[Federal Register: October 26, 1999 (Volume 64, Number 206)] [Notices] [Page 57673-57674] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr26oc99-108] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Issuer Delisting; Notice of Application To Withdraw From Listing and Registration; (Unistar Financial Service Corp., Common Stock, $.01 Par Value per Share) File No. 1-14975 October 20, 1999. Unistar Financial Service Corp., a Delaware corporation (``Company''), has filed an application with the Securities and Exchange Commission (``Commission''), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and Rule 12d2-2(d) promulgated thereunder, to withdraw the security specified above (``Security'') from listing and registration on the American Stock Exchange LLC (``Amex'' or ``Exchange''). In its application to the Commission, the Company has stated that it does not believe it meets the requirements for continued listing on the Exchange. On August 24, 1999, representatives of the Amex advised the Company that, in reviewing the Company's eligibility for continued listing, the Amex was considering delisting the Security. The Exchange cited the following concerns to the Company: (a) Whether the transactions through which the Company acquired U.S. Fidelity Holding Corp. involved related parties and, if so, whether those relationships were adequately disclosed; (b) Whether the Company had appropriately valued a ``customer List'' [[Page 57674]] which was its principal asset and which it carried at a value of approximately $86 million; (c) Whether disclosure related to other transactions the Company has entered into, including disclosure and valuation of a reinsurance license, was complete and accurate; and (d) Whether ownership interests and transactions in the common stock of the Company have been accurately disclosed. In light of these concerns raised by the Amex, the Company has stated in its application to the Commission that it has determined it does not meet the requirements for continued listing on the Exchange. The Company has further stated in its application that it believes that these matters should be resolved by withdrawal of the Company's Security from listing on the Exchange. Section 1011 of the American Stock Exchange Company Guide states: In appropriate circumstances, when the Exchange is considering delisting because a company no longer meets the requirements for continued listing, a company may, with the consent of the Exchange, file a delisting application, provided that it states in its application that it is no longer eligible for continued dealings on the Exchange. The Exchange, by letter dated October 5, 1999, has advised the Company that, based on the provisions of Section 1011 quoted above, it has determined not to interpose an objection to the Company's filing of its application with the Commission to withdraw the Security from listing and registration on the Exchange. The Company has complied with Amex Rule 18 by filing with the Exchange a certified copy of the resolution approved by its Board of Directors, effective September 21, 1999, authorizing the withdrawal of the security from listing on the Amex. Any interested person may, on or before November 10, 1999, 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 Exchange 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. Jonathan G. Katz, secretary. [FR Doc. 99-27884 Filed 10-25-99; 8:45 am] BILLING CODE 8010-01-M