Eagle Worldwide Inc.(fka ELWD)

[sidedraft]

Rough waters ahead:

Finegan and Brown represented that they are part of new management and that they are totally confused at the Commission’s request that Eagle Worldwide file the annual (Form 10-K) and quarterly (Form 10-Q) reports that predecessor companies had not filed since 1998.

Quill Industries, Inc. (n/k/a Eagle Worldwide Inc.) (Eagle Worldwide), filed an Answer on July 23, 2012, and James E. Finegan (Finegan), Secretary/Treasurer, and Mr. Brown (Brown) represented Eagle Worldwide at the prehearing conference on August 15, 2012. According to the OIP:
[Eagle Worldwide, Central Index Key] (CIK No. 1065188) is a Nevada corporation located in Las Vegas, Nevada with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). [Eagle Worldwide] is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10 registration statement on August 21, 1998, which reported a net loss of over $2.6 million between the company’s June 1, 1998 inception and June 30, 1998. [Eagle Worldwide] filed annual reports for the years ended 2007 through 2011, but they were unaudited, and accordingly, materially deficient.
2
In addition to the annual reports mentioned in the OIP, the Commission’s EDGAR website shows Eagle Worldwide Form 10-Q filings for quarters ended March 31, 2012; September 30, 2011; June 30, 2011; and March 31, 2011. Eagle Worldwide does not deny that the allegations in the OIP are true. In letters to the Commission dated July 18 and August 2, 2012, and at the prehearing conference on August 15, 2012, Finegan and Brown represented that they are part of new management and that they are totally confused at the Commission’s request that Eagle Worldwide file the annual (Form 10-K) and quarterly (Form 10-Q) reports that predecessor companies had not filed since 1998.
Finegan and Brown insist that they intend to make the filings, that they are acting in good faith, and have invested $500,000 in the company. I informed Finegan and Brown that in my experience handling many similar cases, no company with missing filings had been able to make all the required filings in the time required for an Initial Decision. I urged Eagle Worldwide to find legal counsel, and committed to provide contact information for a source in the Division of Corporation Finance that could explain the Commission’s filing requirements. At its request, I agreed to set a second prehearing conference for Eagle Worldwide in forty-five days.
All Respondents except Eagle Worldwide are in default because they failed to file an Answer, participate in the prehearing conference, or otherwise defend the proceeding. See 17 C.F.R. §§ 201.155(a), .220(f), .221(f). As allowed by the Commission’s Rules of Practice, I deem the allegation in the OIP to be true as to them. See 17 C.F.R. § 201.155(a).

http://www.sec.gov/litigation/admin/2012/34-67697.pdf