LexisNexis Corporate & Securities Law Community 2011 Top 50 Blogs

Bon mots

"You can observe a lot just by watching." Yogi Berra

"We do not distain to borrow wit or wisdom from any man who is capable of lending us either." Henry Fielding, Tom Jones

"In our complex society the accountant's certificate and the lawyer's opinion can be instruments for inflicting pecuniary loss more potent than the chisel or the crowbar." United States v. Benjamin, 328 F.2d 854, 862 (2d Cir. 1964)

Delinquent Filing Proceedings Dismissed After Issuer Deregisters

World Associates, Inc., Exchange Act Rel. 59034, December 1, 2008

The Commission brought proceedings under Exchange Act Section 12(j) against World Associates due to delinquent periodic Exchange Act filings. Shortly after that the company filed to voluntarily deregister its securities claiming that it had less than 500 shareholders and total assets of less than $10 million in its last three fiscal years. Since the deregistration became automatically effective the Division of Enforcement moved to dismiss the case. Since revocation or suspension of registration is the only statutory remedy no purpose would be served by continuing the case and the Division's motion was granted.