Item 4.01.     Changes in Registrant's Certifying Accountant.

(a)          The independent public accountant of Obsidian Enterprises, Inc. (the "Company"), McGladrey & Pullen, LLP ("M&P"), resigned effective October 14, 2005. The Audit Committee of the Board of Directors subsequently approved the engagement of Somerset CPAs ("Somerset") as the Company's independent public accountant.

Except as described below, the reports of M&P on the Company's financial statements for the past two fiscal years ended October 31, 2003 and 2004, contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. M&P's 2004 audit report relating to M&P's audit of Company's financial statements for the fiscal year ended October 31, 2004 included an emphasis paragraph relating to an uncertainty as to the Company’s ability to continue as a going concern.

In connection with its audits for the two most recent fiscal years ended October 31, 2003 and 2004 and through October 14, 2005, there have been no disagreements with M&P on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of M&P, would have caused them to make reference to the subject matter of the disagreement in connection with their report on the financial statements for such period.

During the two most recent fiscal years ended October 31, 2003 and 2004 and through October 14, 2005, there have been no reportable events (as defined in Regulation S-K, Item 304(a)(1)(v)), except for the following items. M&P discussed the following items with the Audit Committee of the Board of Directors, and has been authorized by the Company to respond fully to the inquiries of Somerset regarding these matters.

(i)           In connection with its Report to the Audit Committee dated February 12, 2004 relating to M&P's audit of the consolidated financial statements of the Company and its subsidiaries for the fiscal year ended October 31, 2003 (the "2003 Audit Report"), M&P noted certain conditions involving the Company's internal control and its operation that M&P considered to be "material weaknesses." "Material weakness" was defined in the 2003 Audit Report as "a condition in which the design or operation of one or more internal control components does not reduce to a relatively low level the risk that errors or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions." The material weaknesses noted by M&P and summarized by the Company in Item 9A. of its Annual Report on Form 10-K for the fiscal year ended October 31, 2003 were, in summary:

(1)        The Company's lack of financial infrastructure to account for complex transactions and related party activities on a consolidated basis, which resulted in a greater than normal risk that material errors may occur in the financial statements and not be detected timely.