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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 0-9385
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NOTIFICATION OF LATE FILING
(Check One): |X|Form 10-K |_|Form 11-K |_|Form 20-F |_|Form 10-Q |_|Form N-SAR
For Period Ended: June 30, 2001
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
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Read attached instruction sheet before preparing form. Please print or type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
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Part I. Registrant Information
Full name of registrant BULL RUN CORPORATION
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Former name if applicable
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Address of principal executive office (Street and number)
4370 Peachtree Road, N.E.
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City, State and Zip Atlanta, Georgia 30319
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Part II. Rule 12b-25 (b) and (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[x] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or Form - SAR, or portion thereof will be filed
on or before the 15th calendar day following the prescribed due date;
or the subject quarterly report or transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
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FORM 12b-25
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Part III. Narrative
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
The Company is unable to file the Form 10-K for the year ended June 30,
2001 within the prescribed time period. The Company changed its independent
audit firm on August 7, 2001. In connection with its audit of the Company's
consolidated financial statements, the current independent auditors discovered
that the "Gain on issuance of shares by affiliate" recorded by the Company of
$2,492,000 in the fiscal year ended June 30, 2000 and $8,179,000 in the fiscal
year ended December 31, 1996 were inaccurately calculated. The Company's
calculations of the gains were based on information and guidance provided to the
Company by its former independent auditors. These errors will require
restatement of previously issued consolidated financial statements of the
Company. The restatement is expected to result in, at a minimum, a decrease in
the gain on issuance of shares by affiliate, an increase in the income tax
benefit and an increase in the net loss previously reported by the Company for
the fiscal year ended June 30, 2000, and a reduction in the Company's previously
reported amounts of stockholders' equity, investment in affiliated companies and
deferred income tax liability as of June 30, 2000. There were no material
effects of these computational errors on the consolidated net loss previously
reported for the nine months ended March 31, 2001. The Company and its
independent auditors are currently quantifying the financial statement impact of
the errors. The Company will restate its prior period consolidated financial
statements accordingly in its Form 10-K for the year ended June 30, 2001.
The Company anticipates filing its Form 10-K for the year ended June 30,
2001 on or before Monday, October 15, 2001.
Part IV. Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Frederick J. Erickson 704 602-3107
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(Name) (Area code) (Telephone number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).
[x] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[x] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made. See Part III above.
BULL RUN CORPORATION
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(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date September 28, 2001 By /s/ FREDERICK J. ERICKSON
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Frederick J. Erickson, Vice President-Finance and
Treasurer
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Instruction. The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and title of
the person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal criminal
violations (see 18 U.S.C. 1001).
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