The NYSE announced that effective today (September 15, 2010) OOK, Inc., and Texas Funds, Inc. (symbols OOK and TXF) (the “Funds”) were each noncompliant with NYSE Arca’s corporate governance listing standards.  Specifically, these funds have failed to maintain audit committees as required by Rule 10A-3 under the Securities Exchange Act of 1934.

According to Don Mecoy of NewsOK/The Oklahoman, the “founder claims interference from governmental agencies contributed to failure”.  Mecoy’s article, “Oklahoma Fund Shuts Down“, goes on to say that Keith Geary (Geary Advisors, manager of OOK and TXF) believes the FDIC is trying to discredit and ruin him, and that he questions the timing of an Oklahoma Securities Department investigation into his firm.

OOK and TXF have announced plans to close and liquidate.  The last day of trading will be September 24, 2010.  I advise all shareholders to dispose of their holdings prior to liquidation and to use a limit order when placing trades.  Both funds have been regular members of ETF Deathwatch.

The NYSE is now attaching the “.BC” indicator after the ticker symbols to denote noncompliance with listing standards.  New orders should continue to be submitted using the regular ticker (symbol: OOK or TXF), without the associated indicator.  Trades will print with the indicator as symbols OOK.BC or TXF.BC.

Disclosure covering writer, editor, publisher, and affiliates: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.