UNITED STATES

                    SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C. 20549

                                FORM 10-Q
   (Mark One)
     [X]    QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
            OF THE SECURITIES EXCHANGE ACT OF 1934

            For the quarterly period ended March 31, 2008
                                           --------------

                                    OR

     [ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
            OF THE SECURITIES EXCHANGE ACT OF 1934

            For the transition period from ......... to .........

                      Commission File Number 0-17214

                         ADMIRAL FINANCIAL CORP.
                         -----------------------

          State of Florida                 I.R.S. No. 59-2806414

                         7101 Southwest 67 Avenue
                        South Miami, Florida 33143
                        --------------------------

                     Telephone Number: (305) 669-6117


   Check whether the issuer: (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12
months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  YES [X]      NO [ ]

    Indicate by check mark whether registrant is a large accelerated
filer,  an  accelerated  filer, a non-accelerated  filer,  or  small
reporting company in Rule 12b-2 of the Exchange Act.

     Large accelerated filer [ ]     Accelerated filer [ ]
     Non-accelerated filer   [ ]     Smaller reporting Company [X]

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).   Yes [X]   No [ ]

             APPLICABLE ONLY TO CORPORATE ISSUERS

                 Common Stock $.001 Par Value
       Outstanding Shares at March 31, 2008: 10,985,046

<PAGE>

                                     PART I  -  FINANCIAL INFORMATION
                                     --------------------------------


                         ADMIRAL FINANCIAL CORP.
                              AND SUBSIDIARY

                       Consolidated Balance Sheets


<TABLE>
<CAPTION>
                                                      March 31, 2008      June 30, 2007
                                                    ------------------   ----------------
                                                        (Unaudited)         (Unaudited)
          Assets
          ------
<S>                                                 <C>                  <C>
Cash                                                    $         0         $         0
Prepaid expenses and other assets                                 0                   0
Net assets of Haven Federal Savings and
     Loan Association (notes 1 and 2)                             0                   0
                                                        -----------         -----------
          Total assets                                  $         0         $         0
                                                        ===========         ===========

   Liabilities and Stockholders' (Deficit) Equity
   ----------------------------------------------

Accrued expenses and other liabilities                  $    23,890         $    23,890
Net liabilities of Haven Federal Savings
  and Loan Association (notes 1 and 2)                            0                   0
                                                        -----------         -----------
          Total liabilities                                  23,890              23,890


Preferred stock, $.01 par value, Authorized
     6,000,000 shares, none outstanding

Common stock, $.001 par value,
     50,000,000 shares authorized,
     10,987,000 shares issued                                10,987              10,987
     Treasury stock, 1,954 and 1,954 shares,
       at cost                                                    0                   0
Additional paid-in capital                                  680,710             680,710
Deficit                                                    (715,587)           (715,587)
                                                        -----------         -----------
     Total stockholders' (deficit) equity                   (23,890)            (23,890)
                                                        -----------         -----------
     Total liabilities and stockholders'
       (deficit) equity                                 $         0         $         0
                                                        ===========         ===========
</TABLE>


      See accompanying notes to consolidated financial statements.


                                   1
<PAGE>

                                         PART I  -  FINANCIAL INFORMATION
                                         --------------------------------

                ADMIRAL FINANCIAL CORP.  AND SUBSIDIARY

                 Consolidated Statements of Operations
                              (Unaudited)

<TABLE>
<CAPTION>
                                   Three Months Ended Mar 31              Nine Months Ended Mar 31
                              -------------------------------------   -----------------------------------
                                    2008                  2007              2008                2007
                                  -------               -------           -------             -------
<S>                           <C>                       <C>           <C>                     <C>
Interest Income                         0                     0                 0                   0
Other income                            0                     0                 0                   0
                                  -------               -------           -------             -------
     Total income                       0                     0                 0                   0

Expense
  Employee Compensation                 0                     0                 0                   0
  Other                                 0                     0                 0                   0
                                  -------               -------           -------             -------
  Total expense                         0                     0                 0                   0

  Loss from discontinued
    operation (note  2)                 0                     0                 0                   0
                                  -------               -------           -------             -------
Net loss                      $         0                     0                 0                   0
                                  =======               =======           =======             =======

Loss per share                    $  0.00               $  0.00           $  0.00             $  0.00
                                  =======               =======           =======             =======

Dividend per share                  ---                    ---               ---                ---
                                  =======               =======           =======             =======

Weighted average number
   of shares outstanding       10,985,046            10,985,046         10,985,046         10,985,046
                               ==========            ==========         ==========         ==========
</TABLE>





      See accompanying notes to consolidated financial statements


                                   2
<PAGE>

                                         PART I  -  FINANCIAL INFORMATION
                                         --------------------------------


                ADMIRAL FINANCIAL CORP.  AND SUBSIDIARY

                 Consolidated Statements of Cash Flows
                              (Unaudited)

<TABLE>
<CAPTION>

                                                    Nine Months Ended March 31
                                                   ----------------------------
                                                       2008            2007
                                                   ------------     -----------
<S>                                                <C>              <C>
Cash flows from operating activities:

Net loss                                           $          0     $         0

Adjustments to reconcile net loss to net cash
  provided by operating activities:

Decrease in deficit arising from confiscation of
  Haven Federal after retroactive disallowance
   of agreed supervisory goodwill and regulatory
   capital                                                    0               0
Decrease in prepaid expenses and other assets                 0               0
Decrease (increase) in net assets of
   Haven Federal                                              0               0
(Decrease) in accrued expenses and other
   liabilities                                                0               0
(Decrease) Increase in net liabilities of
   Haven Federal                                              0               0
Amortization of organization expenses                         0               0
                                                   ------------     -----------

Net cash provided (used) by operating
  activities                                                  0               0

Cash and cash equivalents, beginning of year                  0               0
                                                   ------------     -----------

Cash and cash equivalents, end of quarter          $          0     $         0
                                                   ============     ===========
</TABLE>



      See accompanying notes to consolidated financial statements


                                   3
<PAGE>

                                           PART I  -  FINANCIAL INFORMATION
                                           --------------------------------


                 ADMIRAL FINANCIAL CORP.  AND SUBSIDIARY

                Notes to Consolidated Financial Statements


Note 1.        In the opinion of management, the
               accompanying consolidated financial statements
               contain all the adjustments  necessary to present
               fairly the financial statements of Admiral
               Financial Corp. ('Admiral') and Subsidiary.

Note 2.        The net assets of Admiral's principal
               operating subsidiary, Haven Federal Savings and
               Loan Association ('Haven'), were taken by the
               United States government on March 2, 1990.
               Therefore, where applicable, Haven's net assets
               and net liabilities are presented in the balance
               sheets in the aggregate; and its loss is shown in
               the aggregate in the Statements of Operations for
               the three and nine month periods ended March 31,
               2008 and June 30, 2007.


                                           PART I  -  FINANCIAL INFORMATION
                                           --------------------------------

              ITEM 2 - Management's Discussion and Analysis
      of Consolidated Financial Condition and Results of Operations

General
-------

    ADMIRAL FINANCIAL CORP. ("ADMIRAL"), an inactive
corporation, is currently seeking to recapitalize the Company in
order to resume its prior activities with respect to the
acquisition and investment in interest-earning assets and
specialty real estate, as well as other new lines of business, as
yet unidentified.  Admiral was a plaintiff in an unsuccessful
Winstar-type action against the United States government in the
United States Court of Federal Claims from 1993-2004.

    This discussion may contain statements regarding future
financial performance and results.  The realization of outcomes
consistent with these forward-looking statements is subject to
numerous risks and uncertainties to the Company including, but
not limited to, the availability of equity capital and financing
sources, the availability of attractive acquisition opportunities
once such new equity capital and financing is secured (if at
all), the successful integration and profitable management of
acquired businesses, improvement of operating efficiencies, the
availability of working capital and financing for future
acquisitions, the Company's ability to grow internally through
expansion of services and customer bases without significant
increases in overhead, seasonality, cyclicality, and other risk
factors.

    Admiral is presently conducting virtually no business
operation, other than its efforts to effect a merger, exchange of
capital stock, asset acquisition, recapitalization, or other
similar business combination (a "Recapitalization") with an
operating or development stage business which Admiral considers
to have significant growth potential.  Admiral currently receives
no cash flow. Admiral anticipates no capital infusions prior to
effectuating a Recapitalization. Until such time as Admiral
effectuates a Recapitalization, with the exception of certain
other professional fees and costs for such a transaction, Admiral
currently expects that it will incur minimal future operating
costs.

    No officer or director of Admiral is paid any type of
compensation by Admiral and presently, there are no arrangements
or anticipated arrangements to pay any type of compensation to
any officer or director in the near future. Admiral expects that
it will meet its cash requirements until such time as a
Recapitalization occurs. However, in the event Admiral depletes


                             4

<PAGE>

its present cash reserves, or in the event that Admiral
management ceases to perform it's duties on a non-compensatory
basis, Admiral may cease operations and a Recapitalization may
not occur. There are no agreements or understandings of any kind
with respect to any loans from officers or directors of Admiral
on the Company's behalf.

     On August 5, 1993, Admiral filed a Complaint against the
United States of America in the United States Court of Federal
Claims, arising in part out of contractual promises made to
Admiral by the United States' Government, acting through the
Federal Home Loan Bank Board ("FHLBB") and the Federal Savings
and Loan Insurance Corporation ("FSLIC") pursuant to their
statutory supervisory authority over federally insured savings
and loan institutions and savings banks (hereinafter referred to
a "thrifts" or "thrift institutions"), and in part out of takings
of property by the FHLBB and FSLIC in the course of exercising
that authority.  On October 16, 2002, the Court granted the
Admiral Motion for Summary Judgment in part, by finding that the
United States Government liable for damages for breach of
contract, pending the taking of testimony regarding a possible
prior material breach by Admiral.  A trial was conducted during
December 2002, and testimony was taken regarding the value of the
assets originally contributed by Admiral, and the Government's
arguments regarding Admiral's prior material breach were heard by
the Court.  On August 1, 2003, the Court held in favor of the
United States Government, stating that Admiral had committed a
prior material breach when the Company did not meet the minimum
capital requirement at March 31, 1989, despite the fact that
FIRREA was enacted (on August 9, 1989) prior to the end of
Admiral's "cure period" (October 16, 1989), thereby making such a
cure impossible to perform.  Admiral appealed, and the finding of
the Court of Federal Claims was affirmed in August 2004. Admiral
will not pursue this litigation any further.


Liquidity and Capital Resources
-------------------------------

     Admiral management intends to seek a new line of business.
as yet unidentified.  In connection therewith, Admiral's
management believes that a restructuring of Admiral may be
necessary in order to raise capital for new operations, and any
such restructuring may have a substantial dilutive effect upon
Admiral's existing shareholders.  Admiral has no ongoing
commitments or obligations other than with respect to its
obligations related to the acquisition and subsequent
confiscation of Haven.  Admiral is currently inactive.


Comparison of Three Months Ended March 31. 2008 and 2007
--------------------------------------------------------

     Admiral was inactive, and recorded no revenues or expenses
during the period.


Comparison of Nine Months Ended March 31. 2008 and 2007
-------------------------------------------------------

     Admiral was inactive, and recorded no revenues or expenses
during the period.



                                             PART II - OTHER INFORMATION
                                             ---------------------------

Item 1.   Legal Proceedings

     Admiral did not become involved in any new material legal
proceedings during the period covered by this report.


Item 2.   Changes in Securities

     Not applicable.


Item 3.   Defaults Upon Senior Securities

     Not applicable.


Item 4.   Submission of Matters to a Vote of Security Holders

     Not applicable.

                              5
<PAGE>


Item 5.   Other Information

     Not applicable.


Item 6.   Exhibits and Reports on Form 8-k

     Not applicable.


                           SIGNATURES
                           ----------

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

                                ADMIRAL FINANCIAL CORP.
                                (Registrant)


Date:     May 14, 2008          By:  /s/ Wm. Lee Popham
                                   ------------------------------
                                   Wm. Lee Popham, President


Date:     May 14, 2008          By:  /s/ Wm. Lee Popham
                                   ------------------------------
                                   Wm. Lee Popham,
                                   Principal Financial
                                   and Accounting Officer