[Federal Register Volume 68, Number 149 (Monday, August 4, 2003)]
[Notices]
[Page 45864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-19664]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application To Withdraw From Listing 
and Registration on the Pacific Exchange, Inc. (Detwiler, Mitchell & 
Co., Common Stock, $.01 Par Value); File No. 1-10331

July 29, 2003.
    Detwiler, Mitchell & Co., a Delaware corporation (``Issuer''), has 
filed an application with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 12(d) of the Securities Exchange 
Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) thereunder,\2\ to withdraw 
its Common Stock, $.01 par value (``Security''), from listing and 
registration on the Pacific Exchange, Inc. (``PCX'' or ``Exchange'').
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Board of Directors (``Board'') of the Issuer approved 
resolutions on July 1, 2003 to withdraw its Security from listing on 
the Exchange. The Board states that the reasons it decided to delist 
the Security from the PCX are: (i) The Issuer has approximately 221 
record holders of its Security making it eligible for deregistration 
under Section 12(g) of the Act; (ii) the Issuer estimated the potential 
cost savings from deregistration and delisting from the Nasdaq SmallCap 
Market and the PCX to be in the range of $125,000 to $200,000 annually; 
(iii) the Issuer would be relieved from the time-consuming burdens of 
compliance with the reporting and other requirements of the Act, which 
have become more burdensome because of the enactment of the Sarbanes-
Oxley Act of 2002; relief from these burdens would represent a 
substantial benefit to the business and operations of the Issuer, which 
cannot be quantified in monetary terms and is not reflected in 
estimates of cash cost savings; (iv) the reactions of stockholders, 
employees and clients to the prospect of deregistration and delisting 
were almost universally favorable, and stockholders seem to be 
impressed by the potential for cost savings while understanding that 
the Issuer's Security will continue to be publicly traded on Pink 
Sheets LLC's quotations service (``pink sheets''); (v) the desultory 
trading market in the Security through its listing on the Nasdaq 
SmallCap market and PCX was no more beneficial to the stockholders, and 
does not provide them a better trading market, than would be available 
to them if the Security were deregistered and traded in the ``pink 
sheets'' market place; the Security trades less than 10,000 shares 
annually on the PCX; and (vi) the Issuer could continue to provide 
quarterly and (audited) annual financial statements and press releases 
to its stockholders containing substantially the same information about 
the financial condition and results of operations of the Issuer as have 
been provided to them in the past, and will continue to provide 
stockholders with reports of current developments as in the past so 
that registration will not substantially reduce the flow of useful 
information to the stockholders. The Issuer states that its Security 
has traded over-the-counter and has been quoted in the pink sheets 
since July 7, 2003.
    The Issuer stated in its application that it has complied with the 
rules of the PCX that govern the removal of securities from listing and 
registration on the Exchange. The Issuer's application relates solely 
to the withdrawal of the Security from listing and registration on the 
PCX and from registration under Section 12(b) \3\ of the Act and shall 
not affect its obligation to be registered under Section 12(g) of the 
Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    Any interested person may, on or before August 18, 2003, 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 PCX 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.\5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. 03-19664 Filed 8-1-03; 8:45 am]
BILLING CODE 8010-01-P