SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 47807 / May 7, 2003
File No. 3-11108
Proceedings Instituted Against Stansbury Holdings Corporation
On May 7, 2003, the Commission issued an order instituting public proceedings pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Order") against Stansbury Holdings Corporation ("Stansbury"), an involuntarily dissolved Utah corporation. In the Order, the Division of Enforcement ("Division") alleges, among other things, that Stansbury failed to file its last three mandatory annual or quarterly reports, including its Form 10-K for the year ended June 30, 2002, and Forms 10-Q for the quarters ended September 30, 2002 and December 31, 2002; and that Stansbury filed its Form 10-K for the year ended June 30, 2001, after the due date for the report. The Division further alleges that Stansbury's Form 10-Q for the quarter ended March 31, 2002, failed to disclose the final judgment entered against Stansbury and the possible loss of one of Stansbury's mining properties even though that property accounted for at least half of the total asset value shown on Stansbury's balance sheet. In addition, the Division alleges that, although Stansbury was involuntarily dissolved as a corporation on July 11, 2001, the company made several periodic filings with the Commission after that date falsely representing that it was a Utah corporation and not disclosing the dissolution. Based on all of these actions, the Division alleges that Stansbury failed to comply with Section 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20, 13a-1, 13a-11 and 13a-13 thereunder.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Stansbury with an opportunity to dispute these allegations, and to determine whether it is necessary and appropriate for the protection of investors to revoke or suspend the registration of Stansbury common stock.