We haven’t seen any more official information directly from the Treasury Department, but according to the American Bankers Association, relief for non-exchange listed public companies, private companies, and Subchapter S companies appears to be coming.  We understand that ABA Staff members met yesterday with senior Treasury officials, and that the Treasury understands that specific action will be required by the Treasury to allow participation in the TARP Capital program by non-exchange listed public companies, private companies, and Subchapter S companies. The ABA believes that clarifications for non-exchange listed companies will be made available soon, while solutions for the others may take additional time. As noted in the American Bankers Association Letter to the Treasury Department, the ABA has requested the Treasury Department extend the application deadline and recommend an alternative investment framework that would work for all companies.

During the meetings between the ABA and Treasury, the Treasury also apparently clarified that the November 14 application deadline and public term sheet only apply to publicly traded entities, with the remaining types of institutions receiving their own term sheets and separate application deadlines in stages.

The Treasury also emphaiszed that while publicly traded institutions should apply by November 14th, they can subsequently decide whether to participate or accept any capital.

Treasury officials also acknowledged that shelf registrations may not be feasible for non-exchange listed public companies, that public companies without blank check preferred may seek shareholder approval for preferred stock following the application, and that the Treasury does not intent to alter privately held company’s private status under the federal securities laws.