UNITED STATES
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): September 1, 1999
THORNBURG MORTGAGE ASSET CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND 001-11914 85-0404134
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or organization)
119 E. Marcy Street, Santa Fe, New Mexico 87501
(Address of principal executive officer) (Zip Code)
(505) 989-1900
(Registrant's telephone number)
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(Former name or former address, if changed since last report.)
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FORM 8-K
CURRENT REPORT DATED SEPTEMBER 1, 1999
THORNBURG MORTGAGE ASSET CORPORATION
Item 4. Change in Registrant's Certifying Accountant.
On August 30, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as independent
auditors of the Company. McGladrey resigned pursuant to their agreement to sell
their investment management practice to PricewaterhouseCoopers LLP (PwC). Three
partners and twenty-two professionals, including the partner and staff
previously serving the Company, have joined PwC.
None of the reports of McGladrey on the financial statements of the Company for
either of the past two fiscal years contained an adverse opinion or a disclaimer
of opinion, or was qualified or modified as to uncertainty, audit scope or
accounting principles.
During the Company's two most recent fiscal years and subsequent interim period
preceding the termination of McGladrey, there were no disagreements with
McGladrey on any matter of accounting principle or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of McGladrey would have caused it to make
reference to the subject matter of disagreement in connection with its report.
None of the reportable events listed in Item 304 (a) (1) (v) of Regulation S-K
occurred with respect to the Company during the Company's two most recent fiscal
years and the subsequent interim period preceding the termination of McGladrey.
On August 30, 1999, the Company , with the approval of its Board of Directors
and its Audit Committee, engaged PwC as its independent auditors.
During the Company's two most recent fiscal years and the subsequent interim
period preceding the engagement of PwC, neither the Company nor anyone on its
behalf consulted PwC regarding the application of accounting principles to a
specified completed or contemplated transaction or the type of audit opinion
that might be rendered on the Company's financial statements, and no written or
oral advice concerning same was provided to the Company that was an important
factor considered by the Company in reaching a decision as to any accounting,
auditing or financial reporting issue.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
1. Letter of McGladrey & Pullen, LLP, dated September 1,
1999, to the Securities and Exchange Commission.
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THORNBURG MORTGAGE ASSET CORPORATION
CURRENT REPORT DATED SEPTEMBER 1, 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.
THORNBURG MORTGAGE ASSET CORPORATION
(Registrant)
Date: September 1, 1999 /s/ Richard P. Story
-----------------------------------------
Richard P. Story
Chief Financial Officer and Treasurer
(principal accounting officer)
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Exhibit (c)
[McGladrey & Pullen,LLP letterhead and logo]
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
We were previously the independent accountants for Thornburg Mortgage Asset
Corporation, and on January 20, 1999 we reported on the consolidated financial
statements of Thornburg Mortgage Asset Corporation and subsidiaries as of
December 31, 1998 and 1997 and for the three years ended December 31, 1998. On
August 30, 1999 we resigned as independent accountants of Thornburg Mortgage
Asset Corporation. We have read Thornburg Mortgage Asset Corporation's
statements included under Item 4 of its Form 8-K for September 1, 1999, and we
agree with such statements.
/s/ McGladrey & Pullen, LLP
-----------------------------
New York, New York McGladrey & Pullen, LLP
September 1, 1999
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