Amwest Insurance Group, Inc. Delaware corporation (“Issuer”), has filed an application with the Securities and Exchange Commission (“Commission”), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (“Act”)  and Rule 12d2-2(d) thereunder, to withdraw its Common Stock, $.01 par value, and Preferred Stock Purchase Rights (“Securities”), from listing and registration on the Pacific Exchange, Inc. (“PCX”).
The Issuer states in its application that it has met the requirements of the PCX by complying with all applicable laws in effect in the state of Delaware, in which it was incorporated, and with the PCX's rules governing an issuer's voluntary withdrawal of a security from listing and registration.
In making the decision to withdraw the Securities from listing on the Exchange, the Issuer considered (i) the Issuer's non-compliance with the PCX maintenance standards concerning the price per share of the Issuer's common stock; and (ii) the Issuer's net tangible assets, which are substantially below the minimum qualification of the Exchange.
In addition, the Issuer states that the Insurance Director of the State of Nebraska has placed the Issuer's principal asset, Amwest Surety Insurance Company, in liquidation. The Issuer has no independent operations and no source of funds other than those provided by its subsidiary. The Issuer has not filed with the Commission all of its required periodic reports, including its Form 10-K for the year ending December 31, 2000, due to its inability to complete its audited financial statements. The Issuer does not expect to obtain audited financial statements in the future.
Any interested person may, on or before August 1, 2001 submit by letter to the Secretary of the Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-0609, facts bearing upon whether the application has been made in accordance with the rules of the PCX and what terms, if any, should be imposed by the Commission for the protection of investors. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.Start Signature
Jonathan G. Katz
[FR Doc. 01-17794 Filed 7-16-01; 8:45 am]
BILLING CODE 8010-01-M