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) August 1, 2002
Polaris Aircraft Income Fund I
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(Exact Name of Registrant as Specified in its Charter)
California 2-91762 94-2938977
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
201 High Ridge Road, Stamford, Connecticut 06927
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (203) 357-3776
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(Former Name or Former Address, if Changed Since Last Report)
Item 4. Changes in Registrant's Certifying Accountant.
On August 1, 2002, the Board of Directors of the general partner of
Polaris Aircraft Income Fund I, a California limited partnership (the
"Partnership"), on behalf of the Partnership, adopted a resolution dismissing
Arthur Andersen LLP ("Andersen") as the Partnership's auditors and appointed
Ernst & Young ("E&Y") to replace Andersen.
Andersen's reports on the Partnership's financial statements as of and
for each of the years ended December 31, 2001 and 2000 did not contain an
adverse opinion or disclaimer of opinion, nor were they qualified or modified as
to uncertainty, audit scope or accounting principles.
During the years ended December 31, 2001 and 2000 and through the date
hereof, there were 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
Andersen to make reference to the subject matter in connection with its report
on the Partnership's financial statements for such years; and there were no
reportable events as described in Item 304(a)(1)(v) of Regulation S-K.
During the years ended December 31, 2001 and 2000 and through the date
hereof, the Partnership did not consult E&Y 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 Partnership's
financial statements, or any other matters or reportable events as set forth in
Items 304(a)(2)(i) and (ii) of Regulation S-K.
The Partnership has provided Andersen with a copy of the foregoing
statements. Because the Partnership has been informed by Andersen that as of
July 1, 2002 it would not be providing the letter stating that it was in
agreement with the statements contained herein, no such letter is attached to
this filing as an Exhibit. The inability to obtain such letter from Andersen and
not attaching a letter to this filing is permitted by Item 304T(b)(2) of
Regulation S-K.
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 hereunto duly authorized.
Dated: August 1, 2002 POLARIS AIRCRAFT INCOME FUND I,
a California Limited Partnership
By: Polaris Investment
Management Corporation, as
General Partner
By: /S/Stephen E. Yost
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Stephen E. Yost, Chief Financial Officer