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) JULY 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)
2280 CORPORATE CIRCLE, HENDERSON, NV 89074
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (702) 992-3001
ITEM 5: OTHER EVENTS AND REGULATION FD DISCLOSURES
LEISURE INDUSTRIES ANNOUNCES STRUCTURED LIQUIDATION
Mego Financial Corp., doing business as Leisure Industries Corporation of
America, which filed for reorganization on July 9, 2003 in the United States
Bankruptcy Court, District of Nevada in Reno, today announced that it will
liquidate all of the assets of the company in an orderly manner over the next
six to eight months.
The company also announced the appointment of C. Alan Bentley as Trustee. Mr.
Bentley, a partner with Mackinac Partners, has more than two decades of
turnaround and restructuring experience with a strong emphasis on strategic
planning, financial transactions, mergers and acquisitions, and corporate
restructuring. Mackinac Partners is a merchant bank specializing in
restructuring and turnaround management, investing, capital markets services,
merger and acquisition advisory services, strategic planning services and
litigation advisory services. Mackinac Partners will also serve as
reorganization consultants to Leisure Industries.
Mr. Bentley said, "I want to emphasize that it is anticipated that Leisure
Industries' homeowners will continue to use the resorts without interruption
during the sales processes. I also want to emphasize that the liquidation will
be a process and in no way should be construed as a fire sale."
Additionally, Mr. Bentley pointed out, "The structured process of liquidation
notwithstanding, it is unlikely that there will be sufficient assets remaining
to fulfill the entire liability owed the general unsecured creditors. Moreover,
it is not expected that there will be any recovery for the equity owners of
Leisure Industries."
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/ C. Alan Bentley
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C. Alan Bentley
Trustee
Dated: July 21, 2003