[Federal Register Volume 60, Number 19 (Monday, January 30, 1995)]
[Notices]
[Pages 5748-5749]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-2136]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 20849; File No. 811-5806]
The Global Settlement Fund, Inc.; Application for Deregistration
January 23, 1995.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of Application for Deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: The Global Settlement Fund, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATES: The application on Form N-8F was filed on January 4,
1995, and amended on January 20, 1995.
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 February 21,
1995, 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, 61 Broadway, New York, New York 10006.
FOR FURTHER INFORMATION CONTACT:
James J. Dwyer, Staff Attorney, at (202) 942-0581, or C. David Messman,
Branch Chief, at (202) 942-0564 (Office of Investment Company
Regulations, 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 is a Maryland corporation and a diversified open-end
[[Page 5749]] management investment company. On May 2, 1989, applicant
registered under section 8(a) of the Act on Form N-8A, and filed a
registration statement on Form N-1A under section 8(b) of the Act and
under the Securities Act of 1933 to register an indefinite number of
shares. The registration statement was declared effective on March 13,
1992, and the initial public offering of applicant's shares commenced
on or about that date.
2. At a meeting held on May 17, 1994, applicant's board of
directors determined that it was desirable to dissolve applicant and
voted to discontinue sales of applicant's shares and to take steps to
terminate applicant's operations and wind up its affairs. Prior to that
date, applicant had four shareholders. In addition, applicant's
investment adviser, Bankers Trust Company, owned shares representing
its investment in seed capital in applicant.
3. As of May 18, 1994, applicant had outstanding 14,140,924.96
shares of common stock, with a net asset value of $1.00 per share.
Following the board of directors' meeting of May 17, 1994, all of
applicant's shareholders voluntarily redeemed their shares. In the ten
day period ended May 27, 1994, all of the assets of applicant were
distributed to its shareholders at net asset value. All of the
shareholders received their redemption proceeds in cash except for
those shareholders who requested payment in-kind.
4. The only expenses expected to be incurred in connection with the
liquidation and dissolution of applicant are professional fees and
expenses, special directors' meeting expenses, and certain other minor
expenses. Applicant's principal underwriter, Forum Financial Services,
Inc., and applicant's investment adviser have agreed to bear all
expenses incurred by applicant in connection its dissolution.
5. At the time of the application, applicant had no
securityholders, assets, or liabilities. Applicant is not a party to
any litigation or administrative proceeding. Applicant is not presently
engaged in, nor does it propose to engage in, any business activities
other than those necessary for the winding up of its affairs.
6. Applicant intends to file Articles of Dissolution pursuant to
Maryland law after receiving an order of the SEC declaring that
applicant has ceased to be an investment company.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-2136 Filed 1-27-95; 8:45 am]
BILLING CODE 8010-01-M
