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SEC News Digest, 01-10-1985

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SEC News Digest, 01-10-1985 ~est Issue 85-7 NOnCE OF COMMISSIONMEEl.aS Following is a schedule of Commission meetings which will be conducted pursuant to provisions of the Government in the Sunshine Act. In general, the eo.ission expects to follow a schedule of holding closed meetings on Tuesdays, and open meet- ings on Thursday morning. Meetings on Wednesday, and if necessary On Thursday afternoons, will be either open or closed according to the requirements of agenda iteme under consideration. The COmmission will not normally meet on MOndays or Fridays. Visitors are welcome at all open meetings, insofar as space is available. Meetings will be held in the Commission Meeting Room, Room 1C30, at the Commission's headquarters· building, 450 Fifth Street, N.W., Washington, DC. Persons wishing to photograph or videotape commission meetings must obtain permission in advance from the Secretary of the Commission. Persons wishing to tape record a Commission meeting should notify the Secretary's office 48 hours in advance of the meeting. CLOSED MEETING - TUESDAY, JANUARY 15, 1985 - 10:00 a.m. The subject matter of the January 15 closed meeting will be: Formal orders of inves- tigationr In~titution of administrative proceedings of an enforcement natureJ Settle- ment of administrative proceedings of an enforcement natureJ Institution of injunctive actionsJ Opinion. OPEN MEETING - TUESDAY, JANUARY 15, 1985 - 3:00 p.m. The subject matter of the January 15 open meeting will be: The commission will meet with representatives from the American Society of Corporate Secretaries to discuss matters of mutual interest including, among other things, bene- ficial ownership disclosure rules, tender offer regulation and shareholder ~unica- tions. FOR FURTHER INFORMATION, PLEASE CONTACT Leslie A. Murphy at (202) 272-2589. AT TIMES CHANGES IN COMMISSION PRIORITIES REOUIRE ALTERATIONS IN THE SCHEDULING OF MEETING ITEMS. FOR FURTHER INFORMATION AND TO ASCERTAIN WBAT, IF ANY, MA'l"1'BRSHAVB BEEN ADDED, DELETED OR POSTPONED, PLEASE CONTACT: Steve Molinari at (202) 272-2467. ADMINISTRATIVE PROCEEDINGS PROCBEDINGs INS1ITUTED AGAINST THE CHARTER COMPANY The Commission issued an Order Instituting proceedings under Section 15(c)(4) of the Securities Exchange Act of 1934 and Findings and Order respecting The Charter Company. The Commission found that Charter: materially failed to comply with Section 13(a) of the Exchange Act and the rules on its annual and .quarterly reports from 1981 through 1983, inappropriately accounted for the sale of its Single Premium Deferred Annuities (SPDAs) by recognizing a certain percentage of future expected profits at the time of sale of SPDAs, instead of recognizing income as actually earned in subsequent account- ing periods; and should have disclosed, in its Management Discussion and Analysis con- tained in its Annual Report on Form 10-E for the fiscal year ended December 31, 1981, that as a result of certain developments in 1981, it was anticipated that the future profitability of SPDAs issued prior to 1981 would be substantially reduced. The ca.- mission ordered Charter to comply with the reporting requirements of Section 13(a). Simultaneous with the issuance of the Order, the Commission accepted Charter'. Offer of settlement, in·which it consented to the Order without adtllittingor denying the findings or statements in the Order. (ReI. 34-21647) S-15 MAXXAM GRIM» INC, 200 MADISON AVE, NEW YORK, NY 10016 C212' 516-0500 - 1,1t92,586 ($9,823,002) COMMON STOCK. (FILE 2-91t934 - DEC. 18. (BR. 12. S-18 TOP CAT COHHERICAL BUILDERS INC, 151 STEYENS AYE, OLDSMAR, FL 33551 (813' 855-6622 - 1,500,000 ($150,000' COMMON STOCK. 22,500,000 ($3,315,000' COMMON STOCK. 150,000 ($15. WARRANTS, OPTIONS OR RIGHTS. 150,000 ($112,500' COMMON STOCK. .FILE 2-95025-A - DEC. 21. (IR. 9 - NEW ISSUE. $-6 DREXEL BURNHAM LAMBERT UNIT TRUSTS HIGH INCOME SEC SERS 2, 60 BROAD ST, C/O DREXEL BURNHAM LAMBERT INC, NEW YORK, NY 1OO01t - INDEFINITE SHARES. (FILE 2-95089 - DEC. 28. (IR. 18 - NEW ISSUE. S-l FEDERATED FINANCIAL NETWORK INC, 13195 .. HAMPTON AVE, .,TLER, WI 53007 (414' 781-1640 - 515,000 ($1,273,150' COMMON STOCK. (FILE 2-95094 - DEC. 31. CaR. 2 - NEW ISSUE) 5-15 TEXAS AMERICAN BANCSHARES INC, TEXAS AMERICAN BANK BLDG, 500 THROCKMORTON ST, FORT WORTH, TX 16102 (811' 338-8611 - 329,000 (15,958,110) COMMON STOCK. (FILE 2-95096 - DEC. 31. (8R. 2. S-l ALASKA APOLLO GOLD MINES LTD, DAVIE ST STE 401-1033, VANCOUVER IC V6E1M1 CANADA, Al (604' 682-5313 - 1,615,000 ($2,555,000' FOREIGN COMMON STOCK. (FILE 2-95099 - DEC. 31. (IR. 2 - NEW ISSUE. S-8 JOHNSON CONTROLS INC. 5151 N GREEN8AY AVE, P 0 lOX 591, MILWAUKEE, WI 53201 (414' 228-1200 - 750,000 (130,468,150) COMMON STOCK. (FILE ~5101 - DEC. 31. IIR. 8. N-U NEUBERGER' BERMAN GENESIS FUND INC, 342 MOlSON AVE, NEW YORK, NY 10173 (212' 850-8300 - INDEFINITE SHARES. .FILE 2-95109 - DEC. 21t CBR. 16 - NEW ISSUE. S-8 PORTA SYSTEMS CORP, 575 UNDERHILL BLVD, SYOSSET, NY 11191 - 2.000.000 C$2.000,000' CONVERTIBLE DEBENTURES ANO NOTES. (FILE 2-95117 - DEC. 31. (IR. 7. S-8 LUBRIZOL CORP, 29.00 LAKELAND BLVD, WICKLIFFE, OH 44092 (216' 9.3-4200 - no,050 ($3,332,2711 COMMON STOCK. (FILE 2-95120 - JAN. 02. IIR. 2. S-8 RANCO INC, 555 METRO PL NORTH, STE 550, DUBLIN. OH 43011 (614' 7~-3133 - 3,557,000 ($3,557,000. OTHER SECURITIES INCLUDIN& VOTING TRUST. (FILE 2-95122 - JAN. 02. (BR. 8' S-15 8AHK SOUTH CORP. 55 MMIETTA ST, ATLANTA, GA 30303 14041 529-4521 - 330,000 C$3,415,500' COMMON STOCK. (FILE 2-95124 - DEC. 31. (aR. 13. S-2 OXFORD EXPLORATION CO, 1550 DENVER CLUB BLDG. DENVER, CO 80202 n031 572-3821 - 365,803 CI98.766.811 COMMON STOCK. (FILE 2-95126 - DEC. 31) CBR. 3 - NEW ISSUEI s-a HUFFY CORP, 1701 IYERS RD. POBOX 120., MIAMISBURG, OH .53ftZ (513' 866-6251 - 400,000 (1.,150,0001 COMMON STOCK. (FILE 2-95128 - DEC. 311 CIR. 11) S-6 FIRST TRUST OF INSURED MUNICIPAL BONOS MULTI STATE 6, 300 WEST WASHINGTON ST, C/ CLAYTON BROWN' ASSOCIATES INC. CHICAGO, IL 60606 - INDEFINITE SHiRES. (FILE 2-95130 - DEC. 31. CIR. 18 - NEW ISSUE) $-8 CONTINENTAL HEALTH AFFILIATES INC, 900 SYLVAN AVE, ENGLEWOOD CLIFFS. NJ 01632 (201' 569-8833 - 275,000 ($2,750,000. COMMON STOCK. (FILE 2-95131 - JAN. 03) CaR. 61 5-8 DRIVER HARRIS CO, 308 MIDDLESEX ST, HARRISON, N..I01029 cno ... 3-4100 - .,000,000 ($4,000,000' OTHER SECURITIES INCLUDING VOTING TRUST. (FILE 2-95132 - DEC. 31. (BR. 6' S-8 DRIVER HARRIS CO. 308 MIDDLESEX ST, HARRISON, NJ 01029 C210. 1t83-4800 - 2,000,000 ($2,000,000. OTHER SECURITIES INCLUDING VOTING TRUST. (FILE 2-95133 - DEC. 31. CBR. 6) 5-8 DRIVER HARRIS CO, 308 MIDDLESEX ST, HARRISON, NJ 07029 C210 ... 3-4800 - 65,000 C$1.300,000. COMMON STOCK. (fiLE 2-95134 - DEC. 31) (BR. 6 - NEW ISSUE. S-3 NYMEX CORP, 335 MOlSON AVE, NEW YORK, NY 10017 C212. 310-noo - 1,000,000 ($15.000.000) COMMON STOCK. (FILE 2-9511t1 - JAN. 03' CIR. 131 WBWS DIGEST, Juuary 10, 19.85 3 SOWARD DAVIS BARRED IN DRYSDALE MATTER The Commission barred Edward Davis from association with a broker, dealer, municipal securities dealer, investment adviser or investment company. The sanction was impose in settled administrative proceedings, based upon Davis' recent Drysdale-related con- viction for conspiracy to commit federal securities fraud and other violations. Davis, of Staten Island, N~w York, was head cashier of the now defunct Drysdale Secur ties Corporation (DSC) when that entity was a registered broker-dealer and member of the New York Stock Exchange. From February 1 to May 17, 1982, Davis was cashier of Drysdale Government Securities, Inc. (OOSI), the government securities dealer run by David Heuwetter that collapsed on May 17, 1982, causing losses of about $290 million to two large New York City banks. Davis' participation in the massive Drysdale fraud consisted primarily of falsifying and altering the books and records of his employers and illegally obtaining funds used to float Heuwetter's government trading at DSC and later DGSI. (ReI. 34-21607) JOSEPH V. OSSORIO BARRED IN DRYSDALE MATTER The Commission barred Joseph V. Ossorio from association with a broker, dealer, muni- cipal securities dealer, investment adviser or investment company. The sanction was imposed in settled administrative proceedings, based upon Ossario's recent Drysdale- related convictions for federal securities fraud and state grand larceny and fraud, a well as his having been enjoined, by consent, from violations of the antifraud provi- sions of the securities laws and from aiding and abetting violations of the broker- dealer recordkeeping requirements. Ossorio, of Greenwich, Connecticut, is now serving an eight-year federal sentence wit] which his state sentence runs concurrently. He was formerly Chairman of the Board of Directors and a principal owner of Drysdale Securities Corp., which suspended opera- tions in July 1982, shortly after Drysdale Government Securities, Inc. failed. Drys- dale Government, created by Ossorio and his confederates to assume Drysdale Securitie: government securities business, failed at a cost to major New York City banks of abou' $290 million. (ReI. 34-21608) LISTING, DELlSTING AND UNLISTED TRADING ACTIONS UNLISTED TRADING GRANTED Orders have been issued granting the application of the following stock exchanges for unlisted trading privileges in the common stock of the specified number of issues which are listed and registered on one or more other national securities exchange and are reported in the consolidated transaction reporting system: The Philadelphia stocl Exchange - two issues. (ReI. 34-21641)7 and The Cincinnati Stock Exchange ~ one Issue. (ReI. 34-21642) SELF·REGULATORY ORGANIZATIONS APPROVAL OF PROPOSED RULE CHANGE The Commission approved a proposed rule change filed under Rule 19b-4 by the New York Stock Exchange, Inc.
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