RegAlert2002-07-16
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SEC no-action letter: Armstrong World Industries, Inc. - Trustee Conflict of Interest Exemption
Armstrong World Industries, Inc. applied under Section 310(b)(1)(ii) of the Trust Indenture Act of 1939 for a finding that Wells Fargo Bank Minnesota, National Association may serve as trustee under two separate indentures without being disqualified due to a conflict of interest. The Securities and Exchange Commission granted the application, determining that Wells Fargo's dual trusteeship is not likely to involve a material conflict of interest necessitating disqualification. This decision allows Wells Fargo to act as successor trustee for both the 1996 indenture and the 1998 indenture, despite the absence of cross-references between them, because the securities rank pari passu and are wholly unsecured. The order was issued on August 20, 2002, following a notice period during which no interested persons requested a hearing.
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(File No. 22-28616)
Application and Opportunity for Hearing: Armstrong World Industries, Inc.
July 16, 2002
The Securities and Exchange Commission gives notice that Armstrong World Industries, Inc. has filed an application under Section 310(b)(1)(ii) of the Trust Indenture Act of 1939. Armstrong asks the Commission to find that the trusteeship of Wells Fargo Bank Minnesota, National Association as successor trustee under:
an indenture dated August 6, 1996, between Armstrong and The Chase Manhattan Bank, a predecessor trustee, with respect to 6.35% Senior Notes due 2003, 6-1/2% Senior Notes due 2005 and 7.45% Senior Quarterly Interest Bonds due 2038, and
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