In May 2006, the Company received a letter of inquiry from the SEC, primarily related to its operations as a BDC and its compliance with the requirements thereto. In response to the SEC correspondence, the Company conducted a review of its compliance with the 1940 Act and determined that it was not in compliance with the 1940 Act. While the Company believed the BDC model was the right structure for it at the time that it elected such status, it has determined that, going forward, it should, consistent with its current balance sheet, withdraw its election to be regulated as a BDC.
The Company is working with the SEC to resolve the issues detailed in their May 2006 correspondence and anticipates that, upon resolution of the issues, will request shareholder approval to file a Form N-54C, to withdraw its election to be regulated as a BDC under the 1940 Act. Subsequently, the Company intends to pursue a business model whereby it will be an oil and gas operating company with wholly-owned subsidiaries that are currently classified as majority owned portfolio companies as a BDC.
Posts: 2430 | From: CA | Registered: Jun 2005
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-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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