[Federal Register Volume 61, Number 188 (Thursday, September 26, 1996)]
[Notices]
[Pages 50520-50521]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24649]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22234; 811-8832]
Harcourt-Symes, Ltd f/n/a First August Financial Corporation;
Notice of Application
September 19, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for exemption under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Harcourt-Symes, Ltd.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATES: The application was filed on March 11, 1996 and amended
on June 6, 1996 and September 9, 1996.
HEARING OR NOTIFICATION OF HEARING: An order granting the application
will be issued unless the SEC orders a hearing. Interested persons may
request a hearing by writing to the SEC's Secretary and serving
applicant with a copy of the request, personally or by mail. Hearing
requests should be received by the SEC by 5:30 p.m. on October 15,
1996, and should be accompanied by proof of service on applicant in the
form of an affidavit or, for lawyers, a certificate of service. Hearing
requests should state the nature of the writer's interest, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the SEC's
Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street NW., Washington, DC 20549.
Applicant, 1550 SW. Allen Blvd., Beaverton, OR 97005.
FOR FURTHER INFORMATION CONTACT:
Harry Eisenstein, Senior Counsel, (202) 942-0552, or Alison E. Baur,
Branch Chief, (202) 942-0564 (Office of Investment Company Regulation,
Division of Investment Management).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant was organized as a business corporation in Oregon in
1984 under the name Brandenfels Industries, Inc. The original business
of applicant was the manufacture and marketing of butcher tables,
cutting blocks and refillable spice grinders. Applicant was not
successful in its operations and was involuntarily dissolved on July
29, 1986. Applicant was inactive until July 19, 1988, when it was
reinstated in the state of Oregon. After a number of name changes,
applicant reorganized as a business development company under the name
of First August Financial Corporation in August 1994.
2. On October 25, 1994, applicant filed a notification of
registration on Form N-8A pursuant to section 8(a) of the Act to
register as a closed-end management investment company. Applicant then
filed a registration statement on Form 10 on January 23, 1995 pursuant
to section 12 of the Securities Exchange Act of 1934 for the
registration of applicant's common stock. SEC records indicate that the
registration statement was declared effective on March 24, 1995.
3. On February 1, 1995, applicant filed its notification of
election to be regulated as a business development company on Form N-
54A pursuant to section 54(a) of the Act.
4. On January 15, 1996, the Board of Directors of applicant
unanimously consented, without a meeting, to submit a proposed
liquidation and reorganization to the shareholders for their approval.
On February 16, 1996, at a special meeting of shareholders, the
shareholders approved a plan for the cessation of the business of
applicant and its liquidation.
5. On February 16, 1996, applicant changed its name to Mortgage
Bankers Service Corporation, and pursuant to an agreement
(``Agreement'') transferred all
[[Page 50521]]
of its assets to Executive Business Services, Inc. (``Executive'') in
consideration for the assumption by Executive of all outstanding
liabilities of applicant. The aggregate value of the outstanding
liabilities of applicant. The aggregate value of the assets transferred
was $54,000 and the liabilities assumed totaled approximately $184,000.
Applicant was negotiating to acquire Mortgage Bankers Service Corp., a
Pennsylvania Corporation. However the acquisition was abandoned. On
April 26, 1996, applicant changed its name to Harcourt-Symes, Ltd.
6. Applicant had no assets or debts as of the time of the filing of
the application and was not a party to any litigation or administrative
proceeding. Applicant has approximately 317 shareholders.
Applicant's Legal Analysis
Applicant believes that an order declaring that it has ceased to be
an investment company is appropriate. Applicant states that it
mistakenly filed its notification of registration under section 8(a)
because it believed that such registration was required in order for
applicant to act as a business development company. Applicant states
that (a) it is not engaged, does not hold itself out as being engaged,
and does not propose to engage, in the business of investing,
reinvesting or trading in securities as referred to in section 3(a)(1)
of the Act; (b) it is not engaged and does not propose to engage in any
of the activities described in section 3(a) (2) and (3) of the Act; and
(c) it has withdrawn its election to be regulated as a business
development company and is not seeking any assurances from the SEC as
to its future status as an investment company under the Act.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-24649 Filed 9-25-96; 8:45 am]
BILLING CODE 8010-01-M