Summary
Before these proceedings to de-register the company's stock were brought the company filed to withdraw the registration of its securities because it had less than 300 shareholders. Such withdrawals become automatically effective in ninety days. As a result the Division of Enforcement moved to dismiss the proceedings. That motion was granted because the only remedy available in a 12(j) proceeding - revocation or suspension of registration had already occurred.
Comment
One supposes that the proceedings were brought to encourage the company not to withdrawits withdrawal of registration before it became effective.
