SECURITIES EXCHANGE ACT OF 1934 Release No. 41484 / June 7, 1999


In the Matter of

Greenway Capital Corporation
and Joseph M. Guccione


On October 10, 1996, we entered an Order Making Findings and Imposing Remedial Sanctions which, among other things, ordered Respondent Greenway Capital Corporation ("Greenway") to pay disgorgement of $115,258 and prejudgment interest of $14,742 and imposed a civil money penalty of $50,000 for a total of $180,000. The monies were to be paid by way of a payment plan as detailed in the order. (Release No. 34-37804, October 10, 1996.)

Greenway, which changed its name to Cortlandt Capital Corporation ("Cortlandt") in February 1997, paid the $50,000 civil money penalty and $30,000 toward the disgorgement and prejudgment interest ordered leaving a balance of $100,000.

On July 31, 1997 Greenway n/k/a Cortlandt filed a Form BDW to withdraw from registration with the Commission. Prior to Cortlandt's filing the Form BDW, we issued an order instituting administrative proceedings against Cortlandt, Joseph M. Guiccione and others. In the Matter of Trading in the Securities of Vertex Industries, Inc., Release No. 34-39138, September 26, 1997 ("Vertex matter"). Therefore, pursuant to Rule 15b6-1 of the Exchange Act, the withdrawal was not made effective.

Subsequently, in settlement of the Vertex matter, on June 19, 1998, we issued an order revoking Cortlandt's registration as a broker-dealer. Based upon Cortlandt's sworn statement of financial condition, dated April 21, 1998, we determined that it was unable to pay a civil penalty and declined to impose one.

Since Cortlandt is no longer in business or registered as a broker-dealer and demonstrated its financial inability to pay a civil penalty, we have determined that it is appropriate to waive payment of the $100,000 still due in disgorgement and prejudgment interest ordered in administrative proceeding file number 3-9014.

Accordingly, IT IS HEREBY ORDERED that:

Payment by Cortlandt (formerly known as Greenway) of the $100,000 balance due in disgorgement and prejudgment interest is hereby waived.

IT IS FURTHER ORDERED that the Division of Enforcement ("Division") may, at any time following entry of this Order, petition the Commission to: (1) reopen this matter to consider whether Respondent provided accurate and complete financial information at the time such representations were made; (2) determine the amount of disgorgement and prejudgment interest to be imposed; (3) determine the amount of civil penalty to be imposed; and (4) seek any additional remedies that the Commission would be authorized to impose in this proceeding if Respondent's Offer had not been accepted. No other issues shall be considered in connection with this petition other than whether the financial information provided by the Respondent was fraudulent, misleading, inaccurate or incomplete in any material respect and whether additional remedies should be imposed. Respondent may not, by way of defense to any such petition, contest the findings in this Order or the Commission's authority to impose any additional remedies that were available in the original proceeding.

By the Commission.

Jonathan G. Katz