SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 25, 1999
JPE, INC. d/b/a ASCET INC
(Exact name of registrant as specified in its charter)
MICHIGAN
(State or Other Jurisdiction of Incorporation)
0-22580 38-2958730
(Commission File No.) (IRS Employer Identification No.)
30400 Telegraph Road, Suite 401
Bingham Farms, Michigan 48025
(Address of Principal Executive Offices) (Zip Code)
(248) 723-5531
(Registrant's Telephone Number, Including Area Code)
<PAGE>
ITEM 4 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On June 25, 1999, JPE, Inc. d/b/a ASCET INC (the "Registrant") engaged Ernst &
Young LLP, independent auditors ("Ernst & Young"), as the Registrant's principal
accountants to audit the Registrant's financial statements for the year ending
December 31, 1999. Ernst & Young was engaged to replace PricewaterhouseCoopers
LLP, independent accountants ("PwC"), who had previously been engaged for the
same purpose, and whose dismissal was effective on June 25, 1999. The decision
to change the Registrant's accountants was approved by the Registrant's Board of
Directors on June 25, 1999 and was based on Registrant's desire to appoint a new
independent auditor after Kojaian Holdings LLC and ASC Holdings LLC (with whom
Ernst & Young has had a long-standing working relationship) acquired a majority
interest in Registrant's outstanding shares of common and preferred stock on May
27, 1999.
The reports of PwC on the Registrant's financial statements for the past two
fiscal years ended December 31, 1998 did not contain an adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to audit scope or
accounting principles. The report of PwC on the Registrant's financial
statements for the past two fiscal years ended December 31, 1998 contained a
statement of uncertainty concerning the Registrant's ability to continue as a
going concern. This was due to the Registrant's deteriorating financial
condition as of December 31, 1998, the probability of the emergence from
bankruptcy of three of the Registrant's subsidiaries, the successful
restructuring of the Registrant's bank debt, and the consummation of the sale of
a majority interest in the Registrant to ASC Holdings LLC and Kojaian Holdings
LLC.
During the last two years ended December 31, 1998 and in the subsequent interim
period, there were no disagreements with PwC on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to the satisfaction of PwC, would
have caused it to make reference to the subject matter of the disagreements in
connection with its reports.
The Registrant has provided PwC with a copy of the disclosures made herein and
has requested PwC to furnish a letter addressed to the Securities and Exchange
Commission stating whether it agrees with the above statements. A copy of this
letter dated June 29, 1999 is filed as Exhibit 16 to this Form 8-K.
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS
Letter of PricewaterhouseCoopers LLP (Exhibit 16).
<PAGE>
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.
JPE, INC. d/b/a ASCET INC
Date: June 30, 1999 /s/ Karen A. Radtke
--------------------------------------------
Karen A. Radtke
Secretary and Treasurer
<PAGE>
Exhibits Index
EXHIBIT
NUMBER DESCRIPTION
16 Letter dated June 29, 1999 from PricewaterhouseCoopers LLP, the former
independent accountants for the Registrant
June 29, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by JPE, Inc. d/b/a ASCET INC (copy attached),
which we understand will be filed with the Commission, pursuant to Item 4 of
Form 8-K, as part of the Company's Form 8-K report for the month of June 1999.
We agree with the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
