SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 12b-25

                         Commission File Number 0-17430
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                           NOTIFICATION OF LATE FILING

      (Check One): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
                          [ ] Form N-SAR [ ] Form N-CSR

                       For Period ended: October 31, 2003

     [ ] 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:
                              --------------------

    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: Obsidian Enterprises, Inc.

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                    Former Name if Applicable: Not Applicable

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           Address of Principal Executive Office (Street and Number):
                         111 Monument Circle, Suite 4800

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              City, State and Zip Code: Indianapolis, Indiana 46204

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                                     PART II
                             RULES 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,  Form  20-F,  Form 11-K,  Form N-SAR or Form  N-CSR,  or
          portion thereof will be filed on or before the fifteenth  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. PART III NARRATIVE

State below in reasonable  detail the reasons why Forms 10-K,  20-F, 11-K, 10-Q,
N-SAR,  N-CSR or the transition  report or portion  thereof,  could not be filed
within the prescribed time period. (Attach extra sheets if needed.)

The  Registrant  is unable to file the Annual Report on Form 10-K for the fiscal
year ended October 31, 2003, within the prescribed  period without  unreasonable
effort or expense because of delays in receiving  information from certain third
parties that will affect financial statement classifications and other financial
statement information.  The Registrant believes that it will be able to file the
Annual Report on Form 10-K within the extended time period.


                                     PART IV
                                OTHER INFORMATION

(1)  Name  and  telephone  number  of  person  to  contact  in  regard  to  this
     notification

         Rick D. Snow         (317)             237-4122
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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 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?

                  [ ] Yes           [X] 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.


                           Obsidian Enterprises, Inc.
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                  (Name of Registrant as Specified in Charter)

has  caused  this  notification  to be signed on its  behalf by the  undersigned
hereunto duly authorized.


Date:  January 29, 2004               By  /s/ Rick D. Snow
                                          --------------------------------------
                                          Name:  Rick D. Snow
                                          Title:  Executive Vice President and
                                            Chief Financial Officer