December 23, 1982 Issue (Dig122382.Pdf)

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December 23, 1982 Issue (Dig122382.Pdf) RULES AND RELATED MATTERS OIL AND GAS PRODUCERS -- FULL COST ACCOUNTING PRACTICES The Commission announced the issuance for comment of two alternative sets of pro- posed amendments to its rules for application of the full cost method of accounting by oil and gas producers. The proposed amendments are intended to clarify the criteria for determining which capitalized costs may 'be excluded from immediate amortization. They would thereby narrow the diversity of practice resulting from varying interpretations of the commission's existing rules which permit the exclu- sion from,amortization of "unusually significant" costs of unproved properties and major development projects. The Commission also announced the issuance of proposed amendments which would clarify its rules on the recognition of gain or loss on sales of oil and gas producing properties. Comments should be submitted to George A. Fitzsimmons, Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, DC 20549, on or before April 30, 1983 and should refer to File No. 87-956. All comments will be available for public inspection at the commission's Public Reference Room. (Rel. 33-6445) FOR FURTHER INFORMATION CONTACT: M. Elizabeth Rader or John W. Albert at (202) 272-2130 CRt_NAL PROCEEDINGS JERRY s. MAERAS PLEADS GUILTY The Chicago Regional Office announced that on November 19, before the Honorable William ',Hungate,U.S. District Judge for the Eastern District of Missouri, Jerry s. Ma~ras entered a plea of guilty to a three-count Information charging him with a conspiracy to impede the Department of the Treasury, mail fraud and securities fraud relating to his involvement with Thomas R. Brimberry, a senior vice president of Stix & Co. Inc., a St. Louis broker-dealer, now in liquidation proceedings. Between 1976 and November 1981, Brimberry misappropriated over $16 million from Stix & Co. Maeras could receive up to 15 years in prison and a $21,000 fine. Sentencing is scheduled for February 11, 1983. (U.S. v. Jerry S. Maeras, U.S.D.C. E.D. MO, Information No. 82-00273CR). (LR-9843) INDICTMENT RETURNED AGAINST FAMCO EMPLOYEE The Washington Regional Office announced that on December 13 a Federal Grand Jury sitting in Philadelphia returned a two-count indictment against Lorraine Martin Donahue. Donahue was charged with conspiracy and wire fraud relating to the fraudulent offer and sale of $4.5 million of industrial development bonds and mortgage secured notes issued by Fidelity America Mortgage Company (FAMCO). (U.S. v. Lorraine Martin Donahue, U.S.D.C. E.D. Pa., Criminal Action No. 81-418). (LR-9845) INVESTMENT COMPANY ACT RELEASES DEAN WITTER REYNOLDS INTERCAPITAL INC. A notice has been issued giving interested persons until January 17, 1983 to request a hearing on an application by InterCapital Dividend Growth securities Inc., InterCapita1 High Yield Securities Inc., InterCapital Income Securities Inc. (Income Securities), InterCapita1 Industry-Valued Securities Inc., InterCapita1 Liquid Asset Fund Inc., InterCapital Natural Resource Development Securities Inc., InterCapital Tax-Exempt Securities, Inc., InterCapital Tax-Free.Daily IncomeF\lnd Inc., Active Assets Money Trust, Active Assets Tax-Free Trust, and Active Assets Government Securities Trust (collectively, the Funds), each of which is registered under the Investment ~ompany Act of 1940 as an open-end, diversified, management investment company, with the exception of Income Securities which is registered as a closed-end, diversified, management investment company, Sears, Roebuck and Co., Dean Witter Reynolds or.ganization Inc., Dean Witter Reynolds InterCapital Inc. and Edward R. Telling, for an order, pursuant to Section 6(c) of the Act, exempting Mr. Telling from the definition of "interested person"· of an investment adviser as set forth in Section -2 (a)(19) of the Act, solely for purposes of determining compliance with the requirements of Section 15 (f)(1) (A) of the'Act. (Rel. IC-12915 - Dec. 21) ST. PAUL CAPITAL GROWTH FUND, INC. An order has been issued, pursuant to Section 6(c) of the Investment Company Act of 1940, on an application of St. Paul Capital Fund, Inc., st. Paul Growth Fund, Inc. and St. Paul Income Fund, Inc., registered under the Act as open-end manage- ment investment companies, and st. Paul Investors, Inc. (Investors), the Funds' investment manager, exempting Applicants from the provisions of Section 22(d) of the Act and Rule 22d-1 thereunder to the extent necessary to permit sales of shares of the Funds at net asset value without a sales charge to tax-qualified pension and profit-sharing plans of Investors' parent company, The St. Paul Com- panies, Inc., and its affiliated companies, and to those companies' employees, retired employees, and their spouses, and their children under age 21, who open Individual Retirement Accounts offered by the Funds. (Rel. IC-12916 - Dec. 21) PACIFIC FUNDING CORP.; DFC NEW ZEALAND, INC. Orders have been issued pursuant to Section 6(c) of the Investment Company Act of 1940 on an application filed by Pacific Funding Corporation Corporation; and DFC New Zealand, Inc., a Delaware corporation, exempting them from all provisions of the Act. (ReI. IC-129l7; IC-129l9 - Dec. 21l TAX-FREE INSTRUMENTS TRUST An order has been issued pursuant to Section 6(c) of the Investment Company Act of 1940 on an application filed by Tax-Free Instruments Trust exempting it, sub- ject to certain conditions, from the provisions of Section 2(a) (41) of the Act and Rules 2a-4 and 22c-l thereunder to the extent necessary to permit it to utilize the amortized cost method of valuation. (Rel. IC-12918 - Dec. 21) . HOLDING COMPANY ACT RELEASES ALABAMA POWER COMPANY An order has been issued authorizing Alabama Power Company, subsidiary of The Southern Company, to form and acquire the stock of a new subsidiary, Columbia Fuels, Inc., and for Fuels to enter into credit agreements for an amount of up to $100 million to support commercial paper issuances and to provide direct loans. The first credit agreement will be for up to $30 million. The proceeds will be used to pay the costs of acquiring, proces,sing and fabricating nuclear fuel, to which Fuels will hold title, for lease to'and use by Alabama Power Company in its Joseph M. Farley Nuclear Plant. The lender will be granted a security interest in the nuclear fuel. Jurisdiction has been reserved pending completion of the record with respect to the remaining $70 million of credit agreements. (ReI. 35-22786 - Dec. 20) NATIONAL FUEL GAS COMPANY An order has been issued authorizing a proposal by National Fuel Gas Company, a registered holding company, and its subsidiaries, to make loans to transferred supervisory personnel pursuant to an official transfer reimbursement policy. (Rel. 35-22787 - Dec. 20) 2 NEWS DIGEST, December 23, 1982 LISTING, DELISTING AND UNLISTED TRADING ACTIONS UNLISTED TRADING SOUGHT A notice has been issued g1v1ng interested persons until January 10, 1983 to comment on the applications of the Midwest Stock Exchange, Inc. for unlisted trading privileges in five issues which are listed and registered on one or more other national securities exchanges and are reported in the consolidated trans- action reporting system. (Rel. 34-19348) WITHDRAWAL SOUGHT A notice has been issued g1v1ng interested persons until January 12, 1983 to comment on the application of Sonat Offshore Drilling Inc. to withdraw its 5% convertible subordinated debentures, due 12-1-92, from listing and registration on the American Stock Exchange, Inc. (Rel. 34-19352) SELF -REGULATORY ORGANIZATIONS APPROVAL OF PROPOSED RULE CHANGE The Commission has approved a proposed rule change filed under Rule 19b-4 by the Philadelphia Stock Exchange, Inc. (SR-Phlx-82-2) to amend its by-laws and rules relating to the disciplinary procedures of the exchange. (Rel. 34-19351) NOTICE AND ACCELERATED APPROVAL OF PROPOSED RULE CHANGE The Commission has approved, on an accelerated basis, a proposed rule change filed by the National Association of Securities Dealers, Inc. (SR-NASD-82-23) to implement a Trade Acceptance and Reconciliation Service which will provide broker-dealers with an on-line facility for reconciling over-the-counter securi- ties transactions. Publication of the proposal is expected to be made in the Federal Register during the week of December 27. (ReI. 34-19353) NOTICE OF FILING AND IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGE A rule change filed by the Midwest Securities Trust Company pursuant to Rule 19b-4 (SR-MSTC-82-26) has become effective in accordance with Section 19(b) (3)(A) of the Securities Exchange Act of 1934. The rule change revises MSTC's fees for certain services provided by MSTC in connection with municipal bonds and MSTC's National Institutional Delivery System fee schedule to reflect changes in the pass-through charges from DTC. Publication of the proposal is expected to be made in the Federal Register during the week of December 20. (ReI. 34-19355) TRUST INDENTURE ACT RELEASES THE GREYHOUND CORPORATION An order has been issued under the Trust Indenture Act of 1939 on an application of The Greyhound Corporation that the trusteeship of First Interstate Bank of Arizona, N.A. under two indentures of Greyhound is not so likely to involve a material conflict of interest as to make it necessary to disqualify First Iilterstate from acting as trustee. (Rel. TI-788) SECURITIES ACT REGISTRATIONS The following registration statements have been filed with the SEC pursuant to the Securities Act of 1933. The information noted below has been taken from the cover page and the facing sheet of the prospectus and registration statement and will appear as follows: Form, Name, address and phone number (if available) of the issuer of the security, Title and the number or face amount of the securities being offer.ed, Name of the managing underwriter (if applicable), Whether the offering is a rights offering1 File number and date filed, Assigned Branch, if the registration statement is a New Issue; and [5] denoting SHELF REGISTRATION pursuant to Rule 415.
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