Exhibit No. Description Page No.
16 Letter dated June 30, 1999 from Ernst
& Young LLP re disclosure in Form 8-K
dated June 30, 1999.
EXHIBIT 1 TO FORM 8-K
June 30, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Gentlemen:
We have read Item 4 of Form 8-K dated June 30, 1999 of
Interactive Entertainment Limited and are in agreement with the
statements contained in the first two paragraphs on page two
therein. We have no basis to agree or disagree with other
statements of the registrant contained therein.
/s/ Ernst & Young LLP
