[Federal Register Volume 69, Number 153 (Tuesday, August 10, 2004)]
[Notices]
[Pages 48534-48535]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-18186]


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SECURITIES AND EXCHANGE COMMISSION

[Rel. No. IC-26524]


First Western SBLC, Inc. [811-3782]; Western Financial Capital 
Corporation [811-3781]; PMC Investment Corporation [811-5036]; Notice 
of Application

August 3, 2004.
AGENCY: Securities and Exchange Commission (``Commission'').
    Summary of Application: Each Applicant requests an order declaring 
that it has ceased to be an investment company.
    Applicants: First Western SBLC, Inc., Western Financial Capital 
Corporation, and PMC Investment Corporation.
    Filing Dates: The applications were filed on March 2, 2004, March 
2, 2004, and March 3, 2004, respectively, and amended on August 2, 
2004.
    Hearing or Notification of Hearing: An order granting each 
application will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing by writing to the Commission's 
Secretary and serving applicants with a copy of the request, personally 
or by mail. Hearing requests should be received by the Commission by 
5:30 p.m. on August 27, 2004 and should be accompanied by proof of 
service on applicants, in the form of an affidavit or, for lawyers, a 
certificate of service. Hearing requests should state the nature of the 
writer's interest, the reason for the request, and the issues 
contested. Persons who wish to be notified of a hearing may request 
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, Commission, 450 Fifth Street, NW., Washington, DC 
20549-0609. Applicants, 17950 Preston Rd., Suite 600, Dallas, Texas 
75252.

FOR FURTHER INFORMATION CONTACT: Marilyn Mann, Senior Counsel, at (202) 
942-0582, or Mary Kay Frech, Branch Chief, at (202) 942-0564 (Office of 
Investment Company Regulation, Division of Investment Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
applications. The complete applications may be obtained for a fee at 
the Commission's Public Reference Branch, 450 Fifth Street NW., 
Washington, DC 20549-0102 (tel. 202-942-8090).
    Applicants' Representations: 1. First Western SBLC, Inc. (``FW'') 
is a Florida corporation that is licensed as a small business lending 
company under the Small Business Investment Act of 1958 (the ``SBIA''). 
FW originates variable-rate loans that are partially guaranteed by the 
Small Business Administration (the ``SBA'') and which are generally 
secured with first liens on real and/or personal property of the 
borrower. Western Financial Capital Corporation (``WFCC'') is a Florida 
corporation that is licensed as a small business investment company 
under the SBIA. WFCC principally originates fixed rate secured loans to 
small businesses and funds its lending operations by issuing fixed 
rate, long-term debentures, which are guaranteed and sold by the SBA. 
PMC Investment Corporation (``PMCIC'') is a Florida corporation that is 
licensed

[[Page 48535]]

as a specialized small business investment company under the SBIA. 
PMCIC uses long-term funds provided by the SBA through the issuance of 
debentures, together with its own capital, to provide long-term 
collateralized loans to eligible small businesses owned by 
disadvantaged persons. PMCIC funds its lending operations by issuing 
fixed-rate, long-term subordinated debentures, which are guaranteed and 
sold by the SBA. PMCIC also funds its operations by selling nonvoting 
preferred stock to the SBA. FW and WFCC filed Forms N-8A notifying the 
Commission of their registration under section 8(a) of the Act on June 
24, 1983. PMCIC filed Form N-8A notifying the Commission of its 
registration under section 8(a) of the Act on February 23, 1987. FW, 
WFCC, and PMCIC are each registered under the Act as a closed-end 
management investment company.
    2. Prior to February 29, 2004, FW, WFCC and PMCIC were subsidiaries 
of PMC Capital, Inc. (``PMC Capital''). PMC Capital, a Florida 
corporation, was a closed-end management investment company that 
elected to operate as a business development company under the Act. On 
February 29, 2004, PMC Capital merged with and into PMC Commercial 
Trust (``PMC Commercial''), a Texas real estate investment trust, with 
PMC Commercial continuing as the surviving entity.\1\ FW, WFCC and 
PMCIC are now subsidiaries of PMC Commercial, which commenced operating 
the businesses of PMC Capital and its subsidiaries as of the date of 
the merger.
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    \1\ See PMC Capital, Inc., Investment Company Act Release Nos. 
26344 (Jan. 30, 2004) (notice) and 26358 (Feb. 25, 2004) (order).
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    Applicants' Legal Analysis: 1. Section 8(f) of the Act provides 
that whenever the Commission, upon application or its own motion, finds 
that a registered investment company has ceased to be an investment 
company, the Commission shall so declare by order and upon the taking 
effect of such order, the registration of such company shall cease to 
be in effect.
    2. Section 3(c)(1) of the Act provides that any issuer whose 
outstanding securities (other than short-term paper) are beneficially 
owned by not more than one hundred persons, and which is not making and 
does not presently propose to make a public offering of its securities, 
is not an investment company within the meaning of the Act.
    3. Applicants state that, under section 3(c)(1) of the Act, FW, 
WFCC, and PMCIC are not investment companies because PMC Commercial 
owns all of the outstanding securities of FW, and PMC Commercial and 
the SBA own all of the outstanding securities of WFCC and PMCIC, and 
the applicants do not presently propose to make a public offering of 
their securities.
    4. Each applicant states that it is not a party to any litigation 
or administrative proceedings.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-18186 Filed 8-9-04; 8:45 am]
BILLING CODE 8010-01-P