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: February 12, 1998
THE BALANCED OPPORTUNITY FUND, L.P.
DELAWARE 2-73692 36-3655854
(State of Incorporation) (Commission File Number)(IRS Employee Identification
No.)
233 South Wacker Drive
Suite 4600
Chicago, Illinois 60606
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February 12, 1998
ITEM 4. CHANGES IN REGISTRANTS' CERTIFYING ACCOUNTANT
On February 6, 1998, the Registrant dismissed the firm of Coopers & Lybrand,
LLP (C&L) as independent certified public accountants of the Registrant. The
change in independent certified accountants was approved by the Board of
Directors. C&L performed audits of the financial statements for the two years
ended June 30, 1997, 1996 and 1995. Their reports 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. During the three years
ended June 30, 1997, and from June 30, 1997 through the effective date of the
C&L termination, there have been no disagreements between the Registrant and
C&L on any matter of accounting principles or practice, financial statement
disclosure, or auditing scope of procedures, which disagreements would have
caused C&L to make reference to the subject matter of such disagreements in
connection with its report. During the three years ended June 30 1997, and from
June 30, 1997 until the effective date of the dismissal of C&L, C&L did not
advise the Registrant of any of the following matters:
1. That the internal controls necessary for the Registrant to develop
reliable financial statements did not exist;
2. That the information had come to C&L's attention that had led it to no
longer be able to rely on management's representations, or that had made it
unwilling to be associated with the financial statements prepared by
management;
3. That there was a need to expand significantly the scope of the audit of
the Registrant, or that information had come to C&L's attention that if further
investigated; (i) may materially impact the fairness or reliability of either a
previously-issued audit report or underlying financial statements or the
financial statements issued or to be issued covering the fiscal periods
subsequent to the date of the most recent financial statements covered by an
audit report (including information that may prevent it from rendering an
unqualified audit report on those financial statements) or (ii) may cause it to
be unwilling to rely on management's representation or be associated with the
Registrant's financial statements and that, due to its dismissal, C&L did not
so expand the scope of its audit or conduct such further investigation;
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4. That the information had come to C&L's attention that it had concluded
materially impacted the fairness or reliability of either, (1) a
previously-issued audit or the underlying financial statements or (ii) the
financial statements issued or to be issued covering the fiscal period
subsequent to the date of the most recent financial statements covered by and
audit report (including information that, unless resolved to the accountant's
satisfaction; would prevent it from rendering an unqualified audit report on
those financial statements), or that, due to its dismissal, there were no such
unresolved issues as of the date of its dismissal. On February 6, 1998, the
Registrant engaged the firm of McGladrey & Pullen, LLP as independent certified
accountants for the Registrant. During the three years ended June 30, 1997, and
from June 30, 1997 through the engagement of McGladrey & Pullen, LLP as the
Registrant's independent accountant, neither the Registrant nor anyone on its
behalf had consulted McGladrey & Pullen, LLP with respect to any accounting or
auditing issues involving the Registrant. In particular, there were no
discussions with the Registrant regarding the application of accounting
principles to a specified transactions, the type of audit that might be
rendered on the financial statements, or any related item.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) (Exhibit)
1. Letter of C&L dated February 10, 1998.
2. Letter of C&L dated February 13, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DATE: February 12, 1998 RODMAN & RENSHAW
FUTURES MANAGEMENT, INC.
GENERAL PARTNER OF THE
REGISTRANT
BY /s/ F. L. Kirby
_____________________________
Mr. F. L. Kirby
President
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EXHIBIT 99.1
[LETTERHEAD OF COOPERS & LYBRAND]
February 9, 1998
Mr. F. L. Kirby
The Global Opportunity Fund, L.P.
C/O Rodman & Renshaw, Inc.
233 South Wacker Drive
Suite 4500
Chicago, IL 60606
Dear Mr. Kirby:
This is to confirm that the client-auditor relationship between the Balanced
Opportunity Fund, L.P. (Commission File Number 2-73692) and Coopers & Lybrand
L.L.P. has ceased.
Very truly yours,
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 11-3
450 Fifth Street, N.W.
Washington, D.C. 20549
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February 13, 1998
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by The Balanced Opportunity Fund, L.P. (copy
attached), which we understand will be filed with the Commission, pursuant to
Item 4 of Form 8-K, as part of the Company's Form 8-K report for the Month of
February 1998. We agree with the statements concerning our Firm in such Form
8-K.
Very truly yours,
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.