SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): July 24, 2002
MEDALLION FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-27812 04-3291176
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
437 Madison Avenue
New York, New York 10022
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(Address of principal executive offices) (Zip Code)
(212) 328-2100
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(Registrant's telephone number, including area code)
Item 4. Changes in Registrant's Certifying Accountant.
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The Audit Committee of the Board of Directors (the "Audit Committee") of
Medallion Financial Corp. (the "Company") annually considers and recommends to
the Board of Directors the selection of the Company's independent public
accountants. As recommended by the Audit Committee, the Board of Directors on
July 24, 2002 decided to dismiss its independent auditors, Arthur Andersen LLP
("Andersen") in view of recent developments relating to Andersen, and engaged
PricewaterhouseCoopers LLP ("PWC") to serve as the Company's independent public
accountants and to audit the financial statements for the fiscal year ending
December 31, 2002. The determination to change independent public accountants
followed the Company's decision to seek proposals from independent public
accountants to audit the Company's financial statements for the fiscal year
ended December 31, 2002.
Andersen's reports on the Company's consolidated financial statements for
the two most recent fiscal years ended December 31, 2001 and December 31, 2000
did not contain any adverse opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope or accounting principles.
During the two most recent fiscal years ended December 31, 2001 and
December 31, 2000, and the subsequent interim period through the date of this
Form 8-K, there were (i) no disagreements with Andersen on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure which, if not resolved to Andersen's satisfaction, would have
caused them to make reference to the subject matter in connection with their
report on the Company's consolidated financial statements for such years, and
(ii) except as described above, no reportable events, as listed in Item
304(a)(1)(v) of Regulation S-K.
The Company provided Andersen with a copy of the foregoing disclosures and
requested that it furnish the Company with a copy of a letter addressed to the
Securities and Exchange Commission stating whether or not it agrees with the
statements above. In response, Andersen indicated that, as of July 1, 2002,
Andersen no longer issues such letters.
During the two most recent fiscal years ended December 31, 2001 and
December 31, 2000 the Company did not consult PWC with respect to any of the
matters or events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.
Item 7. Financial Statements and Exhibits.
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None.
SIGNATURE
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.
MEDALLION FINANCIAL CORP.
(Registrant)
Date: July 29, 2002
By: /s/ James E. Jack
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Name: James E. Jack
Title: Chief Financial Officer