[Federal Register Volume 68, Number 7 (Friday, January 10, 2003)]
[Notices]
[Pages 1488-1489]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-498]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27635]


Filings Under the Public Utility Holding Company Act of 1935, As 
Amended (``Act'')

January 6, 2003.
    Notice is hereby given that the following filing(s) has/have been 
made with the Commission pursuant to provisions of the Act and rules 
promulgated under the Act. All interested persons are referred to the 
application(s) and/or declaration(s) for complete statements of the 
proposed transaction(s) summarized below. The application(s) and/or 
declaration(s) and any amendment(s) is/are available for public 
inspection through the Commission's Branch of Public Reference.
    Interested persons wishing to comment or request a hearing on the 
application(s) and/or declaration(s) should submit their views in 
writing by January 27, 2003, to the Secretary, Securities and Exchange 
Commission, Washington, DC 20549-0609, and serve a copy on the relevant 
applicant(s) and/or declarant(s) at the address(es) specified below. 
Proof of service (by affidavit or, in the case of an attorney at law, 
by certificate) should be filed with the request. Any request for 
hearing should identify specifically the issues of facts or law that 
are disputed. A person who so requests will be notified of any hearing, 
if ordered, and will receive a copy of any notice or order issued in 
the matter. After January 27, 2003, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Dominion Resources, Inc. (70-9477)

    Dominion Resources, Inc., (``DRI''), 120 Tredegar Street, Richmond, 
VA 23219, a registered holding company under the Act, has filed a post-
effective amendment to its application-declaration in this file under 
section 10 of the Act.
    DRI requests authorization to continue its process of divesting the 
holdings of its subsidiary Dominion Capital, Inc., (``DCI'') beyond the 
third anniversary of the effective date of the

[[Page 1489]]

merger (January 28, 2000) authorized in the Commission's order of 
December 15, 1999 (HCAR No. 27113) (``Merger Order''), authorizing 
DRI's proposed acquisition of Consolidated Natural Gas Company 
(``Merger'').
    At the time of the Merger Order DCI was, through its subsidiaries, 
a diversified financial services company with its core operations in 
commercial finance, corporate finance, and consumer finance. Under the 
terms of the Merger Order, DCI and each of its subsidiaries were to be 
divested within three years of the Merger.\1\ DRI states that in 
accordance with the Merger Order DRI has diligently undertaken to 
divest the businesses and assets of DCI. DRI states that it has 
succeeded in reducing the assets of DCI by a factor of two thirds, from 
a balance as of December 31, 1999, of $3,576,460,000 to a balance as of 
September 30, 2002, of $1,175,164,000. DRI states that its efforts to 
divest itself of DCI have been frustrated by the economic recession, 
low interest rates, and the diverse assets held by DCI. DRI therefore 
requests that the Commission issue an order authorizing an extension of 
the time to accomplish divestiture until January 28, 2006, and reserve 
jurisdiction over any further extension of time which may be required.
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    \1\ DRI was allowed to retain the owner-lessor interest held by 
DCI in a hydroelectric facility in Vidalia, Louisiana that is leased 
to Catalyst Old River Hydroelectric Limited Partnership.
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    DRI states that it proposes to continue an expeditious and prudent 
program of divesting the assets and lines of business of DCI and to 
apply the resulting proceeds to reduce the debt portion of DRI's 
consolidated capitalization. DRI proposes to conduct an annual 
evaluation as of June 30th of each year of the feasibility of 
expediting the divestiture of DCI's remaining assets and lines of 
business in light of changing business and financial market conditions 
(including the relative feasibility of selling assets at that time or 
subsequently in order to recover fair value).

    For the Commission by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-498 Filed 1-9-03; 8:45 am]
BILLING CODE 8010-01-P