In the Matter of Terax Energy, Inc.; Order of Suspension of Trading, 52588-52589 [07-4584]

Download as PDF 52588 Federal Register / Vol. 72, No. 178 / Friday, September 14, 2007 / Notices Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 202–326– 4024. (TTY/TDD users may call the Federal relay service toll-free at 1–800– 877–8339 and ask to be connected to 202–326–4024.) SUPPLEMENTARY INFORMATION: Variable-Rate Premiums Section 4006(a)(3)(E)(iii)(II) of the Employee Retirement Income Security Act of 1974 (ERISA) and § 4006.4(b)(1) of the PBGC’s regulation on Premium Rates (29 CFR part 4006) prescribe use of an assumed interest rate (the ‘‘required interest rate’’) in determining a single-employer plan’s variable-rate premium. Pursuant to the Pension Protection Act of 2006, for premium payment years beginning in 2006 or 2007, the required interest rate is the ‘‘applicable percentage’’ of the annual rate of interest determined by the Secretary of the Treasury on amounts invested conservatively in long-term investment grade corporate bonds for the month preceding the beginning of the plan year for which premiums are being paid (the ‘‘premium payment year’’). On February 2, 2007 (at 72 FR 4955), the Internal Revenue Service (IRS) published final regulations containing updated mortality tables for determining current liability under section 412(l)(7) of the Code and section 302(d)(7) of ERISA for plan years beginning on or after January 1, 2007. As a result, in accordance with section 4006(a)(3)(E)(iii)(II) of ERISA, the ‘‘applicable percentage’’ to be used in determining the required interest rate for plan years beginning in 2007 is 100 percent. The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in September 2007 is 6.33 percent (i.e., 100 percent of the 6.33 percent composite corporate bond rate for August 2007 as determined by the Treasury). The following table lists the required interest rates to be used in determining variable-rate premiums for premium payment years beginning between October 2006 and September 2007. rmajette on PROD1PC64 with NOTICES For premium payment years beginning in The required interest rate is October 2006 ........................ November 2006 .................... December 2006 .................... January 2007 ........................ February 2007 ...................... March 2007 ........................... April 2007 ............................. May 2007 .............................. June 2007 ............................. VerDate Aug<31>2005 15:44 Sep 13, 2007 5.06 5.05 4.90 5.75 5.89 5.85 5.84 5.98 6.01 Jkt 211001 The subject matter of the closed meeting scheduled for Wednesday, September 12, 2007 will be: July 2007 .............................. 6.32 August 2007 ......................... 6.33 Institution and settlement of injunctive actions; September 2007 ................... 6.33 Institution and settlement of administrative proceedings of an Multiemployer Plan Valuations enforcement nature; and Following Mass Withdrawal Other matters related to enforcement The PBGC’s regulation on Duties of proceedings. Plan Sponsor Following Mass At times, changes in Commission Withdrawal (29 CFR part 4281) priorities require alterations in the prescribes the use of interest scheduling of meeting items. For further assumptions under the PBGC’s information and to ascertain what, if regulation on Allocation of Assets in any, matters have been added, deleted Single-Employer Plans (29 CFR part or postponed, please contact: 4044). The interest assumptions The Office of the Secretary at (202) applicable to valuation dates in October 551–5400. 2007 under part 4044 are contained in an amendment to part 4044 published September 11, 2007. elsewhere in today’s Federal Register. Florence E. Harmon, Tables showing the assumptions Deputy Secretary. applicable to prior periods are codified [FR Doc. E7–18214 Filed 9–13–07; 8:45 am] in appendix B to 29 CFR part 4044. For premium payment years beginning in The required interest rate is BILLING CODE 8010–01–P Issued in Washington, DC, on this 11th day of September 2007. Vincent K. Snowbarger, Deputy Director, Pension Benefit Guaranty Corporation. [FR Doc. E7–18158 Filed 9–13–07; 8:45 pm] SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] BILLING CODE 7709–01–P In the Matter of Terax Energy, Inc.; Order of Suspension of Trading SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting; Federal Register Citation of Previous Announcement; 72 FR 51281, September 6, 2007 Closed meeting. 100 F Street, NE., Washington, STATUS: PLACE: DC. ANNOUNCEMENT OF ADDITIONAL MEETING: Additional meeting. The Commission has scheduled a closed meeting for Wednesday, September 12, 2007 at 10:30 a.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, exemption 5 U.S.C. 552b(c)(3), (5), (7), (9)(ii) and (10) and 17 CFR 200.402(a)(3), (5), (7), (9)(ii) and (10) permit consideration of the scheduled matters at the Closed Meeting. Commissioner Casey, as duty officer, voted to consider the items listed for the closed meeting in closed session, and determined that no earlier notice thereof was possible. PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 September 12, 2007. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Terax Energy, Inc. (‘‘Terax,’’ trading symbol TEXG.OB), because of questions regarding the accuracy of assertions by Terax and by others, in reports filed with the Commission and in press releases to investors concerning, among other things: (1) The status of Terax’s oil and gas operations, (2) Terax’s purported financing agreements, (3) Terax’s supposed acquisition of a controlling interest in a foreign oil and gas firm, (4) the existence, terms and status of a purported share exchange agreement between Terax and Westar Oil, Inc., and (5) the identity of the persons in control of the operations and management of Terax. 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, September 12, 2007 through 11:59 p.m. EDT, on September 26, 2007. E:\FR\FM\14SEN1.SGM 14SEN1 Federal Register / Vol. 72, No. 178 / Friday, September 14, 2007 / Notices By the Commission. Florence E. Harmon, Deputy Secretary. [FR Doc. 07–4584 Filed 9–12–07; 12:00 pm] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56377; File No. SR–Amex– 2007–84] Self-Regulatory Organizations; American Stock Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Commentary .02 to Amex Rule 950–ANTE(d) September 10, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 7, 2007, the American Stock Exchange, LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II, below, which Items have been prepared substantially by the Exchange. On September 7, 2007, the Exchange filed Amendment No. 1 to the proposal.3 The Exchange filed the proposal as a ‘‘non-controversial’’ proposed rule change pursuant to Section 19(b)(3)(A),4 and Rule 19b– 4(f)(6) thereunder,5 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change rmajette on PROD1PC64 with NOTICES The Exchange proposes to amend Commentary .02 to Rule 950–ANTE(d) to permit the member firm guarantee to be set at either 20% or 40% and to permit the guarantee to apply to certain specified solicited orders. The text of the proposed rule change is available on the Amex’s Web site at https://www.amex.com, the Amex’s Office of the Secretary, and at the Commission’s Public Reference Room. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 In Amendment No. 1, the Exchange made technical, non-substantive corrections to the filing. 4 15 U.S.C. 78s(b)(3)(A). 5 17 CFR 240.19b–4(f)(6). 2 17 VerDate Aug<31>2005 15:44 Sep 13, 2007 Jkt 211001 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Amex included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Amex has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to permit the Facilitation Procedures Committee (‘‘Committee’’), appointed by the Board, on a class-byclass basis, to apply the member firm guarantee currently available for facilitation crosses, to solicited orders which improve the quoted market. The Exchange proposes either a 20% or a 40% guarantee, to be determined by the Committee. The current member firm guarantee provides that a member firm is entitled to a participation guarantee of 40% if the order is traded at a price that matches or improves the market. The Amex submits that the proposal is similar to amendments adopted by the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’).6 A solicited order is an order solicited by a member firm (floor broker) to trade with another order. The Amex submits that orders which improve the quoted market that are solicited in order to facilitate a public customer order should receive a similar guaranteed participation as a member firm facilitating its customer’s order if so determined by the Facilitation Procedures Committee. Pursuant to Commentary .02(a)–(c) to Rule 950–ANTE(d), a floor broker holding an order for its public customer and a facilitation order is permitted to cross the orders if (i) floor broker discloses on its order ticket for the public customer order which is subject to facilitation, all the terms of such order, including, if applicable, any contingency involving other options, underlying securities, or related securities; (ii) the floor broker requests bids and offers for the option series 6 See Securities Exchange Act Release No. 53543 (March 23, 2006), 71 FR 15780 (March 29, 2006) (SR–CBOE–2006–21). PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 52589 subject to facilitation, then discloses the public customer order and any contingency respecting such order which is subject to facilitation and identifies the order as being subject to facilitation; and (iii) after providing an opportunity for such bids and offers to be made, the floor broker on behalf of the public customer whose order is subject to facilitation, either bids at or above the highest bid or at or below the lowest offer in the market. After all other market participants are given an opportunity to accept the bid or offer made on behalf of the public customer whose order is subject to facilitation, the floor broker may cross all or any remaining part of such order and the facilitation order at such customer’s bid or offer by announcing in public outcry that he is crossing such orders, stating the quantity and price(s). Notwithstanding the provisions provided for in Commentary .02(a)–(c) of 950–ANTE(d), in cases where a member firm is seeking to facilitate its own public customer’s order, Commentary .02(d)(1) to Rule 950– ANTE(d) currently provides that member firms are entitled to participate in the firm’s proprietary account as the contra-side of that order to the extent of 40% of the remaining contracts, after public customer orders on the specialist’s book or customer orders represented by a floor broker in the crowd have been filled, provided the order trades at a price that matches or improves the market. This member firm guarantee provides, under certain conditions, the ability to cross 40% of the customer order on behalf of a member organization before the specialist and/or registered options traders in the crowd can participate in the transaction. The provision generally applies to orders of 400 contracts or more. However, the Exchange is currently permitted to establish smaller eligible order sizes, on a class-by-class basis, provided that size is not for fewer than 50 contracts. The proposed amendments to Commentary .02(d) to Rule 950–ANTE would allow the Committee to (i) determine if solicited orders which improve the quoted market may be crossed in the same manner as facilitation cross transactions, including that the floor broker complies with the disclosure and quote request process described above and (ii) to establish smaller eligible order sizes (i.e., less than 400 contracts but not less than 50 contracts), a determination that is currently made by the Exchange. Current Commentary .02(d)(1) to Rule 950–ANTE(d) permits a member seeking to facilitate its own public customer’s E:\FR\FM\14SEN1.SGM 14SEN1

Agencies

[Federal Register Volume 72, Number 178 (Friday, September 14, 2007)]
[Notices]
[Pages 52588-52589]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-4584]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]


In the Matter of Terax Energy, Inc.; Order of Suspension of 
Trading

September 12, 2007.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
Terax Energy, Inc. (``Terax,'' trading symbol TEXG.OB), because of 
questions regarding the accuracy of assertions by Terax and by others, 
in reports filed with the Commission and in press releases to investors 
concerning, among other things: (1) The status of Terax's oil and gas 
operations, (2) Terax's purported financing agreements, (3) Terax's 
supposed acquisition of a controlling interest in a foreign oil and gas 
firm, (4) the existence, terms and status of a purported share exchange 
agreement between Terax and Westar Oil, Inc., and (5) the identity of 
the persons in control of the operations and management of Terax.
    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, September 12, 
2007 through 11:59 p.m. EDT, on September 26, 2007.


[[Page 52589]]


    By the Commission.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 07-4584 Filed 9-12-07; 12:00 pm]
BILLING CODE 8010-01-P
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