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U.S. Securities and Exchange Commission

Zappa International Corp.

On September 1, 1998, the SEC filed a civil enforcement action against a number of defendants who the SEC alleged defrauded investors of more than $8 million in connection with a Prime Bank investment scheme. For more information about the SEC's action, you can read Litigation Release Nos. 15869 (Sept. 2, 1998), 15984 (Nov. 20, 1998), and 17137 (Sept. 19, 2001).

The Court appointed Gregory C. Dyekman as Receiver. He has recovered $234,986 in assets, including funds repatriated from a bank account in Switzerland and a small amount from the sale of a home formerly owned by one of the defendants. The deadline for filing sworn proofs of claim was May 1, 2002.

On February 10, 2003, the Court entered an Order approving the Receiverís distribution plan under which approved claimants are entitled to receive approximately 7.5% of their investment principal (based on a net distribution amount of $237,000 after fees and expenses). Checks have been issued to all the claimants.

If you have a question, please contact the SEC at:

Ms. Leslie Hendrickson Hughes
U.S. Securities and Exchange Commission
1801 California Street, Suite 4800
Denver, CO 80202-2648
Phone: (303) 844-1000
Fax: (303) 844-1010

http://www.sec.gov/divisions/enforce/claims/zappa.htm


Modified: 03/05/2003