Item 8.01 Other Events. SMC Global Stock Sale
As previously disclosed,
After giving effect to the sales described herein, MILC holds 117,703 shares of SMC.
MILC continues to focus on the liquidation of its sole investment in securities - its investment in SMC and plans to invest the proceeds in operating businesses. MILC currently anticipates that it will complete the sale of its entire remaining position in SMC during the current fiscal quarter although there can be no assurance as to when or if this will occur.
Deregistration as a 1940 Act Company
On
While the Company is committed to fully implementing the Deregistration
Proposal, it is still contingent upon regulatory approval and the ability to
reconfigure the Company's portfolio to deregister as an investment company. The
time required to reconfigure the Company's portfolio could be impacted by, among
other things, the COVID-19 pandemic and related market volatility,
determinations to preserve capital, the Company's ability to identify and
execute on desirable acquisition opportunities, and applicable regulatory,
lender and governance requirements. The conversion process could take up to 24
months; and there can be no assurance that the Deregistration Proposal, even if
fully implemented, will improve the Company's performance. Further, the
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