SEC NEWS DIGEST Issue 2005-69 April 12, 2005 RULES AND RELATED MATTERS CERTAIN BROKER-DEALERS DEEMED NOT TO BE INVESTMENT ADVISERS The Commission has issued a release adopting new Rule 202(a)(11)-1 under the Investment Advisers Act of 1940 (Advisers Act) that addresses the application of the Advisers Act to broker-dealers offering certain types of brokerage programs. Under the rule, a broker-dealer providing nondiscretionary advice that is solely incidental to its brokerage services is excepted from the Advisers Act regardless of whether it charges an asset-based or fixed fee (rather than commissions, mark-ups, or mark-downs) for its services. The new rule also provides that broker- dealers are not subject to the Advisers Act solely because they offer full-service brokerage and discount brokerage services, including execution-only brokerage, for reduced commission rates. Additionally, the rule addresses the question of when a broker-dealer’s advisory activities are subject to the Advisers Act because they are not “solely incidental to” the broker’s business. The rule identifies three circumstances when a broker-dealer’s advice would not be solely incidental. First, a broker-dealer that charges a separate fee or enters into a separate contract for advisory services would have to treat the client as an advisory client. Second, broker-dealers must treat their customers who receive financial planning services as advisory clients. Finally, the new rule would require all accounts over which a broker-dealer has discretionary authority, regardless of how the broker-dealer is compensated, to be treated as advisory accounts. The new rule is effective April 15, 2005, except for certain disclosure requirements, which are effective May 23, 2005. FOR FURTHER INFORMATION, PLEASE CONTACT: Robert L. Tuleya, Senior Counsel, at 202-551-6787, IArules@sec.gov, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-0506. (Rel. 34-51523) ENFORCEMENT PROCEEDINGS FORMER KNIGHT SECURITIES TRADER THOMAS DONOVAN BARRED Thomas J. Donovan has been barred from association with any broker- dealer. The sanction was ordered in an administrative proceeding before an administrative law judge, following a court-ordered injunction against him. In September 2004, Donovan was enjoined from committing further violations of the antifraud provisions of the securities laws. Donovan had been employed as a trader at Knight Securities, L.P. (Knight). For several months, ending in February 2002, Donovan was involved in a fraudulent scheme that was masterminded by another Knight trader who is currently incarcerated for his role in the scheme. With Donovan’s assistance, the other trader executed stock trades from Knight’s proprietary accounts that he controlled at prices guaranteed to generate profits in private brokerage accounts that he also controlled. The scheme caused substantial losses to Knight. (Initial Decision No. 280; File No. 3-11716) IN THE MATTER OF SAVERIO GALASSO, III An Administrative Law Judge has issued an Order Making Findings and Imposing Remedial Sanction by Default (Default Order) in the matter of Saverio Galasso, III. The Order Instituting Proceedings alleged that on May 20, 2002, the U.S. District Court for the Eastern District of New York entered a final judgment by default against Respondent Saverio Galasso, III, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Default Order finds these allegations to be true and bars Saverio Galasso from participating in an offering of penny stock. (Rel. 34-51528; File No. 3-11843) IN THE MATTER OF DRKOOP.COM, 1ST MIRACLE ENTERTAINMENT, INC., AND UNITED STATES CRUDE INTERNATIONAL, INC. An Administrative Law Judge has issued an Order Making Findings and Imposing Remedial Sanctions by Default (Default Order) in the matter of DrKoop.com, 1st Miracle Entertainment, Inc., and United States Crude International, Inc. The Order Instituting Proceedings alleged that Respondents DrKoop.com, 1st Miracle Entertainment, Inc., and United States Crude International, Inc., failed to file quarterly and annual reports for several periods while their securities were registered with the Securities and Exchange Commission. The Default Order finds these allegations to be true and revokes the registration of each class of all three Respondent’s securities. (Rel. 34-51529; File No. 3-11829) GLOBAL CROSSING LTD. AND THREE FORMER OFFICERS SETTLE SEC CHARGES On April 11, the Commission issued a settled cease-and-desist order against Global Crossing Ltd., and three former senior officers, Thomas J. Casey, Dan J. Cohrs, and Joseph P. Perrone. Global Crossing and the three individuals settled the SEC’s action by agreeing, without admitting or denying the SEC’s findings, to the entry of an order requiring them to cease and desist from future violations of the periodic reporting provisions and to the entry of a judgment ordering each of the individuals to pay a $100,000 civil penalty. The SEC’s order finds that the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) portion of Global Crossing’s first and second quarter of 2001 Forms 10-Q filed with the SEC failed to adequately disclose material information regarding certain significant transactions entered into by the company in the first half of 2001. Global Crossing referred to these transactions as reciprocal transactions. In early 2001, Global Crossing was increasingly reliant on reciprocal transactions as a substantial source of its announced pro forma results. Without these reciprocal transactions, Global Crossing would not have met securities analysts’ estimates for its first and second quarter 2001 pro forma results. The order finds that Global Crossing violated the reporting provisions of Section 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20 and 13a-13 thereunder. The order also finds that Casey, Cohrs, and Perrone were a cause of Global Crossing’s reporting violations. In order to obtain penalties, the SEC filed a civil complaint naming Casey, Cohrs, and Perrone. Without admitting or denying the allegations in the complaint, the individual defendants consented to the entry of a final judgment ordering Casey, Cohrs, and Perrone to each pay a $100,000 civil penalty. [SEC v. Thomas J. Casey, Dan J. Cohrs, and Joseph P. Perrone, Civil Action No. CV 05-2605 ABC (RCx) (C.D.Cal.)] (LR-19179) IN THE MATTER OF CHARLES ZANDFORD The Commission has announced the settlement of the administrative proceedings instituted against Charles Zandford (Zandford) last month. Specifically, today the Commission issued an Order Making Findings and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 against Charles Zandford (Order) that bars Zandford from association with any broker or dealer. Zandford consented to the issuance of the Order without admitting or denying the findings contained therein except those findings specifically identified as admitted in the Order. In the Order, the Commission finds that, on Sept. 22, 1995, the Commission filed a civil action [SEC v. Zandford, United States District Court for the District of Maryland, Civil Action No. 95-2826 (AMD)]. The Commission’s cmplaint filed in that action alleged that, between November 1987 and August 1990, while employed as a stockbroker at the Bethesda, Maryland office of a broker-dealer registered with the Commission, Zandford engaged in a scheme to defraud his largest brokerage customer and misappropriated approximately $343,000 from this customer by liquidating, without the customer’s knowledge or consent, the customer’s securities, and causing checks to issue from the customer’s account to Zandford’s own accounts, which monies Zandford used for his own personal expenses. In the Order, the Commission further finds that, as the result of the Commission’s civil action, the Court ordered Zandford to pay disgorgement in the amount of $343,000 and Zandford was permanently enjoined from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The Order bars Zandford from association with any broker or dealer. (Rel. 34-51518; File No. 3-11863) THE COMMISSION FILES ADMINISTRATIVE PROCEEDINGS AGAINST THE NEW YORK STOCK EXCHANGE FOR FAILING TO POLICE SPECIALISTS The Commission today instituted and simultaneously settled an enforcement action against the New York Stock Exchange, Inc. (NYSE), finding that the NYSE, over the course of nearly four years, failed to police specialists, who engaged in widespread and unlawful proprietary trading on the floor of the NYSE. The Commission found that the NYSE violated Section 19(g) of the Securities Exchange Act of 1934 (Exchange Act) by failing to enforce compliance with the federal securities laws and NYSE rules which prohibit specialists from “interpositioning” and Strading ahead” of customer orders. In settling this action, the NYSE consented, without admitting or denying the findings, to entry of an order imposing a censure and requiring the NYSE to cease and desist from future violations of the federal securities laws. The NYSE also agreed to several significant remedial measures designed to strengthen the NYSE’s oversight of specialists and other floor members. In addition, the NYSE agreed to an undertaking of $20 million to fund regulatory audits of the NYSE’s regulatory program every two years through the year 2011. The NYSE has also agreed to implement a pilot program for video and audio surveillance on its trading floor for at least an eighteen- month period. The Commission’s Order finds that from 1999 through almost all of 2002, the NYSE failed to adequately monitor and police specialist trading activity, allowing the vast majority of this unlawful conduct to continue. The illegal trading went largely undetected because the NYSE’s regulatory program was deficient in surveilling, investigating and disciplining the specialists’ trading violations. First, the NYSE failed to adequately surveil for trading ahead and interpositioning violations. The NYSE established and relied on an overbroad surveillance system for trading ahead, which captured only a small fraction of violations. Second, the NYSE failed to adequately investigate trading ahead and interpositioning violations. Although the NYSE’s existing surveillance parameters were designed to capture only the most egregious instances of trading ahead and interpositioning, the surveillance unit responsible for reviewing the alerts routinely ignored scores of likely violations. When the surveillance unit made referrals to the NYSE’s investigative unit, investigators failed to investigate the full extent of the misconduct. Third, the NYSE failed to appropriately discipline trading ahead and interpositioning violations. Despite compelling evidence of misconduct, the NYSE routinely failed to take disciplinary action or imposed only the most minor of sanctions. The Commission’s Order finds that the NYSE violated Section 19(g) of the Exchange Act by failing to enforce compliance with the federal securities laws and NYSE rules that prohibit unlawful proprietary trading by specialists – specifically, Section 11(b) of the Exchange Act, Rule 11b-1 thereunder, and NYSE Rules 92 and 104.10. Without admitting or denying the Commission’s findings, the NYSE has agreed to a censure, an order to cease and desist from further violations of Section 19(g) of the Exchange Act, and to implement certain undertakings, including: (1) a $20 million reserve fund to retain a regulatory auditor to conduct audits of the NYSE’s regulatory program every 2 years through 2011; (2) a pilot audio and video surveillance system, which will be conducted over an eighteen month period and involve at least 20 NYSE stocks; (3) systems and procedures to track the identity of specialists and clerks trading on the NYSE floor; (4) enhancements to the NYSE’s electronic trading systems to prevent specialists from engaging in trading ahead and interpositioning; (5) enhancements to the NYSE’s referral process and the training of its regulatory staff; and (6) certification by the NYSE’s Chief Regulatory Officer every year for a period of 5 years that the NYSE is in compliance with the Commission’s Order. The Commission’s investigation of individual misconduct as it relates to the NYSE’s failures to police specialists is continuing. (Rel. 34- 51524; File No. 3-11892; Press Rel. 2005-53) THE COMMISSION INSTITUES ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDING AGAINST 20 FORMER NEW YORK STOCK EXCHANGE SPECIALISTS DIVISION OF ENFORCEMENT ALLEGES THAT THE SPECIALISTS ENGAGED IN A PERVASIVE COURSE OF FRAUDULENT TRADING The Commission today announced the institution of administrative and cease-and-desist proceedings against twenty former New York Stock Exchange specialists: David A. Finnerty, Donald R. Foley II, Scott G. Hunt, and Thomas J. Murphy – formerly of Fleet Specialist, Inc.; Kevin M. Fee and Frank A. Delaney IV of Bear Wagner Specialists LLC; Freddy DeBoer – formerly of LaBranche & Co. LLC; Todd J. Christie, James V. Parolisi, Robert W. Luckow, Patrick E. Murphy and Robert A. Johnson, Jr. – formerly of Spear Leeds & Kellogg Specialists LLC; and Patrick J. McGagh, Jr., Joseph Bongiorno, Michael J. Hayward, Richard P. Volpe, Michael F. Stern, Warren E. Turk, Gerard T. Hayes and Robert A. Scavone, Jr. – formerly of Van der Moolen Specialists USA, LLC. The Division of Enforcement alleges that between 1999 and mid-2003 these specialists pervasively engaged in fraudulent and other improper trading by executing orders for their firms’ proprietary accounts ahead of executable public customer or “agency” orders that were placed through the Exchange’s electronic trading system, known as the DOT system. Through these transactions, these specialists violated their basic obligation to match executable public customer buy and sell orders and not to fill customer orders through trades from their firms’ proprietary accounts when those customer orders could be matched with other customer orders. The Division of Enforcement further alleges that the specialists engaged in at least two forms of fraudulent trading, “interpositioning” and “trading ahead.” In the first form of trading, the specialists “interpositioned” their firms’ proprietary accounts between customer orders by trading into both of them in succession – for example, buying into a customer sell order first, and then selling, at a higher price, into the opposite market buy order. In this fashion, the specialists were able to make guaranteed, riskless profits for their firms’ proprietary accounts at the expense of customer orders. In the second form of trading, the specialist filled one agency order through a proprietary trade for the specialist firm’s proprietary account – and thereby improperly “stepped in front” of, or “traded ahead” of, the other agency order – simply to allow the specialist firm to take advantage of market conditions promptly. When “trading ahead,” the specialist would lock in a better price for the proprietary trade, and then later fill the agency order at an inferior price, thus disadvantaging the agency order. By virtue of these two forms of improper trading, these specialists caused customer losses in the millions of dollars during the years in question. The order also charges that several of the specialists engaged in particularly egregious conduct. For example, in several instances of “interpositioning,” the specialists not only disadvantaged both a buy and a sell order, but also moved the price up or down from the last sale price to further advantage the specialist firm’s proprietary account. In other instances, several of the specialists punctuated their improper trading with statements such as “f—k the DOTs” and “screw the DOTs” as they were in fact disadvantaging agency orders. The Division of Enforcement alleges that through this course of fraudulent trading, the specialists willfully violated Section 17(a) of the Securities Act, Sections 10(b) and 11(b) of the Exchange Act, and Rules 10b-5 and 11b-1 thereunder, and Rules 104, 92, 123B, and 401 of the New York Stock Exchange. The proceedings will determine what relief is in the public interest against the specialists, including disgorgement, pre-judgment interest, civil penalties, and other remedial relief. The order requires the Administrative Law Judge to issue an initial decision no later than 300 days from the date of service of the order. Last year, the Commission brought settled enforcement actions against all seven specialist firms operating on the New York Stock Exchange in connection will unlawful proprietary trading at the firms. Those enforcement actions resulted in payments to date of over $243 million in disgorgement and penalty payments, which have been placed in fair funds to be distributed to customers disadvantaged by improper specialist trading. See In the Matter of Bear Wagner Specialists LLC, Rel. No. 34- 49498 (March 30, 2004); In the Matter of Fleet Specialist, Inc., Rel. No. 34-49499 (March 30, 2004); In the Matter of LaBranche & Co. LLC, Rel. No. 34-49500 (March 30, 2004); In the Matter of Spear, Leeds & Kellogg Specialists LLC, Rel. No. 34-49501 (March 30, 2004); In the Matter of Van der Moolen Specialists USA, LLC, Rel. No. 34-49502 (March 30, 2004); In the Matter of SIG Specialists, Inc., Rel. No. 34-50076 (July 26, 2004); In the Matter of Performance Specialist Group LLC, Rel. No. 34-50075 (July 26, 2004). The staff acknowledges the assistance of the U.S. Attorney’s Office for the Southern District of New York, the Federal Bureau of Investigation and the NYSE Division of Enforcement in this matter. The Commission’s investigation of individual misconduct is continuing. (Rels. 33-8566; 34-51525; File No. 3-11893; Press Rel. 2005-54) ORDER INSTITUTING PROCEEDINGS AGAINST GATEWAY INTERNATIONAL HOLDINGS, INC. AND LAWRENCE CONSALVI On April 12, the Commission instituted administrative and cease-and-desist proceedings against Gateway International Holdings, Inc. (Gateway), a publicly held company with continuing reporting obligations, and its president, Lawrence A. Consalvi (Consalvi), a California resident. In its Order Instituting Proceedings Pursuant to Sections 12(j) and 21C of the Securities Exchange Act of 1934 (Order), the Division of Enforcement (Division) alleges that Consalvi caused Gateway to fail to file mandatory periodic reports from early 2003 through the present. The Division alleges that while its securities were registered with the Commission, Gateway failed to file two annual reports on Forms 10-K for the fiscal years ended Sept. 30, 2003 and Sept. 30, 2004, which were due to be filed on or before Dec. 30, 2003 and Dec. 30, 2004, and five quarterly reports on Forms 10-Q for the quarters ended March 31, 2003, June 30, 2003, Dec. 31, 2003, March 31, 2004, and June 30, 2004, which were due to be filed on or before May 16, 2003, Aug. 14, 2003, Feb. 16, 2004, May 17, 2004, and Aug. 14, 2004. The Division further alleges that during his tenure as Gateway’s president and chief executive officer, Consalvi has had responsibility for ensuring Gateway’s compliance with its reporting obligations. As a result, the Division alleges that Gateway failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder, and Consalvi caused Gateway’s violations. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Gateway and Consalvi an opportunity to dispute these allegations, and to determine whether, pursuant to Section 21C of the Exchange Act, Consalvi should be ordered to cease and desist from causing violations of and any future violations of the foregoing provisions, and whether, pursuant to Section 12(j) of the Exchange Act, it is necessary and appropriate for the protection of investors to revoke or suspend for a period not exceeding twelve months the registration of each class of securities of Gateway registered pursuant to Section 12 of the Exchange Act. The Commission directed that an Administrative Law Judge issue an initial decision in this matter no later than 120 days from the date of service of the Order. (Rel. 34-51527; File No. 3-11894) PROCEEDINGS INSTITUTED AND SETTLED AGAINST VFINANCE INVESTMENTS, INC. On April 12, the Commission instituted administrative proceedings against vFinance Investments, Inc. (Vfinance), a registered broker- dealer with offices located in Boca Raton, Florida. In its Order Instituting Administrative Proceedings, Making Findings, and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Order), the Commission found that in late 2001, Vfinance failed to supervise a trader who manipulated the stock of a shell company, Gateway International Holdings, Inc. (Gateway). Specifically, the Order found that a promoter and the trader, who was then associated with Vfinance, manipulated the market for Gateway stock between November 8 and December 6, 2001. The Order further found that during these dates, Gateway stock traded at increasing prices between $.19 and $4.55 per share, and that the trader repeatedly increased Vfinance’s bid price in response to instructions by the promoter. Moreover, the Order found that Vfinance did not have a system in place to adequately communicate or implement its supervisory procedures relating to trading activities or ensure enforcement of such procedures. According to the Order, Vfinance’s system for implementing its written supervisory procedures was deficient because, among other things, it failed to adequately (1) identify the person(s) responsible for supervising traders; (2) identify steps to be taken by supervisors to prevent market manipulation; and (3) communicate the procedures to Vfinance’s supervisory staff. Finally, the Order found that Vfinance failed reasonably to supervise the trader, a registered representative subject to its supervision, with a view to preventing and detecting violations of Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, within the meaning of Section 15(b)(4)(E) of the Exchange Act. Simultaneously with the institution of proceedings, the Commission accepted an offer of settlement from Vfinance. Pursuant to Vfinance’s offer of settlement, the Order censures Vfinance, directs it to pay a $50,000 civil money penalty, and orders it to comply with its undertaking to retain an independent consultant to conduct a review of Vfinance's existing procedures regarding the supervision of traders. (Rel. 34-51530; File No. 3-11895) PROCEEDINGS INSTITUTED AND SETTLED AGAINST MARC SIEGEL On April 12, the Commission instituted administrative proceedings against Marc N. Siegel (Siegel), the former president of vFinance Investments, Inc. (Vfinance), a registered broker-dealer with offices located in Boca Raton, Florida. In its Order Instituting Administrative Proceedings, Making Findings, and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Order), the Commission found that in late 2001, Siegel failed to supervise a trader who manipulated the stock of a shell company, Gateway International Holdings, Inc. (Gateway). Specifically, the Order found that a promoter and the trader, who was then associated with Vfinance, manipulated the market for Gateway stock between November 8 and December 6, 2001. The Order further found that during these dates, Gateway stock traded at increasing prices between $.19 and $4.55 per share, and that the trader repeatedly increased Vfinance’s bid price in response to instructions by the promoter. Moreover, the Order found that that Vfinance did not have a system in place to adequately communicate or implement its supervisory procedures relating to trading activities or ensure enforcement of such procedures. According to the Order, Vfinance’s system for implementing its written supervisory procedures was deficient because, among other things, it failed to adequately (1) identify the person(s) responsible for supervising traders; (2) identify steps to be taken by supervisors to prevent market manipulation; and (3) communicate the procedures to Vfinance’s supervisory staff. Finally, the Order found that Siegel failed reasonably to supervise the trader, a registered representative subject to his supervision, with a view to preventing and detecting violations of Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, within the meaning of Section 15(b)(4)(E) of the Exchange Act. Simultaneously with the institution of proceedings, the Commission accepted an offer of settlement from Siegel. Pursuant to his offer of settlement, the Order suspends Siegel from association in a supervisory or proprietary capacity with any broker or dealer for a period of twelve months, and orders him to pay a civil penalty of $25,000. (Rel. 34- 51531; File No. 3-11896) PROCEEDINGS INSTITUTED AND SETTLED AGAINST ALLEN FREED On April 12, the Commission instituted administrative and cease-and- desist proceedings against Allen S. Freed (Freed), a Florida resident. In its Order Instituting Administrative and Cease-And- Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 (Order), the Commission found that Freed willfully violated the antifraud provisions of the Exchange Act in connection with his manipulation of the stock of a publicly traded shell company, Gateway International Holdings, Inc. (Gateway). Among other things, the Order found that in late 2001, a promoter and Freed, then a trader associated with Vfinance Investments, Inc. (Vfinance), a registered broker-dealer, manipulated the market for Gateway stock between November 8 and December 6, 2001. The Order further found that during these dates, Gateway stock traded at increasing prices between $.16 and $4.55 per share, for the most part due to the actions of the promoter and Freed. Moreover, the Order found that Freed repeatedly increased Vfinance’s bid price in response to telephonic instructions by the promoter, who later paid Freed approximately $3,000 in cash in connection with his market making activities. Finally, the Order found that the apparent purpose of the manipulation was to create the appearance of an active market for Gateway stock, thereby making the stock more attractive to prospective investors, and to create liquidity for certain shareholders who wanted to sell their stock. Simultaneously with the institution of proceedings, the Commission accepted an offer of settlement from Freed. Pursuant to his offer of settlement, the Order bars Freed from association with a broker or dealer, orders him to cease and desist from committing or causing any violations and any future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and orders him to pay $3,474 in disgorgement and reasonable interest. (Rel. 34-51532; File No. 3-11897) SEC v. J. SHREWDER On April 8, the Commission filed an application with the U.S. District Court for the District of Columbia for an order to enforce investigative subpoenas served on J. Shrewder (Shrewder), a.k.a. John Shrewder and Jay Shrewder, a resident of Tulsa, Oklahoma. The subpoenas sought documents and testimony from Shrewder regarding, among other things, statements in a report that he disseminated by fax to members of the investing public. The report concerned ArTec, Inc. and its Tubercin substance. The subpoenas also sought information about Shrewder’s trading in ArTec stock. The Commission’s application alleges that Shrewder has not fully complied with the subpoenas issued by the Commission. [SEC v. J. Shrewder, Civil Action 1:05-mc-00147, D.D.C.] (LR-19180) HOLDING COMPANY ACT RELEASES AMERICAN TRANSMISSION COMPANY LLC, ET AL. An order has been issued authorizing American Transmission Company LLC (ATC), an electric transmission public-utility company, ATC Management Inc. (ATCMI), a public-utility company and a public-utility holding company exempt from registration under Section 3(a)(1) of the Public Utility Holding Company Act, as amended, by Rule 2, and Alliant Energy Corporation, a registered public-utility holding company and an indirect, partial owner of ATC and ATCMI, to enter into up to $100 million in financing arrangements to refinance or redeem short-term debt securities previously issued and for other general corporate purposes, in addition to applicants’ current authority (American Transmission Company, et al., Holding Co. Act Release No. 27871 (July 1, 2004)), in an aggregate amount not to exceed $810 million at any one time outstanding, provided that the aggregate amount of short-term debt issued will not exceed $200 million at any one time outstanding. (Rel. 35-27958) SELF-REGULATORY ORGANIZATIONS IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGES A proposed rule change (SR-NASD-2005-044) filed by the National Association of Securities Dealers clarifying NASD Rules 4510(a) and 4520(a) regarding entry and application fees for issuers on a national securities exchange that transfer their listing to Nasdaq has become effective under Section 19(b)(3)(A)(i) of the Securities Exchange Act of 1934. Publication of the proposal is expected in the Federal Register during the week of April 11. (Rel. 34-51511) A proposed rule change (SR-PCX-2005-37) filed by the Pacific Exchange relating to adjusting the implementation date of previously adopted PCXE listing fees for Exchange-Traded Funds and Closed-End Funds has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of the proposal is expected in the Federal Register during the week of April 11. (Rel. 34-51519) A proposed rule change filed by the National Association of Securities Dealers (SR-NASD-2005-040) relating to establishing a pilot period to increase position and exercise limits for equity options and establishing a reverse collar hedge exemption has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of the proposal is expected in the Federal Register during the week of April 11. (Rel. 34-51520) APPROVAL OF PROPOSED RULE CHANGE The Commission approved a proposed rule change (SR-PCX-2004-124) filed by the Pacific Exchange and Amendments Nos. 1, 2, and 3 thereto relating to charging parties to an arbitration a fee for adjournments of a hearing within three business days of a scheduled hearing session. Publication of the proposal is expected in the Federal Register during the week of April 11. (Rel. 34-51512) NOTICE OF FILING OF PROPOSED AMENDMENT TO THE PLAN FOR REPORTING OF CONSOLIDATED OPTIONS LAST SALE REPORTS AND QUOTATION INFORMATION The Options Price Reporting Authority filed a proposed Plan amendment pursuant to Section 11A of the Securities Exchange Act of 1934 and Rule 11Aa3-2 thereunder (SR-OPRA-2005-01) to clarify how the requirements of the OPRA Plan pertaining to vendors apply to persons who redistribute OPRA data over the Internet. Publication of the proposal is expected in the Federal Register during the week of April 11. (Rel. 34-51514) DELISTING GRANTED An order has been issued granting the application of the New York Stock Exchange to strike from listing and registration the common stock, $.01 par value, and Series A and B convertible preferred stock, $.10 par value, of WHX Corporation, effective at the opening of business on April 11, 2005. (Rel. 34-51513) WITHDRAWAL SOUGHT A notice has been issued giving interested persons until May 3, 2005, to comment on the application of E-Z-EM, Inc. to withdraw its common stock, $.10 par value, from listing and registration on the American Stock Exchange. (Rel. 34-51515) SECURITIES ACT REGISTRATIONS The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue. Registration statements may be obtained in person or by writing to the Commission's Public Reference Branch at 450 Fifth Street, N.W., Washington, D.C. 20549 or at the following e-mail box address: . In most cases, this information is also available on the Commission's website: . S-3 GMAC COMMERCIAL MORTGAGE SECURITIES INC, 650 DRESHER ROAD HORSHAM, PENNSYLVANIA, PA, 190444, 4108842000 - 0 ($1,000,000.00) Mortgage Backed Securities, (File 333-123974 - Apr. 11) (BR. 05) S-3 CHINDEX INTERNATIONAL INC, 7201 WISCONSIN AVE, STE 703, BETHESDA, MD, 20814, 3012157777 - 1,522,539 ($9,561,544.92) Equity, (File 333-123975 - Apr. 11) (BR. 01) S-3 LYONDELL CHEMICAL CO, 1221 MCKINNEY ST, SUITE 700, HOUSTON, TX, 77010, 713-652-7200 - 0 ($352,374,484.00) Equity, (File 333-123977 - Apr. 11) (BR. 06) S-1 LOUDEYE CORP, 1130 RAINIER AVENUE SOUTH, STE 000, SEATTLE, WA, 98144, 2068324000 - 3,560,422 ($4,219,100.07) Equity, (File 333-123978 - Apr. 11) (BR. 03) S-8 ASIAINFO HOLDINGS INC, 4/F ZHONGDIAN INFORMATION TOWER 6, ZHONGGUANCUN SOUTH STREET HAIDIAN, BEIJING, F4, 100086, 00861062501658 - 0 ($2,084,789.40) Other, (File 333-123979 - Apr. 11) (BR. 08) S-4 RITE AID CORP, 30 HUNTER LANE, CAMP HILL OWN, PA, 17011, 7177612633 - 0 ($200,000,000.00) Non-Convertible Debt, (File 333-123980 - Apr. 11) (BR. 01) S-8 RADCOM LTD, 24 RAOUL WALLENBERG STREET, TEL AVIV, L3, 69719, 2123108007 - 0 ($2,010,365.00) Equity, (File 333-123981 - Apr. 11) (BR. 03) S-3 SAUL CENTERS INC, 8401 CONNECTICUT AVE, CHEVY CHASE, MD, 20815, 3019866207 - 1,500,392 ($47,427,391.12) Equity, (File 333-123982 - Apr. 11) (BR. 08) S-8 First National Power Corp., #219, 227 BELLEVUE WAY NE, BELLEVUE, WA, 98004, 416-918-6987 - 2,000,000 ($740,000.00) Equity, (File 333-123983 - Apr. 11) (BR. 02) S-8 SUPER VISION INTERNATIONAL INC, 8210 PRESIDENTS DRIVE, ORLANDO, FL, 32809, 4078579900 - 0 ($1,714,500.00) Equity, (File 333-123984 - Apr. 11) (BR. 06) S-8 AEGON NV, AEGONPLEIN 50, PO BOX 202 2501 CE, THE HAGUE, P7, 011-31-70-344-7308 - 0 ($872,051.00) Equity, (File 333-123986 - Apr. 11) (BR. 01) SB-2 ICOA INC, 111 AIRPORT RD, WARWICK, RI, 02889, 4017399205 - 224,590,008 ($10,555,730.38) Equity, (File 333-123987 - Apr. 11) (BR. 37) S-3 TRUSTCO BANK CORP N Y, 5 SARNOWSKI DRIVE, GLENVILLE, NY, 12302, 5183773311 - 2,000,000 ($22,600,000.00) Equity, (File 333-123988 - Apr. 11) (BR. 07) SB-2 MORGAN CREEK ENERGY CORP, 10120 S EASTERN AVENUE, SUITE 200, HENDERSON, NV, 89052, 702-566-1307 - 4,167,700 ($2,083,850.00) Other, (File 333-123989 - Apr. 11) (BR. 09) S-3 SECURITIZED ASSET BACKED RECEIVABLES LLC, 0 ($5,500,000,000.00) Asset-Backed Securities, (File 333-123990 - Apr. 11) (BR. 05) S-4 BRODER BROS CO, 0 ($50,000,000.00) Non-Convertible Debt, (File 333-123991 - Apr. 11) (BR. 02) S-8 CRYSTAL GRAPHITE CORP, 1750 999 WEST HASTINGS STREET, VANCOUVER BC, A1, 00000, 6046813060 - 700,000 ($162,400.00) Equity, (File 333-123992 - Apr. 11) (BR. 04) S-3 HALLMARK FINANCIAL SERVICES INC, 777 MAIN STREET, SUITE 1000, FORT WORTH, TX, 76102, 8173481600 - 0 ($45,000,000.00) Equity, (File 333-123993 - Apr. 11) (BR. 01) S-3 VIROPHARMA INC, 397 EAGLEVIEW BLVD, EXTON, PA, 19341, 6104587300 - 0 ($75,000,000.00) Debt Convertible into Equity, 0 ($8,265,000.00) Equity, (File 333-123994 - Apr. 11) (BR. 01) S-1 CKX, Inc., 650 MADISON AVENUE, NEW YORK, NY, 10022, 2128383100 - 0 ($316,250,000.00) Equity, (File 333-123995 - Apr. 11) (BR. 02) SB-2 MAGNITUDE INFORMATION SYSTEMS INC, 401 ROUTE 24, CHESTER, NJ, 07930, 9088792722 - 0 ($2,995,350.00) Equity, (File 333-123996 - Apr. 11) (BR. 03) S-3 V I TECHNOLOGIES INC, 134 COOLIDGE AVE, WATERTOWN, MA, 02472, 5167527314 - 0 ($36,816,703.00) Equity, (File 333-123997 - Apr. 11) (BR. 01) S-8 ACUITY BRANDS INC, 1170 PEACHTREE STREET, NE, SUITE 2400, ATLANTA, GA, 30309-7676, 404-853-1400 - 0 ($11,378,171.00) Equity, (File 333-123999 - Apr. 11) (BR. 06) S-3 RYLAND GROUP INC, 24025 PARK SORRENTO, SUITE 400, CALABASAS, CA, 91302, 8182237500 - 0 ($1,000,000,000.00) Equity, (File 333-124000 - Apr. 11) (BR. 06) S-1 Berkline/BenchCraft Holdings, Inc., ONE BERKLINE DRIVE, MORRISTOWN, TN, 37813, 423 585-1500 - 0 ($138,000,000.00) Equity, (File 333-124001 - Apr. 11) (BR. ) S-3 Onstream Media CORP, 1291 SW 29 AVE, STE 3A, POMPANO BEACH, FL, 33069, 9549176655 - 0 ($36,091,646.00) Equity, (File 333-124002 - Apr. 11) (BR. 03) S-3 CAPITAL LEASE FUNDING INC, 110 MAIDEN LANE, 36TH FLOOR, NEW YORK, NY, 10005, 2122176300 - 0 ($300,000,000.00) Equity, (File 333-124003 - Apr. 11) (BR. 08) N-2 Kayne Anderson Energy Total Return Fund, Inc., 1800 AVENUE OF THE STARS, SECOND FLOOR, LOS ANGELES, CA, 90067, 877-657-3863 - 40,000 ($1,000,000.00) Equity, (File 333-124004 - Apr. 11) (BR. ) S-3 SEMCO ENERGY INC, 1411 THIRD STREET, STE. A, PORT HURON, MI, 48060, 810-987-2200 - 0 ($117,000,000.00) Equity, (File 333-124005 - Apr. 11) (BR. 02) RECENT 8K FILINGS Form 8-K is used by companies to file current reports on the following events: 1.01 Entry into a Material Definitive Agreement 1.02 Termination of a Material Definitive Agreement 1.03 Bankruptcy or Receivership 2.01 Completion of Acquisition or Disposition of Assets 2.02 Results of Operations and Financial Condition 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off- Balance Sheet Arrangement of a Registrant 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation under an Off-Balance Sheet Arrangement 2.05 Cost Associated with Exit or Disposal Activities 2.06 Material Impairments 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing 3.02 Unregistered Sales of Equity Securities 3.03 Material Modifications to Rights of Security Holders 4.01 Changes in Registrant’s Certifying Accountant 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review 5.01 Changes in Control of Registrant 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year 5.04 Temporary Suspension of Trading Under Registrant's Employee Benefit Plans 5.05 Amendments to the Registrant’s Code of Ethics, or Waiver of a Provision of the Code of Ethics 7.01 Regulation FD Disclosure 8.01 Other Events 9.01 Financial Statements and Exhibits 8-K reports may be obtained in person or by writing to the Commission's Public Reference Branch at 450 Fifth Street, N.W., Washington, D.C. 20549 or at the following e-mail box address: . In most cases, this information is also available on the Commission's website: . STATE 8K ITEM NO. NAME OF ISSUER CODE DATE COMMENT ------------------------------------------------------------------------------------------------ ABERCROMBIE & FITCH CO /DE/ DE 7.01,9.01 04/07/05 ACACIA RESEARCH CORP DE 2.01,9.01 01/28/05 AMEND ACE SECURITIES CORP DE 8.01 04/11/05 ACORN HOLDING CORP DE 4.01,9.01 03/29/05 AMEND ADELPHIA COMMUNICATIONS CORP DE 5.03,9.01 04/08/05 ADVENTRX PHARMACEUTICALS INC DE 8.01,9.01 04/11/05 AEGIS COMMUNICATIONS GROUP INC DE 1.01,1.02,2.03 04/04/05 AEROSONIC CORP /DE/ DE 7.01 04/11/05 ALAMOSA HOLDINGS INC DE 7.01,9.01 04/11/05 ALLEN ORGAN CO PA 3.01,8.01,9.01 04/11/05 ALPHARMA INC DE 4.01 04/11/05 AMBAC FINANCIAL GROUP INC DE 5.02 04/05/05 AMEDIA NETWORKS, INC. DE 1.01,2.03,3.02,9.01 04/05/05 AmeriCredit Automobile Receivables Tr DE 8.01,9.01 04/11/05 AMSOUTH BANCORPORATION DE 7.01,9.01 04/11/05 ANIKA THERAPEUTICS INC MA 5.02 04/05/05 ANWORTH MORTGAGE ASSET CORP MD 2.02,5.02,9.01 04/06/05 ARDEN GROUP INC DE 5.02 04/05/05 ARQULE INC DE 5.02,9.01 04/08/05 ARTESIAN RESOURCES CORP DE 8.01 04/05/05 ASSET BACKED FUNDING CORP DE 8.01,9.01 04/11/05 AUTOBYTEL INC DE 2.02,3.01,9.01 04/06/05 AVALONBAY COMMUNITIES INC MD 1.01 04/06/05 AVICI SYSTEMS INC DE 1.01 04/05/05 BANCTEC INC DE 5.02 04/07/05 BANK OF GRANITE CORP DE 2.02,9.01 04/11/05 BAYVIEW FINANCIAL SECURITIES CO LLC DE 8.01 04/07/05 BDC Capital, Inc. MN 3.02 04/11/05 BEAR STEARNS ASSET BACKED SECURITIES DE 9.01 04/11/05 BIMINI MORTGAGE MANAGEMENT INC MD 7.01,9.01 04/11/05 BIOFARM INC NV 1.01,2.03 03/01/05 BIOLASE TECHNOLOGY INC DE 3.01,9.01 04/05/05 BJ SERVICES CO DE 2.04 04/11/05 BMC SOFTWARE INC DE 2.02,9.01 04/11/05 BRAVO RESOURCES LTD 8.01,9.01 04/08/05 BULL RUN CORP GA 2.02,9.01 04/11/05 CAP ROCK ENERGY CORP 8.01,9.01 04/11/05 CARMIKE CINEMAS INC DE 7.01,9.01 04/11/05 CDI CORP PA 7.01,9.01 04/11/05 CELTRON INTERNATIONAL INC NV 4.01 03/04/05 AMEND CERTEGY INC GA 2.02,9.01 04/11/05 CHARTERMAC DE 2.02,3.01,9.01 04/05/05 CHASE FUNDING INC NY 8.01,9.01 03/25/05 Chase Funding Loan Acquisition Trust, 8.01,9.01 03/25/05 Chase Funding Loan Acquisition Trust, NY 8.01,9.01 03/25/05 CHASE FUNDING TRUST, SERIES 2004-2 8.01,9.01 03/25/05 CHECKERS DRIVE IN RESTAURANTS INC /DE DE 4.01,9.01 04/05/05 CHECKERS DRIVE IN RESTAURANTS INC /DE DE 8.01,9.01 04/05/05 AMEND CHEROKEE INC DE 2.02,9.01 04/07/05 CIRCUIT CITY STORES INC VA 2.02,9.01 02/28/05 CITICORP MORTGAGE SECURITIES INC DE 8.01 04/11/05 CLEVELAND CLIFFS INC OH 8.01 04/11/05 CNE GROUP INC DE 4.01,9.01 04/06/05 Coastal Bancshares Acquisition Corp. TX 1.01,1.02,5.02,8.01,9.01 04/07/05 COLLECTORS UNIVERSE INC DE 7.01,9.01 04/11/05 COLONY BANKCORP INC GA 2.02,7.01,9.01 04/11/05 COLUMBIA LABORATORIES INC DE 1.01,9.01 04/08/05 COMMERCIAL BANKSHARES INC FL 4.01 04/11/05 COMMUNITY BANCORP /VT VT 2.02,9.01 04/11/05 AMEND COMPUTER SCIENCES CORP NV 8.01 04/08/05 CONCORD COMMUNICATIONS INC MA 1.01,9.01 04/06/05 COVANSYS CORP MI 5.02,9.01 04/11/05 CREDIT ACCEPTANCE CORPORATION MI 3.01,9.01 04/05/05 CRIIMI MAE INC MD 1.01 04/06/05 CROFF ENTERPRISES INC UT 5.02 03/11/05 CROFF ENTERPRISES INC UT 8.01 04/08/05 CWHEQ Revolving Home Equity Loan Asse 8.01,9.01 03/30/05 DAYTON SUPERIOR CORP OH 1.01,5.02,9.01 03/08/05 AMEND DELIGHTFULLY FROZEN CORP 8.01 02/05/05 AMEND DELTA MUTUAL INC 2.03,9.01 04/05/05 DENNYS CORP DE 2.02,9.01 03/30/05 DIGIMARC CORP DE 2.02,3.01,9.01 04/05/05 DIVIDEND CAPITAL TRUST INC MD 2.01,9.01 02/02/05 AMEND DNB FINANCIAL CORP /PA/ PA 1.01 04/11/05 DOVER DOWNS GAMING & ENTERTAINMENT IN DE 1.02,5.02,9.01 04/07/05 DOVER MOTORSPORTS INC DE 1.02,5.02,9.01 04/07/05 DST SYSTEMS INC DE 8.01,9.01 04/08/05 DUCOMMUN INC /DE/ DE 1.01,2.03,9.01 04/07/05 DURECT CORP DE 1.01,5.02,9.01 04/08/05 E CENTIVES INC DE 5.02,9.01 04/06/05 EL PASO CORP/DE DE 2.02,9.01 04/08/05 ELECTRONIC GAME CARD INC NV 1.01,3.02 04/06/05 ELITE FLIGHT SOLUTIONS INC DE 1.01,9.01 04/06/05 ELKCORP DE 2.02,9.01 04/11/05 EMAGIN CORP DE 4.02,9.01 04/11/05 AMEND EMAGIN CORP DE 4.02,9.01 04/11/05 AMEND Energy Transfer Partners, L.P. DE 2.02,9.01 04/11/05 EQUIFIN INC DE 5.02 04/05/05 EQUINOX HOLDINGS INC DE 1.01,9.01 04/11/05 EVOLVE ONE INC DE 5.02 04/11/05 FEATHERLITE INC MN 8.01,9.01 04/11/05 FelCor Lodging LP DE 3.02 04/07/05 FelCor Lodging Trust Inc MD 1.01,3.03,5.03,8.01,9.01 04/06/05 FIDELITY NATIONAL FINANCIAL INC /DE/ DE 8.01,9.01 04/05/05 FILENET CORP DE 1.01 03/10/05 FINANCIAL ASSET SECURITIES CORP DE 8.01,9.01 04/11/05 FINISAR CORP DE 1.01,2.01,9.01 04/07/05 FIRST AMERICAN CAPITAL CORP /KS KS 5.03 04/11/05 FIRST CHARTER CORP /NC/ NC 7.01,9.01 04/11/05 FIRST CITIZENS BANCORPORATION INC SC 1.01,2.03,8.01,9.01 04/05/05 FIRST DEFIANCE FINANCIAL CORP OH 2.01,9.01 04/08/05 FIRST NATIONAL COMMUNITY BANCORP INC PA 2.02,9.01 04/08/05 FIRST OAK BROOK BANCSHARES INC DE 7.01,9.01 04/08/05 FIRST REAL ESTATE INVESTMENT TRUST OF NJ 1.01 04/07/05 FIRST REGIONAL BANCORP CA 2.02,9.01 04/07/05 FIRST SECURITY BANCORP INC /KY/ KY 5.02 04/08/05 FIRST SECURITY GROUP INC/TN TN 5.02 04/05/05 FIRST VIRTUAL COMMUNICATIONS INC DE 7.01,9.01 04/08/05 FORTUNE DIVERSIFIED INDUSTRIES INC DE 2.01,9.01 04/05/05 FUELNATION INC FL 5.02 04/11/05 GATEWAY INC DE 1.01 04/07/05 GENENTECH INC DE 2.02,8.01,9.01 04/11/05 GENEREX BIOTECHNOLOGY CORP DE 1.01,9.01 04/05/05 GEVITY HR INC FL 2.02,7.01,9.01 04/11/05 Global National Communications Corp. 1.01,2.03,3.02,9.01 04/09/05 GMACM HOME EQUITY LOAN TRUST 2005-HE1 DE 8.01,9.01 04/06/05 GOLDEN OVAL EGGS LLC 7.01,9.01 04/11/05 GOLDEN STAR RESOURCES LTD 1.01 04/05/05 GOLDMAN SACHS HEDGE FUND PARTNERS LLC DE 3.02 04/08/05 AMEND GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01 03/31/05 GRANT PRIDECO INC DE 8.01,9.01 04/07/05 GREENWORKS CORP DE 5.02 04/08/05 GS MORTGAGE SECURITIES CORP DE 8.01,9.01 04/08/05 GSI LUMONICS INC A3 4.01,9.01 04/07/05 GTC TELECOM CORP NV 1.01 04/08/05 GUILFORD PHARMACEUTICALS INC DE 1.01,2.06,9.01 04/05/05 H&E EQUIPMENT SERVICES LLC LA 8.01,9.01 04/11/05 HEALTHSOUTH CORP DE 1.01,9.01 03/01/05 HEARUSA INC DE 2.02 04/11/05 HEI INC MN 2.02,9.01 04/11/05 HEMPTOWN CLOTHING INC A1 8.01 04/08/05 HM PUBLISHING CORP DE 1.01 04/06/05 HOLLYWOOD MEDIA CORP FL 8.01 04/06/05 HORIZON HEALTH CORP /DE/ DE 2.02,9.01 04/11/05 HUGHES SUPPLY INC FL 1.01 02/14/05 I2 TELECOM INTERNATIONAL INC WA 1.01,3.02,9.01 04/05/05 ICOA INC NV 1.01,3.02,9.01 04/11/05 IGATE CORP PA 2.02,3.01,8.01,9.01 04/11/05 INCODE TECHNOLOGIES CORP. NV 1.01 04/04/05 INFOCUS CORP OR 2.02,9.01 04/11/05 InfoSearch Media, Inc. DE 5.02,9.01 04/07/05 INGRAM MICRO INC DE 7.01,9.01 04/11/05 INTERACTIVE SYSTEMS WORLDWIDE INC /DE DE 2.02,9.01 04/11/05 INTERNATIONAL LEASE FINANCE CORP CA 8.01,9.01 04/06/05 INTERNATIONAL LOTTERY & TOTALIZATOR S CA 5.02 04/11/05 INTERNATIONAL STEEL GROUP INC DE 1.01,9.01 04/11/05 INTERNATIONAL STEEL GROUP INC DE 1.01,1.02,9.01 04/06/05 INTERNATIONAL THOROUGHBRED BREEDERS I DE 1.01 04/05/05 INTRALASE CORP 8.01,9.01 04/01/05 ISLAND PACIFIC INC DE 5.02 04/06/05 ISOLAGEN INC DE 1.01,2.03,7.01,9.01 04/05/05 IVILLAGE INC DE 7.01,9.01 04/11/05 J C PENNEY CO INC DE 8.01,9.01 04/08/05 J P MORGAN ACCEPTANCE CORP I DE 8.01,9.01 04/11/05 J P MORGAN CHASE & CO DE 1.01,9.01 04/06/05 KAISER ALUMINUM & CHEMICAL CORP DE 8.01,9.01 04/08/05 KAISER ALUMINUM CORP DE 8.01,9.01 04/08/05 KCS ENERGY INC DE 1.01,2.03,8.01,9.01 04/05/05 KEYSTONE AUTOMOTIVE INDUSTRIES INC CA 2.02,9.01 02/08/05 KYPHON INC DE 1.01 04/06/05 L & L FINANCIAL HOLDINGS INC NV 5.03 04/06/05 LACLEDE STEEL CO /DE/ DE 8.01,9.01 02/28/05 Lam Liang Corp. NV 4.01,9.01 03/31/05 AMEND LB-UBS Commercial Mortgage Trust 2004 1.01,9.01 12/02/04 AMEND LEFT RIGHT MARKETING TECHNOLOGY INC DE 1.01,3.02,5.01,9.01 03/15/05 LEXOR HOLDINGS INC FL 1.02,5.02,9.01 03/31/05 LIFE SCIENCES INC DE 2.02,8.01 05/31/03 LIMITED BRANDS INC DE 2.02,7.01 04/11/05 LITFUNDING CORP NV 8.01 04/11/05 LONGS DRUG STORES CORP MD 7.01,9.01 04/11/05 LOUDEYE CORP DE 1.01,9.01 03/30/05 LUNA TECHNOLOGIES INTERNATIONAL INC 5.02 04/04/05 MAGNA ENTERTAINMENT CORP DE 7.01 04/05/05 MASSBANK CORP DE 4.01,9.01 03/31/05 AMEND MATRIX SERVICE CO DE 2.02,9.01 04/11/05 MERITAGE HOSPITALITY GROUP INC MI 5.02,9.01 04/11/05 MESABI TRUST NY 2.02,9.01 04/08/05 METASOLV INC DE 4.01,9.01 04/05/05 METRIS COMPANIES INC DE 8.01,9.01 04/07/05 MICROSOFT CORP WA 2.02,9.01 04/11/05 MILLS CORP DE 2.02,9.01 12/31/04 MODERN TECHNOLOGY CORP NV 9.01 01/24/05 AMEND MONADNOCK COMMUNITY BANCORP INC 8.01,9.01 04/11/05 MORGAN STANLEY ABS CAPITAL I INC DE 8.01,9.01 04/07/05 MULTI COLOR CORP OH 9.01 01/25/05 AMEND NANOMETRICS INC CA 1.01,9.01 04/05/05 NARA BANCORP INC DE 5.02,9.01 03/30/05 AMEND NATIONAL BEEF PACKING CO LLC DE 7.01,9.01 04/11/05 NATIONAL DENTEX CORP /MA/ MA 3.01,9.01 04/05/05 NATIONAL QUALITY CARE INC DE 8.01,9.01 04/11/05 NATIONSRENT COMPANIES INC DE 2.02,7.01,9.01 04/08/05 NCT GROUP INC DE 2.02,9.01 12/31/04 NETOPIA INC DE 1.01,5.02,9.01 04/06/05 NEW VISUAL CORP UT 1.01,2.03,3.02 04/05/05 NOMURA ASSET ACCEPTANCE CORP DE 8.01,9.01 04/06/05 North Penn Bancorp, Inc. PA 5.02 04/11/05 NOVEN PHARMACEUTICALS INC DE 1.01 04/07/05 NUTRITION 21 INC NY 5.02 04/07/05 NYMAGIC INC NY 1.01 04/08/05 OHIO CASUALTY CORP OH 5.02,9.01 04/11/05 OMEGA PROTEIN CORP NV 7.01,8.01,9.01 04/08/05 ONEIDA LTD NY 1.01,5.03,9.01 04/05/05 OPEN TEXT CORP K6 2.02 04/11/05 ORIGINALLY NEW YORK INC 5.01 04/08/05 OSTEOTECH INC DE 4.01,9.01 04/05/05 PACIFIC GAS & ELECTRIC CO CA 1.01,1.02,2.03,8.01 04/11/05 Patient Safety Technologies, Inc DE 1.01,9.01 04/05/05 PDG ENVIRONMENTAL INC DE 2.02,9.01 04/11/05 PEGASUS SOLUTIONS INC DE 1.02,2.02,8.01,9.01 04/11/05 PEGASYSTEMS INC MA 1.01,9.01 04/06/05 PEOPLES FINANCIAL CORP /MS/ MS 2.02,9.01 04/11/05 PETCARE TELEVISION NETWORK INC FL 8.01,9.01 04/05/05 PG&E CORP CA 1.01,1.02,2.03,8.01 04/11/05 PHOTON DYNAMICS INC CA 1.01,9.01 04/08/05 PHYSIOMETRIX INC DE 3.01 04/11/05 PILGRIMS PRIDE CORP DE 2.02,9.01 04/11/05 PIONEER NATURAL RESOURCES CO DE 1.01 04/08/05 PLIANT CORP UT 7.01 04/08/05 POWERHOUSE TECHNOLOGIES GROUP INC DE 1.01,8.01,9.01 03/30/05 PPOL INC CA 8.01 03/18/05 Prescient Applied Intelligence, Inc. DE 4.01,9.01 04/11/05 PRIVATEBANCORP INC DE 1.01 04/06/05 PROCTER & GAMBLE CO OH 7.01 04/11/05 PROSPECT ENERGY CORP MD 8.01,9.01 04/11/05 PROVO INTERNATIONAL INC DE 3.01,9.01 04/08/05 PUBLIC CO MANAGEMENT CORP NV 8.01,9.01 02/22/05 Q COMM INTERNATIONAL INC UT 3.02,9.01 04/07/05 QLT INC/BC A1 5.02,9.01 04/11/05 QMED INC DE 8.01,9.01 04/11/05 QUESTCOR PHARMACEUTICALS INC CA 4.01,9.01 04/06/05 QUINCY GOLD CORP. NV 3.02,9.01 04/11/05 RADIUM VENTURES INC NV 5.02 04/08/05 RAMP Series 2005-RZ1 Trust DE 8.01,9.01 04/11/05 RAYTECH CORP DE 2.02,9.01 04/05/05 RED ROBIN GOURMET BURGERS INC DE 2.01,9.01 04/11/05 REGAL ENTERTAINMENT GROUP DE 8.01 04/05/05 RENOVIS INC DE 3.03,9.01 04/11/05 RES CARE INC /KY/ KY 5.02 01/19/05 AMEND RSV BANCORP INC PA 5.02 04/06/05 RUBY TUESDAY INC GA 2.02,4.02,9.01 03/01/05 RURAL METRO CORP /DE/ DE 1.01,9.01 04/05/05 SAFECO CORP WA 5.02 04/11/05 SAXON CAPITAL INC MD 7.01,9.01 04/11/05 SCHEIN HENRY INC DE 5.02,9.01 04/11/05 SECURITY CAPITAL CORP/DE/ DE 8.01,9.01 03/29/05 SELECT COMFORT CORP 7.01 04/11/05 SELECT COMFORT CORP 7.01 04/11/05 Select Notes Trust LT 2004-1 DE 8.01,9.01 04/01/05 SEVERN BANCORP INC MD 2.02,9.01 04/11/05 SHARPER IMAGE CORP DE 2.02,4.02 04/04/05 SHIRE PHARMACEUTICALS GROUP PLC 8.01,9.01 04/11/05 SHOE CARNIVAL INC IN 1.01,9.01 04/05/05 SILICON IMAGE INC DE 1.01,5.02 04/05/05 SIMCLAR INC FL 5.02,8.01,9.01 04/06/05 SOMERSET INTERNATIONAL GROUP,INC. DE 3.02 04/06/05 SONICBLUE INC DE 8.01,9.01 02/28/05 SOUTHERN POWER CO 1.01 04/08/05 SOUTHWEST WATER CO DE 1.01,5.02 04/05/05 SPARTA INC /DE DE 8.01 04/08/05 SPEEDHAUL HOLDINGS, INC. NJ 9.01 12/21/04 AMEND ST PAUL TRAVELERS COMPANIES INC MN 5.02,9.01 04/05/05 STERLING GROUP VENTURES INC NV 1.01,9.01 04/05/05 STEWART & STEVENSON SERVICES INC TX 7.01,9.01 04/11/05 STEWART ENTERPRISES INC LA 1.01,5.02,9.01 04/05/05 STRONGHOLD TECHNOLOGIES INC NV 1.01,2.03,3.02,9.01 03/31/05 SYBRON DENTAL SPECIALTIES INC DE 1.01,5.02,9.01 03/31/05 SYMBOL TECHNOLOGIES INC DE 1.01,5.02,8.01,9.01 04/05/05 SYNERTECK INC DE 1.01 04/08/05 SYNTROLEUM CORP DE 8.01 04/11/05 TARGET CORP MN 8.01,9.01 04/11/05 TEL INSTRUMENT ELECTRONICS CORP NJ 5.02 04/01/05 TELEPHONE & DATA SYSTEMS INC /DE/ DE 1.01,5.03,8.01,9.01 04/11/05 Telesis Technology Corp 8.01 04/07/05 TERRA NOSTRA RESOURCES CORP. NV 1.01,5.01 04/05/05 TESSERA TECHNOLOGIES INC DE 1.01,7.01,9.01 04/11/05 THEATER XTREME ENTERTAINMENT GROUP, I FL 1.01,5.02,5.03,9.01 04/05/05 TIVO INC DE 1.01,9.01 04/05/05 TRANSMETA CORP DE 2.02,9.01 04/11/05 TRAVELZOO INC DE 5.02 04/08/05 TROPICAL SPORTSWEAR INTERNATIONAL COR FL 5.03,8.01 04/08/05 TRUMP HOTELS & CASINO RESORTS INC DE 1.03,7.01,9.01 04/05/05 TS&B HOLDINGS INC 2.01,8.01 03/25/05 UNITED FIRE & CASUALTY CO IA 8.01,9.01 04/11/05 URSTADT BIDDLE PROPERTIES INC MD 1.01,5.03,8.01,9.01 04/07/05 VAXGEN INC DE 1.01,2.03,9.01 04/05/05 VERITY INC \DE\ DE 1.01 04/06/05 VERIZON COMMUNICATIONS INC DE 1.01,8.01,9.01 04/11/05 VICORP RESTAURANTS INC CO 2.02,4.02,9.01 04/11/05 VISION BANCSHARES INC AL 8.01,9.01 04/08/05 WACCAMAW BANKSHARES INC NC 8.01 04/11/05 WELLSFORD REAL PROPERTIES INC MD 2.03,5.02,8.01,9.01 04/11/05 WESTERN SIZZLIN CORP DE 2.02,9.01 04/11/05 WILLIAM LYON HOMES DE 2.02,9.01 04/08/05 WITNESS SYSTEMS INC DE 2.01,3.02,9.01 02/24/05 AMEND WMG Acquisition Corp DE 1.01,3.02,5.02,9.01 03/15/05 WOLVERINE TUBE INC DE 5.02 04/07/05 WORLD HEART CORP A6 8.01,9.01 04/07/05 WRC MEDIA INC DE 5.02 03/31/05 XFONE INC NV 8.01 04/11/05 XYBERNAUT CORP DE 3.01,4.02,8.01,9.01 04/05/05 ZIFF DAVIS HOLDINGS INC DE 1.01,8.01 04/06/05