-----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, Nh5m+dxxy1s74Os6FlJfc0R7DU3EtkEWKhX4Ryga/J+b3FZnI2Tv9ygLBb7nHhOf XTf+8RNdI67bWviNWwY41Q== 0000929859-98-000089.txt : 19980707 0000929859-98-000089.hdr.sgml : 19980707 ACCESSION NUMBER: 0000929859-98-000089 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980706 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOURCE CAPITAL CORP CENTRAL INDEX KEY: 0000746776 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 910853890 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-12199 FILM NUMBER: 98660843 BUSINESS ADDRESS: STREET 1: 1825 NORTH HUTCHINSON ROAD CITY: SPOKANE STATE: WA ZIP: 99212 BUSINESS PHONE: 5099280908 FORMER COMPANY: FORMER CONFORMED NAME: SELECTORS INC DATE OF NAME CHANGE: 19911121 8-K 1 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 30, 1998 ------------- SOURCE CAPITAL CORPORATION -------------------------- (Exact name of registrant as specified in its charter) Washington 0-12199 91-0853890 ----------------- ----------- ------------------- (State or other (Commission (IRS Employer jurisdiction File Number) Identification No.) of incorporation) 1825 N. Hutchinson Road, Spokane, Washington 99212 -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (509) 928-0908 -------------- ITEM 4. Changes in Registrant s Certifying Accountants. On June 30, 1998, Coopers & Lybrand L.L.P. ("Coopers") resigned as auditors of Source Capital Corporation ("the Company") citing lack of independence. The resignation was approved by the audit committee of the Company. The Company will file a subsequent Current Report on Form 8-K when a new independent accountant is identified. During the two fiscal years ended December 31, 1997 and 1996 and all subsequent interim periods preceding the independent accountant's resignation, (i) there were no disagreements with Coopers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to its satisfaction would have caused it to make reference in connection with its report to the subject matter of the disagreement, and (ii) Coopers has not advised the Company of any reportable events as defined in paragraph (A) through (D) of Regulation S-K Item 304(a)(1)(v). The accountant's report of Coopers on the consolidated financial statements of Source Capital Corporation as of and for the years ended December 31, 1997 and 1996 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. The accountant's report on the consolidated financial statements of the Company for the year ended December 31, 1997 has been withdrawn due to lack of independence. On February 2, 1998, Mr. Bruce Bowdish left his position as a Coopers senior auditor to become the controller of the Company. At the time, Mr. Bowdish had a personal relationship with the Coopers audit manager assigned to the audit of the Company. The audit manager and Mr. Bowdish were ultimately married on June 24, 1998. While he was employed by Coopers, Mr. Bowdish was not involved in the Company's audit. Based on these facts, Coopers determined that it was not independent and should resign and withdraw its report on the consolidated financial statements of the Company for the year ended December 31, 1997. ITEM 7. Financial Statements and Exhibits. Exhibit 16. Letter from PricewaterhouseCoopers LLP 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. SOURCE CAPITAL CORPORATION (Registrant) Dated: July 6, 1998 By: /s/ D. Mike Jones ------------ ------------------------------- D. Mike Jones, President EX-16 2 EXHIBIT 16 ---------- Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Gentlemen: We have read the statements made by Source Capital Corporation (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 filed July 6, 1998. We agree with the statements concerning our firm in such Form 8-K. /s/PricewaterhouseCoopers LLP -----END PRIVACY-ENHANCED MESSAGE-----