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 (DATE OF EARLIEST EVENT REPORTED) March 21, 2003
MEGO FINANCIAL CORP.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER
NEW YORK 1-8645 13-5629885
(STATE OR OTHER (COMMISSION (IRS EMPLOYER
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
FORMATION)
1645 VILLAGE CENTER CIRCLE, LAS VEGAS, NV 89134
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (702) 992-4200
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On March 6, 2003 the Company sold a portfolio of consumer receivables
representing purchase money indebtedness of purchasers of certain deeded land
parcels. The Company in the course of conducting its ordinary business of
selling raw land for use as second home sites originated the receivables. The
land parcels giving rise to the indebtedness are part of larger land projects
sold and marketed by the Company. The parcels in the Calvada projects are in
Pahrump, Nevada. The Harstel Springs Ranch, South Park Ranch, Colorado Land and
Grazing Ranch and Colorado Land Livestock Ranch projects are in Colorado.
The purchaser of the portfolio is Land Finance Company (LFC), a Delaware
Corporation, with its principal place of business at 430 Main Street,
Williamstown Massachusetts. The purchase price paid by LFC is $22,270,825.98.
There is no material relationship between the Company, its affiliates, officers
and directors and the purchaser.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
03-1 Press release dated March 10, 2003 concerning the sale of the land
loan portfolio
03-2 Receivables Purchase Agreement between Seller, Leisure Homes
Corporation and Purchaser, Land Finance Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 ,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MEGO FINANCIAL CORP.
By: /s/ Floyd W. Kephart
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Floyd W. Kephart
Chief Executive Officer
Dated: March 21, 2003