-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FeUHAScjYvywRgEEoHZAnLDdvXxbuz1bfC2ka48Wnej/8HWf/47aVLJd+lZf134d msfRyuKjsVuyEgONIsyjLQ== 0000944209-97-001172.txt : 19970912 0000944209-97-001172.hdr.sgml : 19970912 ACCESSION NUMBER: 0000944209-97-001172 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970814 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19970905 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER COMMERCIAL FUNDING CORP /NY/ CENTRAL INDEX KEY: 0000867713 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] IRS NUMBER: 133763437 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-24940 FILM NUMBER: 97675614 BUSINESS ADDRESS: STREET 1: 6660 RESODA BLVD STREET 2: C/O OHRENSTEIN & BROWN CITY: RESODA STATE: CA ZIP: 91335 BUSINESS PHONE: 8187760590 MAIL ADDRESS: STREET 1: 6660 RESODA BOULEVARD CITY: RESODA STATE: CA ZIP: 91335 FORMER COMPANY: FORMER CONFORMED NAME: PCF ACQUISITION CORP DATE OF NAME CHANGE: 19941017 8-K/A 1 AMENDMENT NO. 1 TO 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) August 14, 1997 --------------- Pioneer Commercial Funding Corp. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) New York 0-24940 13-376343 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 6650 Reseda Blvd., Reseda, CA 91335 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (818) 776-0590 ---------------- - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT On August 14, 1997, Arthur Andersen LLP was dismissed as the Registrant's independent certified public accountants. The decision to dismiss Arthur Andersen LLP was approved by the Registrant's Board of Directors. Arthur Andersen LLP had served as the Registrant's independent certified public accountants for each of the three years in the period ended March 31, 1997. Arthur Andersen LLP's report on the financial statements of the Registrant for each of those years did not contain an adverse opinion or disclaimer of opinion or was not qualified or modified as to uncertainty, audit, scope or accounting principles except that the reports for the fiscal years ended March 31, 1996 and 1995 were modified as to the Registrant's ability to continue as a going concern. There were no disagreements with Arthur Andersen LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope of procedure during the Registrant's two most recent fiscal years and the interim period of April 1, 1997 through August 14, 1997. Also effective as of August 14, 1997, the Registrant's Board of Directors engaged the firm of Grant Thornton to serve as its independent certified public accountants. The Registrant represents that it had not consulted with Grant Thornton at any time prior to their engagement with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Registrant's financial statements. ITEM 7. EXHIBITS Exhibit 16 Letter from Arthur Andersen LLP regarding change in certifying accountants. SIGNATURES Pursuant to the requirement 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. PIONEER COMMERCIAL FUNDING CORP. Date: September 4, 1997 By: /s/ Glenda S. Klein ----------------------------- Glenda S. Klein Senior Vice-President and Chief Financial Officer EX-16 2 LETTER FROM ARTHUR ANDERSEN EXHIBIT 16 [LETTERHEAD OF ARTHUR ANDERSEN] September 4, 1997 Securities and Exchange Commission Mail Stop 9-5 450 5th Street, N.W. Washington, D.C. 20549 Dear To Whom It May Concern: We have read and agree with the comments in Sentences 1, 3, 4, and 5 of Paragraph 1 of Item 4 "Changes in Registrant's Certifying Accountant" of Form 8-K of Pioneer Commercial Funding Corp. (the Company). We have also read Sentence 2 of Paragraph 1 and Paragraph 2 of Item 4. We do not know what actions were made by the Board of Directors of the Registrant or the substance of any discussions that might have been conducted between the Registrant and Grant Thornton. It may be noted that prior to the issuance of our auditor's report on the Company's financial statements for the year ended March 31, 1997, a significant deficiency in internal control was identified. This matter related to insufficient documentation involving the evaluation by the Board and Management and related approval of a loan to an affiliate. The loan was subsequently repaid before its due date and the loan transaction was approved by the unaffiliated members of the Board. In our opinion, this matter did not affect the Company's ability to develop reliable financial statements as of March 31, 1997 and for the year then ended. Very truly yours, ARTHUR ANDERSEN, LLP NF -----END PRIVACY-ENHANCED MESSAGE-----