SEC NEWS DIGEST Issue 2003-131 July 10, 2003 ENFORCEMENT PROCEEDINGS COMMISSION REJECTS EAJA CLAIM OF RICHARD ADAMS The Commission has denied the application of Richard J. Adams of Bloomfield, New Jersey for reimbursement of fees and expenses under the Equal Access to Justice Act (EAJA). Adams was a vice president and financial and operations principal of Graystone Nash, Incorporated, formerly a registered broker-dealer. The EAJA provides that a respondent who has prevailed against a government agency in an adversary adjudication may recover the fees and expenses incurred unless the position of the agency was "substantially justified." In denying Adams' EAJA claim, the Commission found substantially justified the charge that Adams engaged in a fraudulent and manipulative scheme at Graystone involving the firm's initial public offerings and their aftermarkets. The Commission rejected Adams' argument that the proceeding against him was not substantially justified because it was barred by the five-year statute of limitations contained in 28 U.S.C. 2462 which applies to actions "for the enforcement of any civil fine, penalty or forfeiture." The Commission found that, although a Court of Appeals later ruled to the contrary, at the time the Adams proceeding was instituted the Commission was substantially justified in concluding that the proceeding was not governed by 2462 since it did not seek to assess a fine or penalty against Adams but merely sought to impose remedial sanctions in the public interest. (Rel. 34-48146; File No. 3-8327 - EAJ) BROKER-DEALER AND PENNY STOCK BARS ENTERED AGAINST THOMAS DONAHUE On July 9, the Commission instituted settled public administrative proceedings against Thomas J. Donahue, based upon a federal district court injunction entered against him for his role in a "pump and dump" stock manipulation scheme. Without admitting or denying the allegations contained in the SEC's complaint filed against him on Aug. 2, 1999, Donahue consented to the entry of the injunction and other relief. The Commission alleged that Donahue and others directed a fraudulent offering and market manipulation of a penny stock, Los Angeles-based PSA, Inc., between December 1997 and September 1998. As a result of the administrative proceedings, Donahue is barred from association with any broker or dealer and barred from participating in any offering of a penny stock. (Rel. 34-48147; File No. 3-11173) SEC ALLEGES VIOLATIONS OF MUTUAL FUND SALES PRACTICE REQUIREMENTS, SANCTIONS PRUDENTIAL SECURITIES, INCORPORATED The Commission today announced two enforcement actions - one settled and one unsettled - involving sales of mutual fund shares by Prudential Securities, Inc. (Prudential). In the settled action, the Commission found that from 1998 to 2000 Prudential, a registered broker-dealer, had inadequate systems in place to effectively monitor and enforce its policies and procedures relating to sales of different classes of mutual funds. In resolving the matter, Prudential agreed, without admitting or denying the Commission's findings, to pay disgorgement and prejudgment interest totaling $82,000, which will be returned to investors harmed by the conduct described in the actions, and a civil penalty in the amount of $300,000. The respondents in the unsettled action are two former employees of Prudential. In multi-class mutual funds, the primary differences among the classes of shares are the type and amount of fees charged to investors. In today's actions, the SEC's Division of Enforcement alleges that a former Prudential registered representative sold Class "B" shares to his customers, while failing to disclose that if they purchased Class "A" shares, they were eligible for breakpoint discounts based on the size of their mutual fund purchases. The Division further alleges that the respondents stood to make more money through sales of Class B shares than they would from sales of Class A shares. Mutual fund breakpoints are sales charge discounts available to customers who purchase large amounts of certain classes of shares in mutual funds that charge commissions. "Mutual fund offerings have diversified with the industry's dramatic growth," said Stephen M. Cutler, Director of the SEC's Division of Enforcement, "Unfortunately, in some circumstances, abusive sales practices have accompanied the increasing sales of the various classes of mutual fund shares. Brokerage firms have a duty to ensure that the information they give their customers about different classes of mutual fund shares is complete and accurate, and that their recommendations are made for the benefit of customers, not themselves." In the unsettled action, the Commission issued an administrative order instituting proceedings against Robert Ostrowski, a former Prudential registered representative, and Rees T. Harris, a former Prudential branch office manager. The Division alleges that on at least 42 occasions, Ostrowski, a registered representative in Prudential's Wilkes-Barre, Pa. branch office and a top seller of Prudential mutual funds, violated the antifraud provisions of the federal securities laws in connection with sales of mutual funds to his customers. Specifically, the Division alleges that on each of these occasions, Ostrowski sold his customers more than $100,000 of Class B shares in certain Prudential proprietary mutual funds without disclosing the existence of multiple classes of shares within the same fund, the fact that he had decided to purchase Class B shares for their accounts, and the existence of breakpoint discounts available with the purchase of Class A shares of the same funds. These discounts would have made large purchases of the funds' Class A shares less expensive investments for these customers than the same level of investment in Class B shares, which do not offer breakpoints. The Division alleges that Ostrowski received approximately $51,500 in excess commissions from his improper sales and that Prudential received approximately $63,000 in excess commissions. "Prudential's settlement of the Commission's charges is a positive and constructive response to a serious supervisory failure," said Arthur S. Gabinet, District Administrator of the SEC's Philadelphia District Office. "The Division of Enforcement has alleged that Mr. Ostrowski was one of Prudential's top mutual fund salesmen, but his customers suffered because he maximized his own returns rather than providing accurate and appropriate information to his customers." The Division also alleges that Harris failed reasonably to supervise Ostrowski by failing to monitor his compliance with Prudential's policies and procedures regarding the sale of mutual fund shares. Harris approved all 42 of Ostrowski's sales of Class B shares in amounts exceeding $100,000 despite policies and procedures that specifically required Harris to ensure that registered representatives under his supervision discussed with customers, among other things, the availability of multiple classes of mutual fund shares and the various sales charges prior to a sale. A hearing will be scheduled before an administrative law judge in the action against Ostrowski and Harris to determine whether the allegations contained in the order are true, to provide Ostrowski and Harris an opportunity to respond to them, and to determine whether any remedial action should be ordered, or penalties imposed, by the Commission. In the settled action, the Commission's order found that, although Prudential had policies and procedures prohibiting the type of sales practices that Ostrowski utilized, it did not have any systems in place to effectively monitor and enforce those policies and procedures above the branch office manager's level. As a result, when Harris failed in his supervisory responsibilities, Prudential had inadequate means to detect Harris' failure. The Commission found that, as a result, Prudential failed reasonably to supervise Ostrowski with a view to preventing his violations. In July 2001, following completion of an internal review, Prudential revised and enhanced its mutual fund policies and procedures, including those related to the sales of Class B mutual fund shares, and implemented systems to monitor compliance with them. In addition to paying $82,000 in disgorgement and prejudgment interest and a $300,000 civil penalty, the Commission ordered that Prudential be censured and that it comply with its undertakings to, among other things, maintain the revised policies, procedures and systems that it has implemented. (Rels. 33-8247, File No. 3-11174; 34-48149, File No. 3- 11174; 33-8248, 34-48150, File No. 3-11175; Press Rel. 2003-82) SEC OBTAINS EMERGENCY ORDER TO HALT MILLION-DOLLAR SCAM TARGETING RETIREES On June 9, the Commission brought an emergency action in D.C. Federal District court to halt an ongoing fraudulent scheme largely aimed at retirees who were customers of brokerages that have gone out of business. The Commission's request for a temporary restraining order was granted by the Honorable Judge Rosemary M. Collyer, who also froze $1.1 million of the assets of two of the defendants, Discover Capital Holdings Corp. and Indianapolis Securities, Inc., pending a preliminary hearing. The Commission alleges that the defendants, Eli Dinov, his brother Ari Dinov, and David Rubinov used spam e-mail touts and misleading, high pressure sales calls to raise more than one million dollars through the sale of private placement shares of Uniondale, New York-based Discover Capital Holdings Corp., a company controlled by the individual defendants, through Discover's wholly-owned broker-dealer subsidiary, Indianapolis Securities, Inc. Eli Dinov is Discover's president, Ari Dinov is Indianapolis Securities' secretary and treasurer, and Rubinov is a 27 year-old securities law recidivist previously barred from association with any broker or dealer. All three reside in Brooklyn, New York. In its complaint, the Commission alleges that the defendants attained customer accounts from defunct brokerages and used the firms' customer lists to identify potential victims. Having already bilked mostly elder or retired investors in Florida, Michigan and Wisconsin, the defendants were targeting customers from a recently bankrupt Colorado firm when stopped by the court's order. In particular, the Commission alleges that: * The defendants orchestrated a fraudulent, multi-front sales campaign. In addition to a mass email misleadingly touting Discover to the general public, the defendants made use of traditional boiler room sales techniques, including misleading sales calls targeting new customers culled from client lists acquired from small, defunct broker-dealers; sales visits to the homes of some investors; and sponsorship of an investment "seminar" pitching the private placement. * The defendants failed to disclose to investors the significant role played at Discover by Rubinov, who is barred from association with any broker or dealer (See Admin. Proc. Rel. No. 34-46158) and permanently enjoined from violating the anti-fraud provisions of the federal securities laws in connection with prior allegations by the Commission that he engaged in fraudulent sales practices (See Lit. Rel. No. 16238). * The defendants created and supported the public market for Discover's common shares, creating an artificial price which they highlighted for investors, claiming that purchasers of the preferred shares would effectively make a 150% profit instantly. Specifically, the complaint charges the defendants with violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks, against each, civil penalties, disgorgement of all ill-gotten gains plus prejudgment interest, and preliminary and permanent injunctions barring future violations of the anti-fraud provisions of the federal securities laws. [SEC v. Discover Capital Holdings Corp., et al., Civil Action No. 03 Civ. 1496 (D.D.C., filed July 9, 2003)] (LR- 18222) The Commission acknowledges the assistance of NASD Regulation's Market Regulation Department in the investigation of this matter. [SEC v. Discover Capital Holdings Corp., et al., 03 Civ. 1496, D.D.C.] (LR- 18222) FINAL JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST NORMAN BENJAMIN The Commission announced that on June 13 the U.S. District Court for the Southern District of Florida, entered a Final Judgment of Permanent Injunction (Final Judgment) against Norman Benjamin (Benjamin) the president and director of Americash-Inc.Com, Inc., a Florida corporation. The Final Judgment, entered by his consent and without admitting or denying the allegations of the SEC's complaint, enjoins Benjamin from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition to enjoining Benjamin, the Final Judgment orders him to pay disgorgement in the amount $65,365.40 plus prejudgment interest thereon, but partially waives disgorgement and does not impose a civil penalty based on Benjamin's Sworn Statement of Financial Condition and other supporting documents. On May 16, 2002, the SEC filed an emergency civil action against defendants Americash-Inc.com, Inc., National Business Concepts, Inc. d/b/a Americash and Norman Benjamin and relief defendant World Business Systems LLC, d/b/a World Business Systems, Inc. The SEC alleged that the defendants, through a boiler room, raised approximately $1.2 million from more than 45 investors to fund a purported "payday advance" business. In raising money for this enterprise from investors, the defendants falsely represented that the investment was low risk, that a 36% return was guaranteed and that all monies were lent out to Americash customers. According to the SEC complaint, Americash in fact operated as a Ponzi scheme, paying interest to existing investors with new investor monies, and spending investor funds on salaries, commissions, and expenses to operate its boiler room. [SEC v. Americash-Inc.com, Inc., National Business Concepts, Inc. d/b/a Americash, Norman Benjamin and World Business Systems LLC d/b/a World Business Systems, Inc., Case No. 02-80457-CIV-HURLEY (SD Fla.)] (LR-18223) FINAL JUDGMENTS SETTING DISGORGEMENT, PREJUDGMENT INTEREST AND A CIVIL PENALTY ENTERED AGAINST EDUARDO VILLAR AND WAYNE PRICHASON The Commission announced that on July 7 the U.S. District Court for the Southern District of Florida entered Final Judgments Setting Disgorgement, Prejudgment Interest and a Civil Penalty (Final Judgments) against Eduardo Villar (Villar) and Wayne Prichason (Prichason). The Final Judgments entered against Villar and Prichason order them to disgorge $151,094 and $142,215, respectively, plus prejudgment interest, which represents the ill-gotten proceeds they received as a result of their participation in an unregistered fraudulent offering of securities issued by Web Hosting Headquarters Partnership (Web Hosting). The Final Judgments further impose a civil penalty in the amount of $110,000 against both Villar and Prichason. On Dec. 28, 2000, the SEC filed an emergency action against Villar, Prichason and others seeking to enjoin the alleged ongoing fraudulent securities offering being conducted by Web Hosting, a Miami, Florida boiler-room and its principals and telemarketers. Among other things, the SEC's complaint alleges that the boiler-room, failed to disclose to investors that it was controlled by individuals with a prior history of defrauding investors, and that it had diverted at least 62% of funds raised from investors to pay its principals and telemarketers. According to the Commission's complaint, Villar served as "Initial Managing Partner" of Web Hosting and Prichason was a manager of the boiler-room sales operation. [SEC v. Web Hosting Headquarters Partnership, Donald E. Roades, Kenneth R. Grossfeld, Wayne L. Prichason, Eduardo Villar and Karyn Miller, et al., Case No. 00-4975-CIV-HIGHSMITH- TURNOFF, SD Fla.] (LR-18224) JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST WEB HOSTING HEADQUARTERS PARTNERSHIP The Commission announced that on April 21, 2003, the U.S. District Court for the Southern District of Florida entered a Judgment of Permanent Injunction and Other Relief (Judgment) against Web Hosting Headquarters Partnership (Web Hosting or The Company). The Judgment, entered by the consent of the Court-appointed Receiver for Web Hosting and without admitting or denying the allegations of the Complaint, enjoins The Company from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act, Sections 10(b) of the Exchange Act, and Rule 10b-5 thereunder. On Dec. 28, 2000, the SEC filed an emergency action against Web Hosting and others seeking to enjoin the alleged ongoing fraudulent securities offering being conducted by Web Hosting and its principals and telemarketers. Among other things, the SEC's Complaint alleged that Web Hosting failed to disclose to investors that it was controlled by individuals with a prior history of defrauding investors, and that it had diverted at least 62% of funds raised from investors to pay its principals and telemarketers. [SEC v. Web Hosting Headquarters Partnership, Donald E. Roades, Kenneth R. Grossfeld, Wayne L. Prichason, Eduardo Villar and Karyn Miller, et al., Case No. 00-4975-CIV-HIGHSMITH- TURNOFF, SD Fla.] (LR-18225) SELF-REGULATORY ORGANIZATIONS PROPOSED RULE CHANGE A proposed rule change has been filed by the Municipal Securities Rulemaking Board (SR-MSRB-2003-06) relating to Rule A-14, on annual fees. Publication of the proposed rule change is expected in the Federal Register during the week of July 14. (Rel. 34-48140) 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-4 UNITED BANKSHARES INC/WV, 300 UNITED CTR, 500 VIRGINIA ST E, CHARLESTON, WV, 25301, 3044248800 - 0 ($9,225,884.61) Equity, (File 333-106890 - Jul. 9) (BR. 07) S-8 PC TEL INC, 8725 W. HIGGINS RD., SUITE 400, CHICAGO, IL, 60631, 773-243-3000 - 0 ($2,276,000.00) Equity, (File 333-106891 - Jul. 9) (BR. 03) N-2 MUNI NEW YORK INTERMEDIATE DURATION FUND INC, 40 ($1,000,000.00) Equity, (File 333-106892 - Jul. 9) (BR. 17) S-3 TRIMBLE NAVIGATION LTD /CA/, 645 N MARY AVE, SUNNYVALE, CA, 94088, 4084818000 - 1,002,237 ($22,497,229.00) Equity, (File 333-106893 - Jul. 9) (BR. 36) S-4 ONCOR ELECTRIC DELIVERY CO, 500 N. AKARD STREET, LINCOLN PLAZA, DALLAS, TX, 75201, 0 ($850,000,000.00) Non-Convertible Debt, (File 333-106894 - Jul. 9) (BR. 02) S-3 QUIXOTE CORP, ONE E WACKER DR, STE 3000, CHICAGO, IL, 60601, 3124676755 - 0 ($14,220,275.64) Equity, (File 333-106895 - Jul. 9) (BR. 06) S-3 RENAISSANCE MORTGAGE ACCEPTANCE CORP, STROOCK & STROOCK & LAVAN LLP, 180 MAIDEN LANE, NEW YORK, NY, 10038, 2128066087 - 1 ($1,000,000.00) Equity, (File 333-106896 - Jul. 9) (BR. 05) S-8 SPX CORP, 13515 BALLANTYNE CORPORATE PLACE, CHARLOTTE, NC, 28277, 704-752-4400 - 0 ($20,000,000.00) Equity, (File 333-106897 - Jul. 9) (BR. 36) S-4 OHIO POWER CO, 301 CLEVELAND AVE S W, COLUMBUS, OH, 44702, 6142231000 - 0 ($500,000,000.00) Non-Convertible Debt, (File 333-106899 - Jul. 9) (BR. 02) S-11 REDWOOD MORTGAGE INVESTORS VIII, 650 EL CAMINO REAL STE G, REDWOOD CITY, CA, 94063, 6503655341 - 75,000,000 ($75,000,000.00) Limited Partnership Interests, (File 333-106900 - Jul. 9) (BR. 08) S-8 RIMAGE CORP, 7725 WASHINGTON AVE S, EDINA, MN, 55439, 6129448144 - 400,000 ($5,212,000.00) Equity, (File 333-106901 - Jul. 9) (BR. 03) S-8 PEMCO AVIATION GROUP INC, 1943 NORTH 50TH STREET, SUITE 1, BIRMINGHAM, AL, 35212, 2055920011 - 500,000 ($11,890,000.00) Equity, (File 333-106902 - Jul. 9) (BR. 05) S-4 COLUMBUS SOUTHERN POWER CO /OH/, 215 N FRONT ST, COLUMBUS, OH, 43215, 6144647700 - 0 ($500,000,000.00) Non-Convertible Debt, (File 333-106903 - Jul. 9) (BR. 02) N-2 MUNI INTERMEDIATE DURATION FUND INC, 40 ($1,000,000.00) Equity, (File 333-106904 - Jul. 9) (BR. 17) S-4 MICROSIGNAL CORP/NV, 3927 EDMONTRIE NE BAY 8, CALGARY T2E 6T1, 25,000,000 ($3,850,000.00) Equity, (File 333-106905 - Jul. 9) (BR. 01) S-4 CELL THERAPEUTICS INC, 201 ELLIOTT AVE W, STE 400, SEATTLE, WA, 98119, 2062707100 - 16,909,349 ($165,373,433.00) Equity, (File 333-106906 - Jul. 9) (BR. 01) S-3 Q COMM INTERNATIONAL INC, 1145 SOUTH 1680 WEST, OREM, UT, 84058, 8012264222 - 0 ($4,861,619.36) Equity, (File 333-106907 - Jul. 9) (BR. 08) S-3 EQUITY ONE INC, 1696 N E MIAMI GARDENS DR SUITE 200, NORTH MIAMI BEACH, FL, 33179, 0 ($600,000,000.00) Unallocated (Universal) Shelf, (File 333-106909 - Jul. 9) (BR. 08) S-8 METAL MANAGEMENT INC, 500 N DEARBORN ST, STE 405, CHICAGO, IL, 60610, 3126450700 - 1,583,900 ($5,939,625.00) Equity, (File 333-106910 - Jul. 9) (BR. 02) S-4 TITAN CORP, 3033 SCIENCE PARK RD, SAN DIEGO, CA, 92121, 8585529500 - 0 ($200,000,000.00) Non-Convertible Debt, (File 333-106911 - Jul. 9) (BR. 03) S-3 KULICKE & SOFFA INDUSTRIES INC, 2101 BLAIR MILL RD, WILLOW GROVE, PA, 19090, 2157846000 - 400,000 ($2,468,000.00) Equity, (File 333-106912 - Jul. 9) (BR. 36) S-8 TUMBLEWEED COMMUNICATIONS CORP, 700 SAGINAW DR, REDWOOD CITY, CA, 94063, 6502162000 - 3,495,575 ($8,913,716.00) Equity, (File 333-106913 - Jul. 9) (BR. 03) RECENT 8K FILINGS Form 8-K is used by companies to file current reports on the following events: Item 1. Changes in Control of Registrant. Item 2. Acquisition or Disposition of Assets. Item 3. Bankruptcy or Receivership. Item 4. Changes in Registrant's Certifying Accountant. Item 5. Other Materially Important Events. Item 6. Resignations of Registrant's Directors. Item 7. Financial Statements and Exhibits. Item 8. Change in Fiscal Year. Item 9. Regulation FD Disclosure. The following companies have filed 8-K reports for the date indicated and/or amendments to 8-K reports previously filed, responding to the item(s) of the form specified. 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 1 2 3 4 5 6 7 8 9 DATE COMMENT ---------------------------------------------------------------------------------- AAMES CAPITAL CORP CA X 06/25/03 ABFC MORTGAGE LOAN ASSET BACKED CERT DE X X 06/04/03 ABN AMRO MORT CORP MULTI CLASS MORT P DE X X 07/01/03 ABN AMRO MORT CORP MULTI CLASS MORT P DE X X 07/01/03 ABN AMRO MORTGAGE CORP SERIES 2001-1 DE X X 07/01/03 ABN AMRO MORTGAGE CORP SERIES 2001-4 DE X X 07/01/03 ABN AMRO MORTGAGE CORP SERIES 2002-9 DE X X 07/01/03 ACE SECURITIES CORP HOME EQUITY LOAN DE X X 06/25/03 ACTRADE FINANCIAL TECHNOLOGIES LTD DE X 07/09/03 ADVA INTERNATIONAL INC DE X X 07/09/03 ADVANCED MAGNETICS INC DE X 07/09/03 AEGIS MTG LOAN ASSET BACKED CERTS SER NY X X 06/25/03 AEROPOSTALE INC X X 07/09/03 AIRPLANES LTD DE X 07/09/03 AMEND ALCOA INC PA X 07/08/03 ALLEGIANT BANCORP INC/MO/ MO X 07/07/03 ALTERNATIVE LOAN TRUST MORT PASS THRO DE X X 07/04/03 AMB PROPERTY CORP MD X X X 07/08/03 AMERICAN IDC CORP FL X X X 06/23/03 AMERICAN REALTY INVESTORS INC NV X X 07/01/03 AMERICAN SOFTWARE INC GA X X 07/09/03 AMERICAN WAGERING INC NV X 06/18/03 ANTARES PHARMA INC MN X X 07/07/03 APPLIED DIGITAL SOLUTIONS INC MO X X 06/30/03 ARGONAUT GROUP INC DE X 07/09/03 ATLAS MINERALS INC CO X 06/23/03 AUGUST TECHNOLOGY CORP MN X X 07/08/03 BANC OF AMERICA ALTERNATIVE LOAN TRUS DE X X 07/04/03 BANC OF AMERICA ALTERNATIVE LOAN TRUS DE X X 07/04/03 BANC OF AMERICA MORT SEC INC MORT PS DE X X 06/25/03 BANC OF AMERICA MORT SEC INC MORT PAS DE X X 06/25/03 BANC OF AMERICA MORT SEC INC MORT PAS DE X X 06/25/03 BANC OF AMERICA MORT SEC INC MORT PS NY X X 06/25/03 BANC OF AMERICA MORTGAGE SEC INC ALTE DE X X 07/04/03 BANC OF AMERICA MORTGAGE SEC INC MORT DE X X 06/25/03 BANC OF AMERICA MORTGAGE SECURITIES I DE X X 07/09/03 BANK OF AMERICA MORT SEC INC MORT PAS DE X X 06/25/03 BEAR STEARNS ALT A TR MORTGAGE PASS T NY X X 07/04/03 BEAR STEARNS ARM TRUST 2003-4 DE X X 06/25/03 BEAR STEARNS ARM TRUST MORTGAGE PASS NY X X 07/08/03 BEAR STEARNS ARM TRUST MORTGAGE PASS NY X X 06/25/03 BEAR STEARNS ARM TRUST MORTGAGE PASS DE X X 07/04/03 BEAR STEARNS ARM TRUST MORTGAGE PASS NY X X 07/04/03 BEAR STEARNS ARM TRUST MORTGAGE PASS DE X X 07/04/03 BEAR STEARNS ARM TRUST MORTGAGE PASS NY X X 07/04/03 BEAR STEARNS ARM TRUST MORTGAGE PASS NY X X 07/04/03 BEAR STEARNS ARM TRUST MORTGAGE PASS NY X X 07/04/03 BEAR STEARNS ARM TRUST MORTGAGE PASS NY X X 06/25/03 BEAR STEARNS ARM TRUST MORTGAGE PASS- NY X X 07/04/03 BEAR STEARNS ASSET BACKED CERTIFICATE DE X X 05/25/03 BEAR STEARNS ASSET BACKED SECURITIES DE X X 07/08/03 BEMIS CO INC MO X X 07/08/03 BOURBON BANCSHARES INC /KY/ KY X 07/08/03 CALIFORNIA PIZZA KITCHEN INC CA X X 06/27/03 CBRE HOLDING INC DE X X 07/08/03 CBRL GROUP INC TN X X 07/09/03 CELLCOM CORP DE X X 04/11/03 CENTRAL VALLEY COMMUNITY BANCORP CA X X 07/08/03 CHECKERS DRIVE IN RESTAURANTS INC /DE DE X 07/08/03 CHEROKEE INC DE X X X 07/09/03 CITADEL SECURITY SOFTWARE INC DE X 07/09/03 COAST CASINOS INC NV X 07/08/03 COAST HOTELS & CASINOS INC NV X 07/08/03 COCA COLA ENTERPRISES INC DE X X 07/08/03 COINSTAR INC DE X X 07/09/03 COMMUNITY BANCORP /VT VT X 07/08/03 COMMUNITY NATIONAL BANCORPORATION GA X 07/07/03 COMPUTER HORIZONS CORP NY X X 07/08/03 CONCUR TECHNOLOGIES INC WA X X 07/02/03 CONNETICS CORP DE X X 07/02/03 CORRPRO COMPANIES INC /OH/ OH X X 07/02/03 COUNTRYWIDE FINANCIAL CORP DE X 06/30/03 COUSINS PROPERTIES INC GA X 05/27/03 CRIIMI MAE FINANCIAL CORP MD X 07/01/03 CSFB MORT SEC CORP MORT BACKED PASS T DE X 07/09/03 AMEND CURATIVE HEALTH SERVICES INC MN X 07/09/03 AMEND CVF TECHNOLOGIES CORP NV X 07/09/03 AMEND DAIRENE INTERNATIONAL X X 01/03/03 DAISYTEK INTERNATIONAL CORPORATION /D DE X X 06/26/03 DEUTSCHE MORTGAGE SECURITIES INC MORT X X 06/25/03 DOMINION HOMES INC OH X X 07/09/03 DYNTEK INC DE X X 07/09/03 E TRADE BANK ARM TRUST MORTGAGE PASS DE X X 06/25/03 EL PASO CORP/DE DE X X 07/09/03 EL PASO NATURAL GAS CO DE X 07/09/03 ENTRAVISION COMMUNICATIONS CORP DE X X 07/08/03 EOTT ENERGY LLC DE X X 07/07/03 EQUITY INNS INC TN X 07/07/03 EUROTECH LTD DC X X 07/07/03 EXTENDED SYSTEMS INC DE X X 07/07/03 FANSTEEL INC DE X 05/31/03 FIRST CANADIAN AMERICAN HOLDING CORP DE X X X 07/09/03 FIRST COMMUNITY BANCORP /CA/ CA X X 07/08/03 FIRST FRANKLIN MORTGAGE LOAN TRUST 20 DE X X 06/25/03 FIRST INDIANA CORP IN X X 07/09/03 FLAGSTAR BANCORP INC MI X 07/03/03 FLIGHT SAFETY TECHNOLOGIES INC NV X 06/27/03 FOSTER WHEELER LTD D0 X X 07/08/03 G REIT INC VA X 04/25/03 AMEND GENENTECH INC DE X X 07/09/03 GEORGIA BANCSHARES INC// GA X X 07/09/03 GOLD STANDARD INC UT X 07/08/03 GREENBRIER COMPANIES INC DE X X 07/09/03 GUSANA EXPLORATIONS INC X 06/24/03 HERITAGE OAKS BANCORP CA X X 07/09/03 HERSHA HOSPITALITY TRUST MD X X 07/09/03 HOME LOAN FINANCIAL CORP OH X X 07/09/03 HOMEFED CORP DE X X 07/09/03 HORTON D R INC /DE/ DE X X 06/30/03 ILLINOIS POWER CO IL X 07/09/03 INCOME OPPORTUNITY REALTY INVESTORS I NV X X X 07/01/03 INDUSTRIAL SERVICES OF AMERICA INC /F FL X X 05/20/03 INNOVEX INC MN X X 07/08/03 INSIGNIA SOLUTIONS PLC X 07/01/03 INTELIDATA TECHNOLOGIES CORP DE X X 07/08/03 INTERNATIONAL SPEEDWAY CORP FL X 07/09/03 INVERNESS MEDICAL INNOVATIONS INC DE X X 06/30/03 JURE HOLDINGS INC FL X X 04/25/03 AMEND KEMET CORP DE X 07/09/03 KINGDOM VENTURES INC NV X X 07/09/03 LAIDLAW INTERNATIONAL INC X X 06/23/03 LAIDLAW INTERNATIONAL INC X X 07/09/03 LASERSIGHT INC /DE DE X X X 07/08/03 LEVEL 3 COMMUNICATIONS INC DE X X 07/08/03 LONE STAR STEAKHOUSE & SALOON INC DE X X 07/03/03 LONE STAR TECHNOLOGIES INC DE X X 07/08/03 LONG BEACH SECURITIES CORP DE X X 07/08/03 LONG BEACH SECURITIES CORP DE X 07/08/03 MANUFACTURERS SERVICES LTD DE X X 07/03/03 MASTR ASSET SECURITIZATION TRUST 2003 DE X X 06/25/03 MCKENZIE BAY INTERNATIONAL X X 07/09/03 MCKENZIE BAY INTERNATIONAL X X 07/09/03 MEGO FINANCIAL CORP NY X 07/09/03 MERCANTILE BANK CORP MI X X 07/09/03 MERCANTILE BANKSHARES CORP MD X X 07/09/03 MERITAGE CORP MD X X X 07/08/03 MERRILL LYNCH MORTGAGE INVESTORS INC DE X X 07/08/03 MERRILL LYNCH 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