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) April 1, 2008
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Presidential Realty Corporation
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(Exact name of registrant as specified in its charter)
DELAWARE 1-8594 13-1954619
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
180 South Broadway, White Plains, New York 10605
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (914) 948-1300
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No change since last Report
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17CFR230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act(17CFR240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17CFR240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17CFR240.13e-4(c))
ITEM 4.01. Changes in Registrant's Certifying Accountant.
The Company's independent registered public accounting firm for the year ended
December 31, 2007 was Deloitte & Touche LLP ("D&T"). The Company and the Audit
Committee of the Board of Directors annually reviews the selection of its
independent registered public accounting firm and has solicited bids from
independent accountants to audit the Company's financial statements for the year
ending December 31, 2008. As a result of financial and other considerations, the
Audit Committee voted on April 1, 2008 to appoint Holtz Rubenstein Reminick LLP
as the Company's new independent registered public accounting firm.
Pursuant to item 304(a) of Regulation S-K, the Company reports the following:
(a) Previous Independent Accountants
(i) On April 2, 2008, the Company dismissed D&T as the Company's independent
registered public accounting firm.
(ii) The reports of D&T on the Company's financial statements for the past two
fiscal years did not contain an adverse opinion or a disclaimer of opinion and
were not qualified or modified as to uncertainty, audit scope, or accounting
principles, except that in its report on the Company's financial statements for
the year ended December 31, 2007, D&T stated that it did not audit the combined
financial statements of Lightstone Member LLC, PRC Member LLC, Lightstone Member
II LLC and Lightstone Member III LLC (collectively the "Lightstone LLCs") and
that such financial statements were audited by other auditors whose report was
furnished to D&T and D&T's opinion, insofar as it relates to the amounts
included for the Lightstone LLCs, is based solely on the report of the other
auditors.
(iii) The decision to change accountants was approved by the Audit Committee of
the Board of Directors.
(iv) In connection with the audits of the Company's financial statements for
each of the two most recent fiscal years ended December 31, 2006 and 2007, there
were no disagreements with D&T on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope and procedure
which, if not resolved to the satisfaction of D&T, would have caused it to make
reference to the matter in their report.
(v) There were no "reportable events" as that term is described in Item 304(a)
(1)(v) of Regulation S-K.
(vi) The Company has provided D&T with a copy of the foregoing disclosures and
has requested D&T to furnish a letter addressed to the Securities and Exchange
Commission stating whether it agrees with the above statements. A copy of that
letter, dated April 3, 2008 is filed as Exhibit 16 to this Form 8-K.
(b) New Independent Accountants
(i) The Company has engaged Holtz Rubenstein Reminick LLP as its new independent
registered public accounting firm effective April 1, 2008. During the two most
recent fiscal years and through April 1, 2008, the Company has not consulted
with Holtz Rubenstein Reminick LLP concerning the Company's financial
statements, including the application of accounting principles to a specified
transaction (proposed or completed) or the type of audit opinion that might be
rendered on the Company's financial statements or any matter that was either the
subject of a "disagreement" or "reportable event" (as such terms are defined in
Item 304 of Regulation S-K) with the previous independent accountants.
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.
Date: April 4, 2008 PRESIDENTIAL REALTY CORPORATION
By:/s/ Jeffrey F. Joseph
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Jeffrey F. Joseph
President
INDEX TO EXHIBITS
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
16 Letter dated April 3, 2008 from
Deloitte & Touche LLP related to the
change in certifying accountants.