UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-54C
NOTIFICATION OF WITHDRAWAL OF ELECTION
TO BE SUBJECT TO SECTIONS 55 THROUGH 65 OF THE
INVESTMENT COMPANY ACT OF 1940
FILED PURSUANT TO SECTION 54(c)
OF THE INVESTMENT COMPANY ACT OF 1940
The undersigned business development company hereby notifies
the Securities and Exchange Commission that it withdraws its election to be
subject to sections 55 through 65 of the Investment Company Act of 1940 (the
"Act"), pursuant to the provisions of section 54(c) of the Act, and in
connection with such notice of withdrawal of election submits the following
information:
WALNUT FINANCIAL SERVICES, INC.
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(Name)
8000 Towers Crescent Drive, Suite 1070
Vienna, Virginia 22182
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Address of Principal Business Office
(No. & Street, City, State, Zip Code)
(703) 448-3771
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(Telephone Number, including area code)
0-26072; 814-00157
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(File number under the Securities Exchange Act of 1934)
Basis for filing the notification of withdrawal:
The company has changed the nature of its business so as to
cease to be a business development company, and such change was authorized by
the vote of a majority of its outstanding voting securities. The company's new
business, conducted through wholly-owned subsidiaries, will be the merchant and
investment banking and financial advisory services business and the factoring
business. The date of the shareholders' meeting at which such change was
authorized was November 1, 1999. The number of votes in favor of the change was
2,465,351 and the number opposed was 44,029.
SIGNATURE
Pursuant to the requirements of the Act, the undersigned
company has caused this notification of withdrawal of election to be subject to
sections 55 through 65 of the Act to be duly signed on its behalf in the city of
Vienna and State of Virginia on the 1st day of November, 1999.
WALNUT FINANCIAL SERVICES, INC.
By: /s/ Joel S. Kanter
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Name: Joel S. Kanter
Title: President and Chief Executive Officer
Attest:
/s/ Karyn Doerfler
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Name: Karyn Doerfler
Title: Attorney
