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Name | Symbol | Market | Type |
---|---|---|---|
Prospect Street Income Shs I | NYSE:CNN | NYSE | Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
I. | General Identifying Information |
1. | Reason fund is applying to deregister (check only one; for descriptions, see Instruction 1 above): |
þ | Merger | ||
o | Liquidation | ||
o |
Abandonment of Registration
(Note: Abandonments of Registration answer only questions 1 through 16, 25 and 26 of this form and complete verification at the end of the form.) |
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o |
Election of status as a
Business Development
Company
(Note: Business Development Companies answer only questions I through 11 of this form and complete verification at the end of the form.) |
2. | Name of fund: Prospect Street Income Shares Inc. (Acquired Fund) |
3. | Securities and Exchange Commission File No.: 811-02365 | |
4. | Is this an initial Form N-8F or an amendment to a previously filed Form N-8F? | |
þ Initial Application o Amendment |
5. | Address of Principal Executive Office (include No. & Street, City, State, Zip Code): | |
NexBank Tower
13455 Noel Road, Suite 800 Dallas, Texas 75240 |
6. | Name, address, and telephone number of individual the Commission staff should contact with any questions regarding this form: | |
M. Jason Blackburn
Highland Capital Management, L.P. NexBank Tower 13455 Noel Road, Suite 800 Dallas, Texas 75240 (972) 628-4100 |
7. | Name, address and telephone number of individual or entity responsible for maintenance and preservation of fund records in accordance with rules 31 a-1 and 31 a-2 under the Act [17 CFR 270.31 a-1, .31a-2]: | |
Highland Capital Management, L.P.
NexBank Tower 13455 Noel Road, Suite 800 Dallas, Texas 75240 (972) 628-4100 |
NOTE: Once deregistered, a fund is still required to maintain and preserve the records described in rules 31a-1 and 31a-2 for the periods specified in those rules. |
8. | Classification of fund (check only one): |
þ | Management company; | ||
o | Unit investment trust; or | ||
o | Face-amount certificate company. |
9. | Subclassification if the fund is a management company (check only one): |
o Open-end þ Closed-end |
10. | State law under which the fund was organized or formed (e.g., Delaware, Massachusetts): | |
Maryland |
11. | Provide the name and address of each investment adviser of the fund (including subadvisers) during the last five years, even if the funds contracts with those advisers have been terminated: | |
Highland Capital Management, L.P.
NexBank Tower 13455 Noel Road, Suite 800 Dallas, Texas 75240 |
12. | Provide the name and address of each principal underwriter of the fund during the last five years, even if the funds contracts with those underwriters have been terminated: | |
None. |
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13. | If the fund is a unit investment trust (UIT) provide: N/A |
(a) |
Depositors name(s) and address(es): N/A
|
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(d) | Trustees name(s) and address(es): N/A |
14. | Is there a UIT registered under the Act that served as a vehicle for investment in the fund (e.g., an insurance company separate account)? |
o Yes þ No | ||
If Yes, for each UIT state: |
Name(s): | |||
File No.: 811- | |||
Business Address: |
15. | (a) | Did the fund obtain approval from the board of directors concerning the decision to engage in a Merger, Liquidation or Abandonment of Registration? |
þ Yes o No | |||
If Yes, state the date on which the board vote took place: February 20, 2008 | |||
If No, explain: |
(b) | Did the fund obtain approval from the shareholders concerning the decision to engage in a Merger, Liquidation or Abandonment of Registration? |
þ Yes o No | |||
If Yes, state the date on which the shareholder vote took place: June 10, 2008, as adjourned from June 6, 2008 | |||
If No, explain: |
II. | Distributions to Shareholders |
16. | Has the fund distributed any assets to its shareholders in connection with the Merger or Liquidation? |
þ Yes o No |
(a) | If Yes, list the date(s) on which the fund made those distributions: July 18, 2008 | ||
(b) | Were the distributions made on the basis of net assets? |
þ Yes o No |
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(c) | Were the distributions made pro rata based on share ownership? | ||
þ Yes o No | |||
(d) | If No to (b) or (c) above, describe the method of distributions to shareholders. For Mergers, provide the exchange ratio(s) used and explain how it was calculated: | ||
(e) | Liquidations only: N/A | ||
Were any distributions to shareholders made in kind? | |||
o Yes o No | |||
If Yes, indicate the percentage of fund shares owned by affiliates, or any other affiliation of shareholders: |
17. | Closed-end funds only: | |
Has the fund issued senior securities? | ||
þ Yes o No | ||
If Yes, describe the method of calculating payments to senior securityholders and distributions to other shareholders: | ||
On July 16, 2008, the Fund redeemed its Auction Rate Cumulative Preferred Shares at a price equal to the liquidation preference of $25,000 per share plus any accumulated and unpaid dividends. |
18. | Has the fund distributed all of its assets to the funds shareholders? |
þ Yes o No | ||
If No, |
(a) | How many shareholders does the fund have as of the date this form is filed? | ||
(b) | Describe the relationship of each remaining shareholder to the fund: |
19. | Are there any shareholders who have not yet received distributions in complete liquidation of their interests? | |
o Yes þ No | ||
If Yes, describe briefly the plans (if any) for distributing to, or preserving the interests of, those shareholders: |
III. | Assets and Liabilities |
20. | Does the fund have any assets as of the date this form is filed? | |
o Yes þ No |
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If Yes, |
(a) | Describe the type and amount of each asset retained by the fund as of the date this form is filed: | ||
(b) | Why has the fund retained the remaining assets? | ||
(c) | Will the remaining assets be invested in securities? | ||
o Yes o No |
21. | Does the fund have any outstanding debts (other than face-amount certificates if the fund is a face-amount certificate company) or any other liabilities? | |
o Yes þ * No |
* | Highland Credit Strategies Fund is responsible for the Funds liabilities. |
If Yes, |
(a) | Describe the type and amount of each debt or other liability: |
| Audit Fees$ | ||
| Legal Fees$ | ||
| Printer Fees$ |
(b) | How does the fund intend to pay these outstanding debts or other liabilities? |
IV. | Information About Event(s) Leading to Request For Deregistration |
22. | (a) | List the expenses incurred in connection with the Merger or Liquidation: |
(i) | Legal expenses: $49,190.72 | ||
(ii) | Accounting expenses: $3,000.00 | ||
(iii) | Other expenses (list and identify separately): |
| Printer Fees $10,826.02 | ||
| Solicitation Fees $5,060.41 | ||
| Miscellaneous$186.00 |
(iv) | Total expenses (sum of lines (i)-(iii) above): $68,263.15 |
(b) | How were those expenses allocated? The expenses were allocated based on net assets. | ||
(c) | Who paid those expenses? | ||
The Acquired Fund was responsible for paying a proportionate allocation of the |
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merger expenses based on relative net assets. |
(d) | How did the fund pay for unamortized expenses (if any)? N/A |
23. | Has the fund previously filed an application for an order of the Commission regarding the Merger or Liquidation? | |
o Yes þ No | ||
If Yes, cite the release numbers of the Commissions notice and order or, if no notice or order has been issued, the file number and date the application was filed: |
V. | Conclusion of Fund Business |
24. | Is the fund a party to any litigation or administrative proceeding? | |
o Yes þ No | ||
If Yes, describe the nature of any litigation or proceeding and the position taken by the fund in that litigation: |
25. | Is the fund now engaged, or intending to engage, in any business activities other than those necessary for winding up its affairs? | |
o Yes þ No | ||
If Yes, describe the nature and extent of those activities: |
VI. | Mergers Only |
26. | (a) | State the name of the fund surviving the Merger: Highland Credit Strategies Fund |
(b) | State the Investment Company Act file number of the fund surviving the Merger: 811- 21869 | ||
(c) | If the merger or reorganization agreement has been filed with the Commission, state the file number(s), form type used and date the agreement was filed: 1933 Act File No. 333-149424, 4/24/08, 497 filing (SEC Accession No. 0000950134-08-007320) | ||
(d) | If the merger or reorganization agreement has not been filed with the Commission, provide a copy of the agreement as an exhibit to this form. |
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/s/ James D. Dondero | ||||
James D. Dondero | ||||
President | ||||
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1 Year Prospect Street Income Shs I Chart |
1 Month Prospect Street Income Shs I Chart |
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