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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
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NOTIFICATION OF LATE FILING | SEC FILE NUMBER |
| 33-35664 |
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| CUSIP NUMBER |
| N/A |
(Check One) -----------------
/ /Form 10-K / /Form 20-F / /Form 11-K /X/Form 10-Q / /Form N-SAR
For Period Ended: October 31, 1997
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/ / Transition Report on Form 10-K
/ / Transition Report on Form 20-F
/ / Transition Report on Form 11-K
/ / Transition Report on Form 10-Q
/ / Transition Report on Form N-SAR
/ / Money Market Fund Rule 30b3-1 Filing
For the Transition Period ended:
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Read Attached Instruction Sheet Before Preparing Form. Please Print or
Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: N/A
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Part I - Registrant Information
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Full Name of Registrant: Equipment Leasing Corporation of America
Former Name if Applicable: N/A
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Address of Principal Executive Office (Street and Number):
Suite 76, 501 Silverside Road
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City, State & Zip Code: Wilmington, DE 19809
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Part II - Rules 12b-25(b) and (c)
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If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check box if appropriate)
/X/ (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense,
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof will be filed on
or before the fifteenth calendar day following the prescribed due date, or the
subject quarterly report or transition report on Form 10-Q or filing made by a
money market fund pursuant to Rule 30b3-1, or portion thereof will be filed on
or before the fifth calendar day following the prescribed due date, and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable
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Part III - Narrative
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State below in reasonable detail the reasons why Form 10-K, 11-K, 10-Q, N-SAR,
or the transition report or portion thereof could not be filed within the
prescribed period. (Attach extra sheets if necessary).
The subject report on Form 10-Q could not be filed without unreasonable
effort or expense within the prescribed time period because information
required for its completion and filing is not yet available due to
circumstances arising from the recent filing by the Registrant of a Petition
for Reorganization under Chapter 11 of the U.S. Bankruptcy Code with the
Bankruptcy Court for the Eastern District of Pennsylvania on August 8, 1997.
(File # 97-17000). Reference is made to the Registrant's report on Form 10-Q
for the three month period ended July 31, 1997 as filed on October 24, 1997.
As prescribed by the rules and regulations regarding accounting matters
applicable to the Registrant as debtor-in-possession, the Company's books of
record were close and reopened on August 8, 1997. Additional time is needed to
reconcile the pre and post-petition treatment accorded certain
re-classifications of accounting entries which occurred during the most recent
fiscal quarter. As a result, the Registrant requires additional time to
consult with its professionals and complete its analysis of the disclosure and
financial accounting issues raised by the filing of the bankruptcy petition
which may impact the reporting of the results of operations and financial
condition of the Registrant as of October 31, 1997. Although the Registrant
will attempt to file the Form 10-Q on or before the prescribed due date, it is
highly unlikely that the Form 10-Q will be filed by such date. The precise
filing date remains uncertain.
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Part IV - Other Information
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(1) Name and telephone number of person to contact in regard to this
notification
Kenneth S. Shapiro (610) 668-0707
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or 15(d) of
the Securities Exchange Act of 1934 or section 30 of the Investment company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s).
/X/ Yes / / No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
/ / Yes /X/ No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Equipment Leasing Corporation of America
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date 12/16/97 S/William Shapiro
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By: William Shapiro, President
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
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ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (see 18 U.S.C. 1001).
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