The SEC has opened an administrative proceeding against Teeco Properties, LP after alleging that the Delaware limited partnership has not filed a periodic report since its Form 10-K covering the year ended December 31, 1997. The case is notable not because of active trading activity—the SEC says Teeco's limited partnership units are not publicly quoted or traded—but because an old registered security can remain subject to federal reporting obligations long after meaningful public-market activity appears to have disappeared.
U.S. Securities and Exchange Commission (SEC)
Official Release: https://www.sec.gov/files/litigation/admin/2026/34-106271.pdf
NEWS:
The SEC instituted an administrative proceeding against Teeco Properties, LP under Section 12(j) of the Securities Exchange Act of 1934. According to the Commission's order, Teeco is a Delaware limited partnership based in New York with a class of securities registered under Exchange Act Section 12(g). The Division of Enforcement alleges that Teeco has not filed any periodic reports since filing a Form 10-K for the period ended December 31, 1997. The SEC also states that Teeco's limited partnership interests are not publicly quoted or traded.
That combination makes this proceeding different from cases centered on active public companies, accounting fraud or investor solicitation. The central issue is the survival of a registered security class alongside an exceptionally long reporting gap. Exchange Act Section 13(a), together with Rules 13a-1 and 13a-13, generally requires issuers with registered securities to continue supplying current periodic information. The SEC alleges that Teeco repeatedly failed to satisfy those obligations and either failed to respond to a Corporation Finance delinquency letter or did not maintain an address that allowed the letter to reach it.
The proceeding is not yet a final finding that Teeco's registration will be revoked. The Commission has opened a process to determine whether the allegations are true and whether suspension for up to twelve months or revocation of the registered class is appropriate. For researchers reviewing dormant or thinly documented issuers, the case highlights an important distinction: the continued existence of an SEC registration record does not by itself mean that an issuer remains current in its disclosure obligations, actively traded, or operationally transparent.
KEY POINTS:
- SEC Release No. 34-106271 was issued in the Teeco Properties, LP administrative proceeding.
- The proceeding is File No. 3-22697 and was instituted under Exchange Act Section 12(j).
- The SEC identifies Teeco as a Delaware limited partnership with CIK No. 277377.
- The SEC alleges that no periodic report has been filed since a Form 10-K covering the year ended December 31, 1997.
- The SEC says Teeco's limited partnership interests are not publicly quoted or traded, while the proceeding will determine whether its securities registration should be suspended or revoked.