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Forum Report: Court Order Requiring National Presto to Register as Investment Company

(December 14, 2005)

 

Sent: Wednesday, December 14, 2005 5:20 PM
Subject: [corrected] Court orders National Presto to register with SEC as "investment company"
 
 
In the attached order [see link below] filed yesterday, a federal court issued a permanent injunction barring National Presto Industries from engaging in interstate commerce until they've complied with the Investment Company Act of 1940 ("1940 Act").  Specifically, the order requires National Presto's registering with the SEC as an investment company.  It is also notable that there is no allowance for time to comply with the order.
 
For more than five years, National Presto had been disputing the SEC's assertion that the company -- which had publicly reported that securities constituted a majority of its assets and sources of income -- was an "investment company" and therefore required to register as one under the 1940 Act.  The order and the court's recent summary judgment on which it was based appear to resolve the questions about compliance requirements raised initially by the 1999 NYSSA Forum program, and addressed again in the context of the similar Farmer Bros. situation.
 
Please let me know if you have any questions about the court's order, or about its relevance to the interests of Farmer Bros. shareholders.
 
           GL
 
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212-605-0335
Fax: 212-605-0325
Email: gl@shareholderforum.com

 

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