Federal Register / Vol. 62, No. 60 / Friday, March 28, 1997 / Notices 14949

(5) Such other conduct which may

threaten the public health and safety.

These factors are to be considered in

the disjunctive; the Deputy

Administrator may rely on any one or a

combination of factors and may give

each factor the weight he deems

appropriate in determining whether a

registration should be revoked or an

application for registration be denied.

See Henry J. Schwarz, Jr., M.D., Docket

No. 88–42, 54 FR 16,422 (1989).

Regarding factor one, the

recommendation of the appropriate state

licensing board, the Acting Deputy

Administrator finds that while serious

action was taken against Dr. Turley’s

Tennessee medical license in the past,

this license is currently unrestricted.

The Acting Deputy Administrator also

finds however, that an unrestricted

medical license is not dispositive of

whether an applicant’s registration with

DEA is in the public interest.

As to Dr. Turley’s experience in

dispensing controlled substances, it is

undisputed that Dr. Turley seriously

abused his privileges as a DEA

registrant. He dispensed controlled

substances on numerous occasions for

no legitimate medical purpose and in

exchange for sexual favors and

merchandise.

Regarding factors three and four, the

record is clear that Dr. Turley was

convicted of one count of unlawful

distribution of controlled substances in

violation of 21 U.S.C. 841(a)(1). This

conviction was the result of the

exchange of Ultragesic capsules for the

two machine guns with silencers.

However, it is evident that Dr. Turley

failed to comply with 21 U.S.C.

841(a)(1) on numerous other occasions.

He dispensed Dilaudid, an extremely

addictive and dangerous substance, to at

least three individuals for no legitimate

medical purpose in exchange for sexual

favors. In addition, he dispensed a

variety of controlled substances to an

individual for no legitimate medical

purpose in exchange for merchandise.

The Acting Deputy Administrator

concludes that Dr. Turley’s past

behavior as a DEA registrant was

reprehensible. There is no indication

that he can now be trusted to

responsibly handle controlled

substances, and therefore Dr. Turley’s

registration with DEA would be

inconsistent with the public interest.

Accordingly, the Acting Deputy

Administrator of the Drug Enforcement

Administration, pursuant to the

authority vested in him by 21 U.S.C.

823, and 28 C.F.R. 0.100(b) and 0.104,

hereby orders that the application

submitted by John C. Turley, III, M.D.

for a DEA Certificate of Registration be,

and it hereby is, denied. This order is

effective April 28, 1997.

Dated: March 14, 1997.

James S. Milford,

Acting Deputy Administrator.

[FR Doc. 97–7884 Filed 3–27–97; 8:45 am]

BILLING CODE 4410–09–M

NATIONAL BANKRUPTCY REVIEW

COMMISSION

Meeting

AGENCY: National Bankruptcy Review

Commission.

ACTION: Notice of public meeting.

TIME AND DATE: Thursday, April 17,

1997; 8:00 a.m. to 5:30 p.m. and Friday,

April 18, 1997; 8:00 a.m. to 5:00 p.m.

PLACE: Ninth Circuit Court of Appeals

Courtroom, United States Courthouse—

Room 815, 1010 Fifth Avenue, Seattle,

Washington. The handicap entrance is

located at the Sixth Avenue side of the

building.

STATUS: The meeting will be open to the

public.

NOTICE: At its public meeting, the

Commission will consider general

administrative matters and substantive

agenda items including consumer

bankruptcy, mass torts and future

claims, and Chapter 12; Commission

working groups will consider the

following substantive matters: Chapter

11, consumer bankruptcy, government,

service to the estate and ethics, and

small business/partnership/single asset

real estate. An open forum session

devoted to issues related to consumer

bankruptcy for public participation is

tentatively planned to be held on April

17, 1997 from 8:15 a.m. to 10:30 a.m. In

addition, an open forum session

devoted to issues related to the United

States Trustee Program for public

participation will tentatively be held on

April 18, 1997 from 4:00 p.m. to 4:30

p.m. This will be followed by a general

open forum session for public

participation that will tentatively be

held on April 18, 1997 from 4:30 p.m.

to 5:00 p.m. Dates and times for the

open forum sessions may be subject to

change.

SUPPLEMENTARY INFORMATION: Any

individual or organization who wants to

make an oral presentation to the

National Bankruptcy Review

Commission concerning the

Commission’s statutory responsibilities

may do so at the open forum sessions.

Persons who would like to make an oral

presentation to the Commission at the

open forum sessions should register in

advance by contacting the National

Bankruptcy Review Commission at

(202) 273–1813 no later than

Wednesday, April 16, 1997 before 5:00

p.m. EST and providing name,

organization (if applicable), address and

phone number, or may register in

person at the National Bankruptcy

Review Commission registration desk at

the meeting site by providing name,

organization (if applicable), address and

phone number. If the volume of requests

to speak at the open forum sessions

exceeds the time available to

accommodate all such requests, the

speakers will be chosen on the basis of

order of registration.

Oral presentations will be limited to

five minutes per speaker. Persons

speaking at the open forum sessions are

requested, but not required, to supply

twenty (20) copies of their written

statements prior to their presentations to

the National Bankruptcy Review

Commission, Thurgood Marshall

Federal Judiciary Building, One

Columbus Circle, N.E., Suite 5–130,

Washington, DC 20544. Written

submissions are not subject to any

limitations.

CONTACT PERSONS FOR FURTHER

INFORMATION: Contact Susan JensenConklin or Carmelita Pratt at the

National Bankruptcy Review

Commission, Thurgood Marshall

Federal Judiciary Building, One

Columbus Circle, N.E., Suite 5–130,

Washington, D.C. 20544; Telephone

Number: (202) 273–1813.

Susan Jensen-Conklin,

Deputy Counsel.

[FR Doc. 97–7944 Filed 3–27–97; 8:45 am]

BILLING CODE 6820–36–P

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

to Withdraw From Listing and

Registration; (Time Warner, Inc.,

Common Stock, $.01 Par Value; Rights

to Purchase Series A Participating

Cumulative Preferred Stock) Filed No.

1–12259

March 24, 1997.

Time Warner, Inc. (‘‘Company’’) 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)

promulgated thereunder, to withdraw

the above specified securities

(‘‘Securities’’) from listing and

registration on the Pacific Exchange

(‘‘PCX’’).
14950 Federal Register / Vol. 62, No. 60 / Friday, March 28, 1997 / Notices

1 15 U.S.C. § 78s(b)(1).

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 38084

(December 24, 1996), 62 FR 780 (January 6, 1997).

4See Securities Exchange Act Release No.

37619A (September 6, 1996), 61 FR 48290

(September 12, 1996) (Order Handling Rules

Adopting Release).

5See Securities Exchange Act Release No. 38156

(January 10, 1997), 62 FR 2415 (January 16, 1997)

(publishing approval of SR–NASD–96–43).

The reasons alleged in the application

for withdrawing the Securities from

listing and registration include the

following:

According to the Company, the Board

of Directors of the Company has

requested management reduce the

Company’s operating costs. In that

regard, the Company has carefully

reviewed its expenditures. It has been

determined that the benefit of continued

listing on the PCX does not justify the

approximate annual cost to the

Company.

Any interested person may, on or

before April 14, 1997, submit by letter

to the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the exchanges 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.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7869 Filed 3–27–97; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (TPC Corporation,

Common Stock, $.01 Par Value) File

No. 1–10718

March 24, 1997.

TPC Corporation (‘‘Company’’) 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)

promulgated thereunder, to withdraw

the above specified security (‘‘Security’’)

from listing and registration on the

American Stock Exchange, Inc.

(‘‘Amex’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company the Board

of Directors approved the listing of the

Security on the New York Stock

Exchange, (‘‘NYSE’’). The Security

became effective on the NYSE on

December 12, 1996. The principal

reason for the Board of Directors to

approve the new listing was its concern

about the current positioning of the

Security on the Amex.

Any interested person may, on or

before April 14, 1997 submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the exchanges 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.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7870 Filed 3–27–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38430; File No. SR–NASD–

96–48]

Self-Regulatory Organizations; Order

Approving Proposed Rule Changes by

the National Association of Securities

Dealers, Inc. Relating to: (1) Rule 4770

of the SOES Rules, Regarding the Fees

Charged for Executions and

Cancellation of Orders Entered in

SOES, and (2) Rule 7010, Related to

Charges for Orders and Cancellation of

Orders Entered Into SelectNet

March 21, 1997.

On December 16, 1996, the Nasdaq

Stock Market, Inc. (‘‘Nasdaq’’), a wholly

owned subsidiary of the National

Association of Securities Dealers, Inc.

(‘‘NASD’’ or ‘‘Association’’), filed with

the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

a proposed rule change pursuant to

Section 19(b)(1) of the Securities

Exchange Act of 1934 (‘‘Act’’)1 and Rule

19b–4 thereunder.2 The rule change

amends NASD Rule 4770 of the Small

Order Execution System (‘‘SOES’’)

Rules, regarding the fees charged for

execution and cancellation of orders

entered in SOES, and amends, NASD

Rule 7010, related to charges for

execution and cancellation of orders

entered into SelectNet. Notice of the

proposed rule change, together with the

substance of the proposal, was provided

by issuance of a Commission release

and by publication in the Federal

Register.3 Forty-four comment letters

were received. The Commission is

approving the proposed rule change.

I. Description of Rule Change

The NASD and Nasdaq have

evaluated the current fee structures for

SOES and the SelectNet system that will

be changed to accommodate the new

SEC rules regarding a Nasdaq market

maker’s order handling obligations, i.e.,

Rule 11Ac1–4 (the customer limit order

display rule) and amended Rule 11Ac1–

1 (amendments to the quote rule

regarding the display of priced orders

entered by market makers or specialists

into electronic communications

networks (‘‘ECNs’’)) (collectively, the

‘‘Order Handling Rules’’).4 The NASD

and Nasdaq have determined, as

explained below, to restructure SOES

and SelectNet fees because of charges to

their operation as addressed in recently

approved NASD proposed rule changes

stemming from the SEC’s new rules.

A. SOES Fees

SOES is Nasdaq’s small order

execution system in which orders of

1,000 shares or less are automatically

executed against available Nasdaq

market makers. In a separate rule filing,

the Commission 5 approved on a

temporary basis for a limited number of

stocks, changes allowing market makers

to comply with new obligations to

display customer limit orders in their

quotations and to execute orders at such

quotes only up to actual displayed size,

as opposed to an artificial ‘‘tier size.’’ In

addition, among other changes, the

Commission approved a proposal to

allow market makers to enter customer

market and marketable limit orders into

SOES, unlike the previous SOES Rules,

which prohibited market maker entry of

such orders, unless the market makers

self-preference those orders, i.e., direct

them to themselves.

Because the Order Handling Rules

change the current approach to market

maker quoting in Nasdaq securities from

a pure dealer-driven quote to a more

order-driven quote, the NASD and

Nasdaq believe that the disparate

application of the current SOES fee

structure to the market maker should be

changed to take into account the new

process by which quotes are established

and orders are executed. Accordingly,