Securities: US SEC gets more time to work out distribution plan in BoNY M and Shaw cases
The Enforcement Division of the USA's Securities and Exchange Commission has asked for more time to complete arrangements for a distribution of surrendered proceeds in a case involving BNY Mellon and Mark Shaw. Who do you think it applied to?
Reminder: the application is by the Enforcement Division of the SEC.
Answer: it applied to the SEC.
And on 2nd June 2011, the SEC granted it.
The ED says that its "Independent Distribution Consultant" has "been diligently preparing" the distribution plan since the original order was made on 14 January 2011 but that now it needs to be submitted to the ED. As a result, the ED will need more time before submitting it to the Commission.
In that delightfully archaic language that is often used to make easy things look difficult, the SEC's Order says "accordingly, for good cause shown, IT IS HEREBY ORDERED that the division's request for an extension of time until 20 March 2012 to submit a proposed plan of distribution are granted."
No one it seems has bothered to ask why an order made five months ago now needs an additional nine months or so to complete and why a better stab was not made at the original timetable.
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