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): March 6, 2003
MOONEY AEROSPACE GROUP, LTD.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-21749 95-4257380
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File No.) Identification No.)
Louis Schreiner Field, Kerrville, TX 78028
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (830) 896-6000
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 4. CHANGES IN CERTIFYING ACCOUNTANT
On March 6, 2003, Ernst & Young LLP ("E&Y") terminated the
client-auditor relationship between itself and Mooney Aerospace Group, Ltd (the
"Company") by delivering to the Company a letter of resignation as the Company's
independent auditors. On March 10, 2003 the Company engaged Stonefield
Josephson, Inc. ("Stonefield") as its independent auditors for the fiscal year
ending December 31, 2002. The decision to engage Stonefield was approved by the
Board of Directors of the Company. E&Y's reports on the consolidated financial
statements of the Company for fiscal years 2001 and 2000 did not contain any
adverse opinion or a disclaimer of opinion, and were not qualified or modified
as to uncertainty, audit scope or accounting principles. However, the report of
E&Y for these fiscal years was qualified with respect to uncertainty as to the
Company's ability to continue as a going concern. During fiscal years 2001 and
2000 and the subsequent interim period through March 6, 2003, there were no
disagreements with E&Y regarding any matters of accounting principles or
practices, financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of E&Y, would have caused E&Y
to make reference to the subject matter of the disagreements in connection with
its report. The Company requested that E&Y furnish it with a letter addressed to
the Securities and Exchange Commission stating whether it agrees with the above
statements. The letter dated May 9, 2003 has been filed as Exhibit 99.1 to this
Form 8-K/A.
During the two most recent fiscal years and subsequent interim period,
the Company did not consult with Stonefield regarding 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 Company's financial
statements, or any matter that was the subject of a disagreement or a reportable
event as defined in the regulations of the Securities and Exchange Commission.
Stonefield has reviewed the disclosures contained in this 8-K report.
The Company has advised Stonefield that it has the opportunity to furnish the
Company with a letter addressed to the Securities and Exchange Commission
concerning any new information, clarifying the Company's disclosures herein, or
stating any reason why Stonefield does not agree with any statements made by the
Company in this report. Stonefield has advised the Company that nothing has come
to its attention which would cause it to believe that any such letter was
necessary.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS
(a) None
(b) None
(c) Exhibits
99.1 Letter dated May 9, 2003 from Ernst & Young to the
Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: May 9, 2003
MOONEY AEROSPACE GROUP, LTD.
By: /s/ J. Nelson Happy
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Name: J. Nelson Happy
Title: President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Letter dated May 9, 2003 from Ernst & Young
LLP to the Securities and Exchange
Commission.
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