, credit card issuers that have attempted to defer recognition of fee income by requesting an accounting method change have likely experienced IRS resistance to such changes, despite Tax Court authority to the contrary.
On April 1, 2008, the AMEX
furnished the Company with a letter (the "AMEX
Letter") indicating that the failure to timely file the Form 10-K is a violation of Sections 134 and 1101 of the AMEX
Company Guide and the Company's listing standards agreement with the AMEX
Secondly, the prices of stocks sold on Nasdaq generally exhibit higher volatility than those sold on AMEX
On September 7, 2006, following its public disclosure of an extraordinary and significant one-time non-cash impairment charge, Tarpon received notices from AMEX
that it was not in compliance with certain conditions of the continued listing standards of Section 1003 of the AMEX
On December 8, 2006, AMEX
notified the Company that it has completed its review of the Company's proposed plan of compliance and supporting documentation and has determined that the plan makes a reasonable demonstration of the Company's ability to regain compliance with the continued listing standards by the end of the plan period.
Christopher Atayan, AMCON's Chief Executive Officer noted "We continue to maintain a close dialogue with senior officials at the AMEX
and are delighted that they have recognized the progress we are making on our compliance plan.
The Company expects to request an oral hearing before an AMEX
Qualifications Panel (the "Panel") to appeal the foregoing delisting determination by the AMEX
staff, at which hearing the Company intends to present its plan of compliance with the alleged listing deficiencies.
In its letter, the AMEX
states that "officers and/or other persons affiliated with Beta and Conversion" have, in the view of the AMEX
, "engaged in a continuous course of conduct which has significantly hampered the Exchange in its efforts to discharge its regulatory responsibilities effectively," including "the Exchange's efforts to facilitate timely and complete disclosure," and that this is "fundamentally inconsistent with the contractual obligations" of Beta under its Listing Agreement and with the relationship between the AMEX
and Beta as contemplated by the Listing Agreement and the Company Guide of the AMEX