An Announcement Made by the US Securities and Exchange Commission
COMMISSION TEMPORARILY SUSPENDS TRADING IN THE SECURITIES OF MIDLAND, INC.
The Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934, of over-the-counter trading of the securities of Midland, Inc., at 9:30 a.m. EST, on August 18, 1998, and terminating at 11:59 p.m. EST, on August 31, 1998.
It appears to the Commission that there is a lack of current and accurate information concerning the securities of Midland because of questions regarding the accuracy and adequacy of assertions by Midland and by others concerning, among other things: Midland's assets and liabilities; the identity and assets of the companies that Midland has announced it plans to acquire; Midland's current operations and business prospects; the composition and involvement in company affairs of Midland's purported management; and the possible misappropriation of assets by Midland officers.
[Exchange Act Rel. No. 34-40331 /August 18 , 1998].
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 34-40331/August 18, 1998
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of over-the-counter trading of the securities of Midland Inc. ("Midland"), of Denver, Colorado, at 9:30 a.m. EST on August 18, 1998, and terminating at 11:59 p.m. EST on August 31, 1998.
The Commission temporarily suspended trading in the securities of Midland because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things: Midland's assets and liabilities; the identity and assets of the companies that Midland has announced it plans to acquire; Midland's current operations and business prospects; the composition and involvement in company affairs of Midland's purported management; and the possible misappropriation of assets by Midland's officers.
The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotations but immediately contact the staff of the Securities and Exchange Commission in Washington, D.C. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Midland's securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker-dealer or other person has any information which may relate to this matter, the Fort Worth District Office of the Securities and Exchange Commission should be telephoned at (817) 978-6459.
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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Midland, Inc.
UNOFFICIAL ORDER OF SUSPENSION
OF TRADING
File No. 500-1
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Midland, Inc. ("Midland") because of questions regarding the accuracy and adequacy of information disseminated by and about Midland concerning, among other things: Midland's assets and liabilities; the identity and assets of the companies that Midland has announced plans to acquire; Midland's current operations and business prospects; the composition and involvement in company affairs of Midland's purported management; and the possible misappropriation of assets by Midland officers, and because Midland has failed to file with the Commission a Form 10-KSB for the year ended December 31, 1997, and Forms 10-QSB for the quarterly periods ended March 31, 1998, and June 30, 1998.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above listed company is suspended for the period from 9:30 a.m. EST, August 18, 1998 through 11:59 p.m. EST, on August 31, 1998.
By the Commission.
/S
Jonathan G. Katz
Secretary
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