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SEC News Digest, 01-09-1987

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SEC News Digest, 01-09-1987 newS! }~est sec. QE COMMISSION Issue 87-:-6 EXOHAN January 9, 1987 Following is a scbedule of Coaaisaion ..etings wbich will be conducted under provi- sions of tbe Governaent in tbe Sunsbine Act. In general, tbe coamission expects to follow a scbedule of holding closed meetings on Tuesdays, and open meetings on Thurs- day aorning. Meetings on wednesday, and if necessary on Thursday afternoons, will be either open or closed according to tbe requirements of agenda items under considera- tion. Visitors are welcome at all open meetings, insofar as space is available. Meetings will be held in tbe Coanission Meeting Room, ROom lC30, at the Commission's beadquarters building, 450 Fiftb Street, RW, Wasbington, DC. Persons wisbing 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 bours in advance of the meeting. CLOSED MEETING - TUESDAY, JANUARY 13, 1987- 2:30 p.m. The subject matter of the January 13 closed meeting will be: Institution of injunctive actions; Institution of administrative proceedings of an enforcement nature; Settle- ment of administrative proceedings of an enforcement nature ;Settlemen.t of injunctive actions; Form~l orders of investigation; Opinion. OP£N MEETING - WEDNESDAY, JANUARY 14, 1987 - 9:30 a.m. The subject matter of the January 14 open meeting will be: (1) Consideration of whether to adopt amendments to Rule 10b-6, 17 CFR 240.l0b-6, under the Securities Exchange Act of 1934. The amendments pertain to such matters as solicited brokerage transactions, standardized call options, and the rule's applica- bility to affiliates of broker-dealers. ·FOR FURTHER INFORMATION, PLEASE CONTACT Nancy J. Burke at (202) 272-2848. (2) Consideration of whether to issue two releases: (1) proposing for comment various revisions to Regulation D, the Commission's limited .offering exemptions from the registration requirements of the secur ities Act of 1933. That proposed rulemaking would also contain a new exemptive provision (outside of Regulation D) from such registration provisions for offers and sales of securities pursuant to the employee compensation plans or arrangements of non-reporting companies; and (2) publishing for information purposes the securities regulation recommendations of' the Fifth Annual Government-Business Forum on Small Bussiness Capital Formation. FOR FURTHER INFORMA- TIO~ •.PLEASE CONTACT Karen M. O'Brien at (202) 272-2644. OPEN MEETING - THURSDAY, JANUARY 15, 1987 - 2:00 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. FOR FURTHER INFORMATION, PLEASE CONTACT Patrick Daugherty at (202) 272-3077. AT TIMES CHANGES IN COMMISSION PRIORITIES REQUIRE ALTERATIONS IN THE SCHEDULING OF MEETING ITEMS. FOR FURTHER INFORMATION AND TO ASCERTAIN WHAT, IF ANY, MATTERS HAVE BEEN ADDED, DELETED OR POSTPONED, PLEASE CONTACT: Ida Wurczinger at (202) 272-2014 WEEKI.Y CALENDAR The following is a schedule of speaking engagements, congressional testimony, Commis- sion hearings and other public events involving the Commission for the week of January 11, 1987. (Commission Meetings are announced separately in the News Digest) Monday, January 12 * Commissioner Grundfest will address the Association of Public Corporations' dinner meeting at the Biscayne Bay Marriott Hotel & Marina in Miami, Florida. The title of his speech will be wThe securities and EXchange Commission: prospects for 1987.- INVESTMENT COMPANY ACT _LEASES NORWEST COLLECTIVE INVESTMENT TRUST: UNITED FUND ACCUMULATIVE SERIE$ (TA) Orders have been issued declaring that Norwest Collective Investment Trust and United Fund Accumulative Series (TA) have ceased to be investment companies. (ReI. IC-lssl3: IC-lss14 - Dec. 31, 1986) LIFETIME MONEY MARKET TRUST A notice has been issued giving interested persons until January 26 to request a hearing on an application filed by certain mutual funds advised by LifeTime Advisers, Inc. for an order to permit such funds to assess and·waive a contingent deferred sales charge on redemptions of their initial and future shares, and to permit certain offers of exchange of their shares. (ReI. IC-ls515 - DeC. 31, 1986) SHEARSON LEHMAN ASSET ALLOCATION FUND L.P. A notice has been issued giving interested persons until January 23 to request a hearing on an application filed by Shearson Lehman Asset Allocation Fund L.P. (Fund) and its investment adviser, Shearson Lehman Investment Strategy Advisors Inc. (Strat- egy Advisors), for an order exempting the Fund and certain of its general partners from the provisions of Section 2(a)(19) of the Investment Company Act to the extent those general partners would be deemed -interested"persons· of the Fund and strategy Advisors, solely because of their status as general partners. (ReI. IC-15516 - Dec. 31, 1986) ATLANTIC FINANCING CORPORATION A notice has been issued giving interested persons until January 26 to request a hearing on an application filed by Atlantic Financing Corporation for an order exempting it from all provisions of the Investment Company Act. (ReI. IC-lsS17 - Dec. 31, 1986) IIOLDING COMPANY ACT REWSES NIAGARA MOHAWK POWER CORPORATION An order has been issued regarding Niagara Mohawk Power Corporation, an exempt holding company, and its subsidiary, Hydra-Co Enterprises, Inc., authorizing the acquisition by Hydra-Co of a l2.S' general partnership interest in Curtis/palmer Hydroelectric Company, a New York limit~d partnership, which owns two hydroelectric facilities located in the State of New York. (ReI. 35-24289 - Dec. 30, 1986) MIDDLE SOUTH UTILITIES, INC. An order has been issued authorizing Middle South Services, Inc. (Services), subsidi- ary of Middle South Utilities, Inc. (MSU), to enter into computer equipment leaSing arrangements with a non-affiliated lessor and authorizing MSU to guarantee the perfor- mance by Services of its lease obligations without recourse to Services first being required. (ReI. 35-24290 - Dec. 30, 1986) 2 NEWS DIGEST, January 9, 1987 NEW ENGLAND ENERGY INCORPORATED An order has been issued authorizing New England Energ~ Incorporated, subsidiary of New England Electric System, to contribute during 1987 up to $45 million to its part- nership with Samedan Oil Corporation, subsidiary of Noble Affiliates, Inc., for exploration and development of oil and gas properties acquired through December 31, 1986. (ReI. 35-24291 - Dec. 31, 1986) UsnNI, DEUSnIlG AND UNUSTED TRADING ACTIONS DELISTING GRANTED An order has been issued granting the application of the Arnerican Stock Exchange to strike the common stock, $1.00 par value, and 14% convertible subordinated debentures, due November 15, 1987, of JET AMERICA AIRLINES, INC. from listing and registration thereon. (ReI. 34-23961) WITHDRAWAL SOUGHT A A notice has been issued giving interested persons until January 28 to comment on the application of UNITED COMPANIES FINANCIAL CORPORATION to withdraw its common stock, $2.00 par value, from listing and registration on the American Stock Exchange. (ReI. 34-23962) SELF-REauUTORY OReANIZAnONS NOTICE OF PROPOSED RULE CHANGES proposed rule change have.been filed under Rule 19b-4 by: The American Stock Exchange (SR-Amex-86-32) to eliminate restrictions in its Company Guide relating to the listing of securities on the Amex that have unequal voting rights. (ReI. 34-23951); and The Munici al Securities Rulemakin Board (SR-MSRB-86-15) to require municipal securi- t es dea ers to record sUlta 1 lty lnformation on customer account records. (ReI. 34-23955) publication of the proposals are expected to be made in the Federal Register during the week of January 12. EFFECTIVENESS OF PROPOSED RULE CHANGE The Options Clearing corporation filed a proposed rule change which became effective under Section 19(b) (3)(A) of the Securities Exchange Act of 1934. The rule change (SR-OCC-86-24) authorizes OCC to offer its non-equity options pledge program to all clearing members and permits clearing members to exercise or sell pledged non-equity options. (ReI. 34-23960) TRUST IIDEITUIE ACT .' EASES DOW CORNING CORPORATION A notice has been issued glvlng interested persons until January 28 to request a hear- ing on an application by Dow corning Corporation, a Michigan corporation, under Sec- tion 3l0(b)(1)(ii) of the Trust Indenture Act of 1939. The application declares that the trusteeship of Citibank, N.A. under two Dow indentures is not so likely to involve a material conflict of interest as to make it necessary in the public interest or for the protection of investors to disqualify Citibank from acting as trustee under such indentures. The indentures are dated April 1 1975 and October 1, 1986 and the securi- outstanding under them are approximately $50 million of debentures, due April 1, 2005, and approximately $31 million of bonds, due October 1, 2013. (ReI. TI-2057) NEWS DIGEST, January 9, 1987 3 KCUII11ES ACT IEllSTlATIOItS The followin9 retJiatration state.enta have been fUed with tbe SIC under the 8ecuri- tiee Act of 1933. The reported information appears as folloWI. Perm, Name, Addre •• and Phone Number (if available) of tbe issuer of the security, Title and the number and/or face amount of the securities being offered, Name of the managing un4erwriter or depositor Cif applicable), Pile nUllber and date filed, ASsigned Brancb, and a designation if the statement is a New Issue. S-8 NEW EMGlAND CPITICAL CARE INC, 165 FOREST ST. MARLBOROUGH, flA 01152 1611 t "'1-'503 - 383.169 ($5.981,015.60) COMMON STOCK. (FILE 33-11114 - DEC. la. (BRe 6. 5-6 NUYf£N TAX EXEMPT UNIT TRUST 5 ERIES 411, 333 W WACKER DR. cIa JOHN NUYEEN & CD lilt, CHICAGO. IL 60606 - INDEFINITE SHARES. DEPOSITORaNUVEEN JOHN, CO INC. tFILE 33-11119 - DfC. 31) (BR. 22 - NEW ISSUE. S-l SPECTRUM FINANCIAL CORP, 1114 MARKET ST, PO ~X 511, WHEELING. NV 26103 (304' 233-06C!" - 21,911 U2,629,3201 COMMON STOCK.
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