[Federal Register: December 2, 2002 (Volume 67, Number 231)]
[Notices]
[Page 71597-71598]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02de02-124]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration (CII Financial, Inc., 9\1/2\% Senior Debentures (Due
September 15, 2004)) on the New York Stock Exchange, Inc. File No. 1-
18324
November 22, 2002.
CII Financial, Inc., a California corporation (``Issuer''), has
filed an
[[Page 71598]]
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 9\1/2\% Senior Debentures (due September 15, 2004) (``Security''),
from listing and registration on the New York Stock Exchange, Inc.
(``NYSE'' 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 Issuer stated in its application that it has complied with all
applicable laws in effect in the state of California, in which it is
incorporated, and with the NYSE's rules governing an issuer's voluntary
withdrawal of a security from listing and registration. The Issuer's
application relates solely to the Security's withdrawal from listing on
the NYSE and from registration under Section 12(b) of the Act \3\ 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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The Board of Directors (``Board'') of the Issuer unanimously
adopted resolutions on September 16, 2002 to withdraw the Issuer's
Security from listing on the NYSE. In making the decision to withdraw
its Security from the NYSE, the Issuer noted that: (i) As of September
12, 2002, there were approximately 75 holders of the Security,
including holders of record and those firms that held the Security
through Cede & Co.; (ii) the Issuer states that it is not obligated
under the indenture under which the Security was issued nor any other
documents to maintain a listing of the Security on the NYSE or any
other exchange and; (iii) the burden and expense of maintaining the
Issuer's listing on the NYSE are disproportionate, given the small
number of holders of the Security, and the fact that the Security will
mature in less than two years.
Any interested person may, on or before December 20, 2002, 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 NYSE 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. 02-30368 Filed 11-29-02; 8:45 am]
BILLING CODE 8010-01-P