UNITES STATES

               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 30, 2002


                       NOVO NETWORKS, INC.
     (Exact Name of Registrant as Specified in Its Charter)


            Delaware               0-28579            75-2233445
  (State or Other Jurisdiction   (Commission        (IRS Employer
       of Incorporation)         File Number)   Identification Number)



       2311 Cedar Springs Road, Suite 400,             75201
                  Dallas, Texas
     (Address of Principal Executive Offices)       (Zip Code)


Registrant's Telephone Number, Including Area Code: (214) 777-4100

      300 Crescent Court, Suite 1760, Dallas, Texas  75201
  (Former Name or Former Address, if Changed Since Last Report)


<PAGE>

Item 4.   Changes in Registrant's Certifying Accountant

     (a)  Information required by Item 304(a)(1) of Regulation S-K.

          (i)    On July 30, 2002, the Registrant dismissed
                 Arthur Andersen LLP as the Registrant's
                 independent accountant.

          (ii)   Arthur Andersen LLP's audit report on the
                 Registrant's financial statements for the
                 year ended June 30, 2001, however, reported
                 that substantial doubt existed that the
                 Registrant could continue as a going concern,
                 in light of the bankruptcy filings of certain
                 of its subsidiaries.  Prior to Arthur
                 Andersen LLP, BDO Seidman LLP acted as the
                 Registrant's independent public accountant
                 until January 2, 2001. BDO Seidman LLP's report
                 on the financial statements for the year ended
                 June 30, 2000, contained no adverse opinion of
                 disclaimer of opinion and was not qualified or
                 modified as to uncertainty, audit scope, or
                 accounting principles.

          (iii)  The Registrant's Audit Committee and Board of
                 Directors unanimously recommended the dismissal
                 of Arthur Andersen LLP as its independent
                 accountant.

          (iv)   During  the Registrant's two most recent fiscal
                 years, which ended June 30, 2000 and 2001,
                 respectively, and the subsequent interim period,
                 there were no disagreements between the
                 Registrant and either Arthur Andersen LLP or
                 BDO Seidman LLP on any matter of accounting
                 principles or practices, financial statement
                 disclosure, or auditing scope or procedure,
                 which disagreements, if not resolved to the
                 satisfaction or Arthur Anderson LLP or BDO
                 Seidman LLP, would have caused either
                 accounting firm to make reference to the
                 subject matter of the disagreement in
                 connection with its report.

          (v)    During the Registrant's two most recent fiscal
                 years and during the interim period, there have
                 been no reportable events (as defined in
                 regulation S-K Item 304(a)(1)(v)).

     (b)  Effective July 30, 2002, Grant Thornton LLP was
          approved by the Registrant's Audit Committee and Board
          of Directors as the new independent accountants.
          Management has not previously consulted with Grant
          Thornton LLP concerning any accounting, auditing, or
          reporting matter.

     (c)  The Registrant requested that Arthur Andersen LLP
          provide it with a letter addressed to the SEC stating
          whether or not it agrees with the above statements.
          Arthur Andersen LLP cited a newly adopted policy
          against providing such letters and refused the
          Registrant's request.


<PAGE>

     Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.

                              NOVO NETWORKS, INC.


     Date: August 2, 2002           /s/  BARRETT N. WISSMAN
                              -----------------------------------
                              Name:     Barrett N. Wissman
                              Title:    President