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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: PatP who wrote (38182)	6/16/1999 9:14:00 PM
From: jhild	Read Replies (1) \| Respond to of 43774

Here's something that is pretty recent on the Greenway Capital situation. Looks like the final chapter is written here on Greenway/Cortlandt. June 8, 1999 ENFORCEMENT PROCEEDINGS DISGORGEMENT AND PREJUDGMENT INTEREST WAVED BASED UPON GREENWAY CAPITAL CORPORATION'S (N/K/A CORTLANDT CAPITAL CORPORATION) DEMONSTRATED FINANCIAL INABILITY TO PAY The Commission announced that on October 11, 1996, the Commission entered an Order Making Findings and Imposing Remedial Sanctions which, among other things, ordered Respondent Greenway Capital Corporation (Greenway) (n/k/a Cortlandt Capital Corporation) 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 (Rel. 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 filing the Form BDW, the Commission issued an order instituting administrative proceedings against Cortlandt, Joseph M. Guccione and others (In the Matter of Trading in the Securities of Vertex Industries Inc.). Therefore, pursuant to Rule 15b6-1 of the Exchange Act, the withdrawal was not made effective. Cortlandt submitted a sworn statement of financial condition demonstrating that it was financially unable to pay a civil money penalty in that matter. The Commission accepted Cortlandt's settlement offer pursuant to which among other things, the Commission did not impose civil money penalties based upon Cortlandt's demonstrated financial inability to pay. As part of the settled administrative proceeding, Cortlandt's registration as a broker-dealer was at that time revoked (Rel. 34- 39138, September 26, 1997). Because Cortlandt was no longer in business or registered as a broker-dealer and demonstrated its financial inability to pay a civil penalty in the Vertex matter, the Commission waived the $100,000 still due in disgorgement and prejudgment interest in the Greenway matter. (Rel. 34-41484; File No. 3-9014) sec.gov