sec news dioest Issue 95-180 September 18, 1995 COMMISSION ANNOUNCEMENTS COMMISSION RELEASES RESPONSE TO PRESIDENTIAL DIRECTIVE ON REGULATORY REFORM INITIATIVE Chairman Arthur Levitt today announced the release of a report on regulatory reform transmitted to the President on June 15, 1995. In response to President Clinton's March 4th Directive on Regulatory Reform Initiative, the report highlights the Commission's efforts to reduce regulatory burdens and provide efficient and effective service. The report includes Commission initiatives such as cutting registration and reporting costs for all companies, reducing inspection overlaps by establishing the Office of Compliance Inspections and Examinations, and creating an Advisory Committee on the Capital Formation and Regulatory Process which consists of a variety of outside experts who will assist in evaluating the efficiency of the regulatory process. (Press ReI. 95- 182) CHANGE IN THE MEETING: CANCELLATION The closed meeting previously scheduled for Thursday, September 14, 1995, at 10:30 a.m., was cancelled. 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: The Office of the Secretary at (202) 942-7070. - ROLES AND RELATED MATTERS NOTICE OF INTENT TO MODIFY THE PRIME DISSEMINATION CONTRACT TO DEREGULATE CERTAIN PRICES CHARGED OUTSIDE OF THE PUBLIC REFERENCE ROOMS The Conunission has reached a preliminary agreement with its prim~\' contractor for disseminating filings to the public, Disclosure Information Services, Inc. (Disclosure), to modify the terms of Our contractual relationship during FY 1996. Pursuant to this agreement, the Conunission intends to end its current practice of regulating the prices for microfiche and watch services that Disclosure sells to the public outside of the public reference rooms under the contract, effective January 1, 1996. Public conunent is requested. (ReI. 34· 36238; File No. S7-29-95) ENFORCEMENT PROCEEDINGS PROCEEDINGS INSTITUTED AGAINST KERKHOFF INDUSTRIES, INC., JOHN WELLS AND MARK WELLS The Commission instituted administrative proceedings against Kerkhoff Industries, Inc. (Kerkhoff), located in West Vancouver, British Columbia, and against John Russell Wells (J.R. Wells) and Mark J. Wells (Mark Wells), also of West Vancouver, British Columbia. The Order Instituting Public Administrative Proceedings alleges that Kerkhoff, J.R. Wells and Mark Wells violated the antifraud provisions of the Securities Exchange Act of 1934 by issuing press releases during 1993 that falsely stated that Kerkhoff had increased its assets by $30 million by acquiring certain bonds. The releases further falsely stated that the bonds were to be used to satisfy the creditors of a video! digital electronics company that was then operating ~nder Chapter 11', bankruptcy protection, and that Kerkhoff was acquiring a controlling interest in that company. A hearing will be scheduled to take evidence: on the staff's allegations and to afford Kerkhoff, J.R. Wells and Mark, Wells an opportunity to present any defenses thereto. (ReI. 34-36232) INVESTMENT COMPANY ACT RELEASES THE ALGER AMERI CAN FUND, ET AL. An order has been issued pursuant to Section 6(c) of the Investment; Company Act exempting The Alger American Fund (Fund) and Fred Algerj Management, Inc. (collectively, Applicants) from Sections 9 (a), 13 (a)I • 2 NEWS DIGEST, September 18, 1995 15(a) and 15(b) of the Act, and Rules 6e-2(b) (15) and 6e-3(T) (b) (15) thereunder, to the extent necessary to amend an existing order issued by the Commission on February 17, 1989 (Investment Company Release No. 16822) permitting Applicants to engage in mixed and shared funding. The prior order is amended to permit the Fund to sell its shares directly to qualified pension and retirement plans outside of the separate account context. (ReI. IC-21359 - September 14) DAILY MONEY FUND, ET AL. A notice has been issued g~v~ng interested persons until October 10 to request a hearing on an application filed by Daily Money Fund, et al. for an order under Section 6 (c) of the Investment Company Act that would exempt applicants from Sections 13 (a) (2), 13 (a) (3), 18 (f) (1), 22 (f), and 22(g) of the Act, and Rule 2a-7 thereunder, under Sections 6(c) and 17(b) of the Act for an exemption from Section 17(a) (1) of the Act, and pursuant to Section 17(d) of the Act and Rule 17d-l thereunder. The order would permit the applicant investment companies to enter into deferred compensation arrangements with their non-interested trustees. (ReI. IC-21360 - September 14) HOLDING COMPANY ACT RELEASES EVA COGENEX CORPORATION, ET AL. An order has been issued authorizing a proposal by EUA Cogenex Corporation (Cogenex), a subsidiary of Eastern Utilities Associates, a registered holding company, and AYP Capital, Inc. (AYP) , a subsidiary of Allegheny Power System, Inc., a registered holding company. Cogenex and AYP propose to form a Delaware limited liability company to provide energy conservation services and to guarantee third party loans made to such company. (ReI. 35 -26373) SELF-REGULATORY ORGANIZATIONS WITHDRAWALS GRANTED An order has been issued granting the application of Healthy Planet Products, Inc. to withdraw from listing and registration its Common Stock, $.01 Par Value on the Pacific Stock Exchange. (Rel. 34-36233) An order has been issued granting the application of Sterling Healthcare Group, Inc. to withdraw from listing and registration its Common Stock, $.0001 Par Value on the American Stock Exchange. (ReI. 34-36234) NEWS DIGEST, September 18, 1995 3 DELISTING GRANTED An order has been issued granting the application of the American Stock Exchange to strike from listing and registration Pinpoint Retail Solutions Inc., Common Stock, No Par Value. (ReI. 34-36235) PARTIAL, ACCELERATED APPROVAL OF PROPOSED RULE CHANGE The Commission has granted partial, accelerated approval to a proposed' rule change (SR-PSE-95-18) by the Pacific Stock Exchange that changes the terms of option contracts overlying the Technology Index from closing price settlement to opening price settlement. Publication of the Order is expected in the Federal Register during the week of September 18. (ReI. 34-36236) PROPOSED RULE CHANGE f The Philadelphia Stock Exchange filed a proposed rule change (SR-PhIX-l 95-47) relating to Japanese yen quote spread parameters. Publication of the proposal is expected in the Federal Register during the week of September 18. (ReI. 34 -36239; International Series ReI. 854) SECURITIES ACT REGISTRATIONS The following registration statements have been filed with the SEC under/I the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the'l issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue. S-2 IKOS SYSTEMS INC, 19050 PRUNERIDGE AVE, CUPERTINO, CA 95014 (408) 255-4567 - 1,437,500 ($18,328,125) COMMON STOCK. (FILE 33-62525 - SEP. 11) (BR. 10) S-1 QUINTEL ENTERTAINMENT INC, ONE BLUE HILL PLAZA, PEARL RIVER, NY 10965 (914) 620-1212 - 3,000,000 ($15,000,000) COMMON STOCK. 300,000 ($300) WARRANTS, OPTIONS Oil RIGHTS. 775,000 ($4,025,000) COMMON STOCK. (FILE 33-96632 - SEP. 06) (BR. 12 - NEW ISSUE) N-1A LEUTHOLD FUNDS INC, 101 NORTH SIXTH ST, STE 700A, MINNEAPOLIS, MN 55403 (612) 332-9141 - INDEFINITE SHARES. (FILE 33-96634 - SEP. 06) (BR. 18 - NEW ISSUE) S-1 COOPER & CHYAN TECHNOLOGY INC, 1601 SARATOGA SUNNYVALE RD, CUPERTINO, CA 95014 (408) 366-6966 - 2,300,000 ($23,000,000) COMMON STOCK. UNDERWRITER: ALEX BROWN & SONS INC, SOUNDVIEW FINANCIAL GROUP INC, WESSELS ARNOLD & HENDERSON. (FILE 33-96640 - SEP. 06) (BR. 9 - NEW ISSUE) IJ 1'1 4 NEWS DIGEST, September 18, 1995 REGISTRATIONS CONT. F-1 LIHIR GOLD LTD, 7TH FL PACIFIC PLACE CNR CHAMPION POE MUSGRAVE ST PO BOX 789 PORT MORESBY, PAPUS NEW GUINEA, JO (675) 021-7711 - $450,000,000 FOREIGN COMMON STOCK. UNDERWRITER: GOLDMAN SACHS & CO, MERRILL LYNCH PIERCE FENNER & SMITH INC, SALOMON BROTHERS INC, WERE J B & SONS INC. (FILE 33-96652 - SEP. 06) (BR. 1) S-1 AMBANC HOLDING CO INC, 11 DIVISION ST, AMSTERDAM, NY 12010 (518) 842-7200 - 5,422,250 ($54,222,500) COMIION STOCK. UNDERWRITER: SANDLER ONEILL & PARTNERS LP. (FILE 33-96654 - SEP. 07) (BR. 2) F-10 IVACO INC, PLACE MERCANTILE, 770 RUE SHERBROOKE OUEST, MONTREAL QUEBEC CANADA H3A 1G1, A8 00000 (514) 288-4545 - $150,000,000 STRAIGHT BONDS. UNDERWRITER: PAINEWEBBER INC, SCOTIAMCLEOD USA INC. (FILE 33-96666 - SEP. 07) (BR. 6 - NEW ISSUE) S-11 IMPERIAL CREDIT MORTGAGE HOLDINGS INC, 20371 IRVING AVE, SANTA ANA HEIGHTS, CA 92707 (212) 373-3000 . 4,600,000 ($69,000,000) COMMON STOCK. UNDERWRITER: MCDONALD & CO SECURITIES INC, OPPENHIEMER & CO INC, PAINEWEBBER INC, STIFEL NICOLAUS & CO INC. (FILE 33-96670 - SEP. 07) (BR. 11 - NE~ ISSUE) S-4 JONES HERFF INC, 4501 WEST 62ND ST, INDI~~APOLIS, IN 46268 (317) 297·3740 - $120,000,000 STRAIGHT BONDS. (FILE 33-96680 - SEP. 08) (BR. 11 - NEW ISSUE) S-1 CARDIOMETRICS INC, 645 CLYDE AVE, MOUNTAI~ VIEW, CA 94043 (415) 961-6993 - $30,360,000 COMMON STOCK. UNDERWRITER: DILLON READ & CO INC, NEEDHAM & CO INC. (FILE 33-96690 - SEP. 08) (BR. 8) 5-1 US FOODSERVICE INC, 1065 HIGHWAY 315, CROSS CREEK POINTE, WILKES BARRE, PA 18702 (717) 831·7500 - $170,000,000 STRAIGHT BONDS. (FILE 33-96704 - 5EP. 08) (BR. 3 - NEW ISSUE) F-9 LONDON INSURANCE GROUP INC, 255 DUFFERIN AVE, LONDON, ONTARIO, CANADA, A6 (519) 432-5281 . 150,000,000 ($150,000,000) FOREIGN GOVERNMENT AND AGENCY DEBT. (FILE 33-96712 . SEP. 08) (BR. 10) S-3 BOSTON CHICKEN INC, 14103 DENVER W PKWY, PO BOX 4086, GOLDEN, CO 80401 (303) 278-9500 - 155,340 ($3,669,907.50) COM~ON STOCK.