Securities: SEC starts proceedings against ten "delinquent" companies.

The list of ten companies whose names all begin with W includes a dissolved Florida corporation and a void New York corporation. But their securities remain registered with the Commission.

1. Warwick Insurance Managers, Inc. (CIK No. 710849) is a New Jersey corporation located in Morristown, New Jersey with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Warwick is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-K for the period ended December 31, 1993, which reported a loss of over $1 million for the year ended December 31, 1993.
2. Watermarc Food Management Co. (CIK No. 884131) is a Texas corporation located in Houston, Texas with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Watermarc is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended March 28, 1999, which reported a net loss of over $1.4 million for the prior thirteen weeks.
3. Welcome Home, Inc. (CIK No. 922817) is a Delaware corporation located in Wilmington, North Carolina with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Welcome Home is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended April 1, 2000, which reported a net loss of over $1.8 million for the prior three months.
4. Whitehall Limited, Inc. (CIK No. 839848) is a dissolved Florida corporation located in Sarasota, Florida with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Whitehall is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-QSB/A for the period ended December 31, 2005.
5. Word-Tronics Corp. (CIK No. 311268) is an inactive New York corporation located in Prospect Park, New Jersey with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Word-Tronics is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended December 31, 1995, which reported a net loss of $160,575 for the prior nine months.
6. Worksafe Industries, Inc. (CIK No. 31079) is a void New York corporation located in Huntington Station, New York with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Worksafe is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended September 30, 2000, which reported a net loss of $267,580 for the prior three months.
7. World Commerce Online, Inc. (CIK No. 1064133) is a delinquent Delaware corporation located in Orlando, Florida with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). World Commerce is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended March 31, 2001, which reported a net loss of over $13 million for the prior three months. On August 20, 2001, the company filed a Chapter 11 petition in the U.S. Bankruptcy Court for the Middle District of Florida, and the case
was terminated on May 8, 2002.

8. Worldwide Film Funding, Inc. (CIK No. 1259877) is a dissolved Florida corporation located in Boca Raton, Florida with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Worldwide Film is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-SB registration statement on September 18, 2003, which reported a net loss of $108,153 from inception on July 24, 2003 to August 15, 2003.
9. Worldwide Web Networx Corp. (CIK No. 1064525) is a void Delaware corporation located in King of Prussia, Pennsylvania with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Worldwide Web is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended June 30, 2001.
10. Wulf International, Ltd. (CIK No. 108633) is a delinquent Colorado corporation located in Fort Worth, Texas with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Wulf International is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-K for the period ended December 31, 2002, which reported a net loss of over $1.5 million for the prior twelve months.

(in this report $=USD)

The SEC alleges that the companies have failed to respond to multiple requests for information. Accordingly, the SEC will hold hearings to determine whether the companies should be de-registered.

The big question, then, is why the SEC has waited for periods as long as 14 years.

From a due diligence perspective, the fact that a company's securities are registered would be a risk mitigation factor, demonstrating that government agency data cannot be relied upon without additional verification.