[Federal Register Volume 64, Number 206 (Tuesday, October 26, 1999)]
[Notices]
[Pages 57673-57674]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27884]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Unistar Financial Service Corp., Common Stock, $.01
Par Value per Share) File No. 1-14975
October 20, 1999.
Unistar Financial Service Corp., a Delaware corporation
(``Company''), has filed an application with the Securities and
Exchange Commission (``Commission''), pursuant to Section 12(d) of the
Securities Exchange Act of 1934 (``Act'') and Rule 12d2-2(d)
promulgated thereunder, to withdraw the security specified above
(``Security'') from listing and registration on the American Stock
Exchange LLC (``Amex'' or ``Exchange'').
In its application to the Commission, the Company has stated that
it does not believe it meets the requirements for continued listing on
the Exchange. On August 24, 1999, representatives of the Amex advised
the Company that, in reviewing the Company's eligibility for continued
listing, the Amex was considering delisting the Security. The Exchange
cited the following concerns to the Company:
(a) Whether the transactions through which the Company acquired
U.S. Fidelity Holding Corp. involved related parties and, if so,
whether those relationships were adequately disclosed;
(b) Whether the Company had appropriately valued a ``customer
List''
[[Page 57674]]
which was its principal asset and which it carried at a value of
approximately $86 million;
(c) Whether disclosure related to other transactions the Company
has entered into, including disclosure and valuation of a reinsurance
license, was complete and accurate; and
(d) Whether ownership interests and transactions in the common
stock of the Company have been accurately disclosed.
In light of these concerns raised by the Amex, the Company has
stated in its application to the Commission that it has determined it
does not meet the requirements for continued listing on the Exchange.
The Company has further stated in its application that it believes that
these matters should be resolved by withdrawal of the Company's
Security from listing on the Exchange.
Section 1011 of the American Stock Exchange Company Guide states:
In appropriate circumstances, when the Exchange is considering
delisting because a company no longer meets the requirements for
continued listing, a company may, with the consent of the Exchange,
file a delisting application, provided that it states in its
application that it is no longer eligible for continued dealings on
the Exchange.
The Exchange, by letter dated October 5, 1999, has advised the Company
that, based on the provisions of Section 1011 quoted above, it has
determined not to interpose an objection to the Company's filing of its
application with the Commission to withdraw the Security from listing
and registration on the Exchange.
The Company has complied with Amex Rule 18 by filing with the
Exchange a certified copy of the resolution approved by its Board of
Directors, effective September 21, 1999, authorizing the withdrawal of
the security from listing on the Amex.
Any interested person may, on or before November 10, 1999, submit
by letter to the Secretary of the Securities and Exchange Commission,
450 Fifth Street, NW, Washington, DC 20549-0609, facts bearing upon
whether the application has been made in accordance with the rules of
the Exchange and what terms, if any, should be imposed by the
Commission for the protection of investors. The Commission, based on
the information submitted to it, will issue an order granting the
application after the date mentioned above, unless the Commission
determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
secretary.
[FR Doc. 99-27884 Filed 10-25-99; 8:45 am]
BILLING CODE 8010-01-M
