In the Matter of Rudy 45; Order of Suspension of Trading, 37130-37131 [06-5791]

Download as PDF jlentini on PROD1PC65 with NOTICES 37130 Federal Register / Vol. 71, No. 125 / Thursday, June 29, 2006 / Notices Requirements for Submissions All such submissions must conform to the GSP regulations set forth at 15 CFR part 2007, except as modified below. These regulations are reprinted in ‘‘A Guide to the U.S. Generalized System of Preferences (GSP)’’ (May 2006) (‘‘GSP Guidebook’’), available at http:// www.ustr.gov/assets/ Trade_Development/ Preference_Programs/GSP/ asset_upload_file890_8359.pdf. Any person or party making a submission is strongly advised to review the GSP regulations. Submissions that do not provide the information required by sections 2007.0 and 2007.1 of the GSP regulations will not be accepted for review, except upon a detailed showing in the submission that the petitioner made a good faith effort to obtain the information required. 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[FR Doc. 06–5827 Filed 6–28–06; 8:45 am] BILLING CODE 3190–W6–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 71 FR 36569, June 27, 2006. Closed Meeting. 100 F Street, NE., Washington, STATUS: PLACE: DC. DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: Thursday, June 29, 2006 at 2 p.m. Time Change. The Closed Meeting scheduled for Thursday, June 29, 2006 at 2 p.m. has been changed to Thursday, June 29, 2006 at 1 p.m. 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) 551–5400. CHANGE IN THE MEETING: Dated: June 27, 2006. Nancy M. Morris, Secretary. [FR Doc. 06–5903 Filed 6–27–06; 10:51 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] In the Matter of Rudy 45; Order of Suspension of Trading June 26, 2006. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Rudy 45 (‘‘RDYF’’) because the company has failed to make required periodic corporate filings and/or has made inadequate or incomplete periodic corporate filings since December 2004, because of questions raised regarding the accuracy and adequacy of publicly disseminated information concerning, among other things, an acquisition announced by Rudy 45, and because of possible manipulative conduct E:\FR\FM\29JNN1.SGM 29JNN1 Federal Register / Vol. 71, No. 125 / Thursday, June 29, 2006 / Notices occurring in the market for the company’s stock. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the abovelisted company is suspended for the period from 9:30 a.m. EDT, on June 26, 2006 through 11:59 p.m. EDT, on July 10, 2006. By the Commission. Nancy M. Morris, Secretary. [FR Doc. 06–5791 Filed 6–26–06; 11:51 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54033; File No. SR–Amex– 2005–105] Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval of Proposed Rule Change and Amendments No. 1 and 2 Thereto Relating to the Listing and Trading of Principal Protected Notes Linked to the Metals-China Basket June 22, 2006. jlentini on PROD1PC65 with NOTICES I. Introduction On October 20, 2005, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposal to list and trade principal protected notes, the performance of which is linked to a basket comprised of an equal weighting of the FTSE/Xinhua China 25 Index (the ‘‘China 25 Index’’ or ‘‘Index’’) and futures contracts on the following four commodities: Copper, lead, nickel, and zinc (the ‘‘Metals-China Basket’’ or ‘‘Basket’’). On March 23, 2006, Amex filed Amendment No. 1 to the proposed rule change. On April 12, 2006, Amex filed Amendment No. 2 to the proposed rule change. The proposed rule change, as amended, was published for comment in the Federal Register on May 3, 2006.3 The Commission received no comments regarding the proposal. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 53723 (April 25, 2006), 71 FR 26146 (‘‘Notice’’). 2 17 VerDate Aug<31>2005 17:03 Jun 28, 2006 Jkt 208001 This order approves the proposed rule change, as amended. II. Description of the Proposal Under Section 107A of the Amex Company Guide (‘‘Company Guide’’), the Exchange may approve for listing and trading securities that cannot be readily categorized under the listing criteria for common and preferred stocks, bonds, debentures, or warrants.4 The Amex proposes to list for trading under Section 107A of the Company Guide principal protected notes linked to the performance of the Metals-China Basket (the ‘‘Notes’’).5 Wachovia will issue the Notes under the name ‘‘Asset Return Obligation Securities.’’ The China 25 Index is determined, calculated and maintained solely by FXI while the commodity prices are determined by the cash settlement price of each respective commodity futures contract traded on the London Metals Exchange (the ‘‘LME’’).6 The Notes will provide for participation in the positive performance of the Metals-China Basket during their term while reducing the risk exposure to investors through principal protection. The Notes will conform to the initial listing guidelines under Section 107A 7 4 See Securities Exchange Act Release No. 27753 (March 1, 1990), 55 FR 8626 (March 8, 1990) (order approving File No. SR–Amex–89–29). 5 Wachovia Corporation (‘‘Wachovia’’) and FTSE/ Xinhua Index Limited (‘‘FXI’’), a joint venture between FTSE International Limited and Xinhua Financial Network, have entered into a nonexclusive license agreement providing for the use of the Xinhua Index by Wachovia and certain affiliates and subsidiaries in connection with certain securities including these Notes. FTSE/ Xinhua Index Limited is not responsible and will not participate in the issuance and creation of the Notes. 6 The LME is the primary futures exchange for copper, lead, nickel, and zinc. The LME is not a cash-cleared market. Both inter-office and floor trading are cleared and guaranteed by a system run by the London Clearing House, whose role is to act as a central counterparty to trades executed between clearing members. The bulk of trading on the LME is transacted through inter-office dealing that allows the LME to operate as a 24-hour market. Liquidity for the four commodities primarily exists during the two daily trading sessions on the floor of the LME, from 11:40 a.m. to 1:15 p.m. and from 3:10 p.m. to 4:35 p.m., London time, and declines substantially outside of these trading sessions. See Telephone Conference between Jeffrey Burns, Associate General Counsel, Amex, Raymond Lombardo, Special Counsel, Division of Market Regulation (‘‘Division’’), Commission, and Jan Woo, Attorney, Division, Commission, on June 9, 2006. For a more detailed discussion of the LME, see Notice, note 3, supra. 7 The initial listing standards for the Notes require: (1) A market value of at least $4 million; and (2) a term of at least one year. Because the Notes will be issued in $1,000 denominations, the minimum public distribution requirement of one million units and the minimum holder requirement of 400 holders do not apply. In addition, the listing guidelines provide that the issuer has assets in excess of $100 million, stockholder’s equity of at PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 37131 and continued listing guidelines under Sections 1001–1003 8 of the Company Guide. The Notes are senior nonconvertible debt securities of Wachovia. The principal amount of each Note will be $1,000.9 The Notes will have a term of at least one (1) but no more than ten (10) years.10 At a minimum, the Notes will entitle the owner at maturity to receive at least 100% of the principal investment amount. At maturity, the holder would receive the full principal investment amount of each Note, plus the Basket Performance Amount. The Basket Performance Amount is the greater of zero and the product of $1,000 and the performance of the Basket as adjusted by the adjustment factor (the ‘‘Adjustment Factor’’).11 Accordingly, if the performance of the Metals-China Basket is negative or does not appreciate by greater than 7.2341% as of the fifth business day (the ‘‘Valuation Date’’), a holder will nevertheless receive the principal investment amount of the Note at maturity. The Notes are not callable by the Issuer. The payment that a holder or investor of a Note will be entitled to receive (the ‘‘Maturity Payment Amount’’) will depend on the performance of the Metals-China Basket during the term of the Note. The Metals-China Basket will not be managed and will remain static least $10 million, and pre-tax income of at least $750,000 in the last fiscal year or in two of the three prior fiscal years. In the case of an issuer which is unable to satisfy the earning criteria stated in Section 101 of the Company Guide, the Exchange will require the issuer to have the following: (1) Assets in excess of $200 million and stockholders’ equity of at least $10 million; or (2) assets in excess of $100 million and stockholders’ equity of at least $20 million. 8 The Exchange’s continued listing guidelines are set forth in Sections 1001 through 1003 of Part 10 to the Exchange’s Company Guide. Section 1002(b) of the Company Guide states that the Exchange will consider removing from listing any security where, in the opinion of the Exchange, it appears that the extent of public distribution or aggregate market value has become so reduced to make further dealings on the Exchange inadvisable. With respect to continued listing guidelines for distribution of the Notes, the Exchange will rely, in part, on the guidelines for bonds in Section 1003(b)(iv). Section 1003(b)(iv)(A) provides that the Exchange will normally consider suspending dealings in, or removing from the list, a security if the aggregate market value or the principal amount of bonds publicly held is less than $400,000. 9 See Telephone Conference between Jeffrey Burns, Associate General Counsel, Amex, Raymond Lombardo, Special Counsel, Division, Commission, and Jan Woo, Attorney, Division, Commission, on June 9, 2006. 10 Id. 11 The Adjustment Factor is initially set at 100% and will be reduced by a rate of 2% per annum compounded daily on an actual 365 day count. On any calendar day, the Adjustment Factor is equal to (100%¥(2%/365)) n. ‘‘n’’ is the number of calendar days from but excluding July 21, 2005 to and including the calendar day. The Adjustment Factor as of the Valuation Date will be 93.2341%. E:\FR\FM\29JNN1.SGM 29JNN1

Agencies

[Federal Register Volume 71, Number 125 (Thursday, June 29, 2006)]
[Notices]
[Pages 37130-37131]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-5791]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]


In the Matter of Rudy 45; Order of Suspension of Trading

June 26, 2006.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
Rudy 45 (``RDYF'') because the company has failed to make required 
periodic corporate filings and/or has made inadequate or incomplete 
periodic corporate filings since December 2004, because of questions 
raised regarding the accuracy and adequacy of publicly disseminated 
information concerning, among other things, an acquisition announced by 
Rudy 45, and because of possible manipulative conduct

[[Page 37131]]

occurring in the market for the company's stock.
    The Commission is of the opinion that the public interest and the 
protection of investors require a suspension of trading in the 
securities of the above-listed company.
    Therefore, it is ordered, pursuant to Section 12(k) of the 
Securities Exchange Act of 1934, that trading in the above-listed 
company is suspended for the period from 9:30 a.m. EDT, on June 26, 
2006 through 11:59 p.m. EDT, on July 10, 2006.

    By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. 06-5791 Filed 6-26-06; 11:51 am]
BILLING CODE 8010-01-P