RegAlert2001-04-17
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SEC Division of Investment Management staff letter: Pioneer Interest Shares
Pioneer Interest Shares requests the SEC Staff's concurrence to omit a shareholder proposal from its proxy materials, arguing the proposal is improper under Delaware law, interferes with management functions, and specifies a dividend amount. The proposal, submitted by The Tobener Trust, sought either the sale of specific securities to fund a 35% return of capital dividend or the complete liquidation of the fund. The Fund contends that its Declaration of Trust and the Delaware Business Trust Act vest the power to declare dividends and liquidate the trust exclusively with the Trustees, not shareholders. Additionally, the Fund asserts the proposal exceeds shareholder authority by directing specific asset sales, thereby interfering with the ordinary business operations managed by Pioneer Investment Management, Inc.
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HALEAND DORR LLP
COUNStLLORS AT LAW www,haledorr.com I 60 SIATE STREET BOSTON,MA 02109 617-526-6000 FAX 617-526-5000 5 17-526-6516 joseph barri@haledon corn April 17, 2001 By Federal Express Securities and Exchange Commission 450 Fifih Street, N.W. Washington. D.C. 20549 Attention: Office of Chief Counsel Division of Corporation Finance Re: Shareholder Proposal Submitted to Pioneer Interest Shares by The Tobener Trust Dear Ladies and Gentlen~en:
This letter is submitted on behalf of our client, Pioneer Interest Shares, a Delaware business trust (the "Fund"). pursuant to Rule 14a-8G) under the Securities Exchange Act of 1 934, as amended (the "Exchange Act"). The Fund hereby gives notice of its intention to omit fronl its proxy statement and form of proxy (the "Proxy Materials") the proposal and statement of support (the "Proposal") submitted by The Tobener Trust (the "l'roponcnt") by undat cd letter, which the Fund acknowledged receipt of on July 10,
2000. l'he Proposal in its entirety is restated below. The Fund has advised us that the
Proxy Materials are tentatively scheduled to be filed pursuant to Rule 14a-6 on or about July 6. 2001. l'ursuant to the provisions of Rule 14a-8(j) under the Exchange Act, enclosed for filing are six copies of each of this letter and the Proposal. Also, pursuant to the provisions of Rule 14a-86), we are sending a copy of this letter and the ~xhibitsto the Proponent. The Fund respectfully requests the concuuence of the Staff of the Division of Corporation Finance (the "Staff') that no enforcement action will be recommended by the Commission if the Fund omits the proposal fiom the Proxy Materials. For ease of reference, the text of the Proposal, exactly as received, is set forth below. Stockholder Proposal "The records of the fund will indicate ownership of 1,000 shares of the stock. certificate # PI 3660 by the trust with my name as one of the rrustecs. Thc Trust also owns 5,000 shares registered to Waterhouse Sccuritics I nc. Personally I bought some of this security when it was first
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