Post by bluediamonds on Nov 3, 2004 22:09:40 GMT -5
I have dealt with the SEC for 30 years...
Posted by: paintedhorse
In reply to: None Date:11/3/2004 7:55:53 PM
Post #of 21632
There is a lot of spec-o-lation on the boards I visit re the SEC suspension. Some thought USCA would be trading today, others by the end of the week, and now some, due to the postponment of the meeting, think we may not trade until Thanksgiving.
I think everyone is wrong and should just chill out!
I have dealt with the SEC for 30 years, including answering interrogatories. The SEC is like any Federal agency - the IRS comes to mind - in resolving problems, real or perceived! They follow their procedures! They cover their backsides! And they literally dot all the "i's" and cross all the "t's"!
They are empowered to halt (suspend) trading in a security without advance notice. Then they send out a list of questions (interrogatories) with a deadline attached - sometimes requesting supporting documentation and sometimes not - and wait for a reply. If the respondent is smart, as Roger Glenn is, the reply is swift and as complete as possible. If supporting documentation is required and the deadline is not sufficient for the respondent to adequately compile and review same before submission, the respondent will normally ask for an extension. Perhaps that is what happened in the case of USCA, perhaps not, I do not know.
And if the documentation submitted is too voluminous or complicated for the SEC to review in preparation for the meeting, they will extend it. Perhaps that is what happened in the case of USCA, perhaps not, I do not know! And neither does anyone else, unless you are an insider, in which case you had best keep it to yourself!
Nothing should ever be submitted to the SEC without careful and precise review. Once submitted, it becomes an official part of the proceeding. Subsequent changes, attempted alterations, or excuses are frowned upon! That includes written answers to interrogatories, documented support, annual & quarterly reports, etc. So any caution exercised by Roger and Rendall is both warranted and necessary!
I would suggest that everyone carefully read Section 12(k) of the 1934 Act. It explains the authority of the SEC in this matter and the reason(s) for trading suspensions. We know what the SEC stated as the reason for halting (i.e., suspending) trading in USCA. But we do not know the nature of the supposed 18 questions nor do we know if the reason given was all-inclusive. I have included a link to Section 12 below. Scroll down to the end for Section 12(k)! BTW, A "halt" and "suspension of trading" by the SEC is the same thing!
www.law.uc.edu/CCL/34Act/sec12.html
This is serious business folks! It should not and cannot be taken lightly! The company has very qualified personnel to handle it, and I am very confident they will do so! The suspension will go for the entire 10 business days IMO. Based on my experience, I feel sure there is ongoing contact during this period, as needed, between company personnel and the SEC.
There is also a need for the company to exercise the utmost caution in maintaining secrecy in these proceedings. You, as a shareholder, are not entitled to know what is going on, and neither am I! In fact, only certain management personnel and consultants such as attorneys and possibly CPA's, should be in this loop!
If anyone else publishes any information regarding these proceedings on these boards, on paltalk, or any other forum in a manner that suggests they are privy to inside information, those individuals should be drawn and quartered, figuratively of course! It is IMO that serious!
We need to relax and let this play out!
Just for the record, I do not know what will happen on the 10th, and, I suspect, neither does Rendall or Roger Glenn at this point. But I do not expect adverse repercussions! This is just my opinion however!
So do not make any investment decisions based on this post. I am simply trying to give the benefit of my experience with the SEC!
Tex
www.investorshub.com/boards/read_msg.asp?message_id=4472670
Posted by: paintedhorse
In reply to: None Date:11/3/2004 7:55:53 PM
Post #of 21632
There is a lot of spec-o-lation on the boards I visit re the SEC suspension. Some thought USCA would be trading today, others by the end of the week, and now some, due to the postponment of the meeting, think we may not trade until Thanksgiving.
I think everyone is wrong and should just chill out!
I have dealt with the SEC for 30 years, including answering interrogatories. The SEC is like any Federal agency - the IRS comes to mind - in resolving problems, real or perceived! They follow their procedures! They cover their backsides! And they literally dot all the "i's" and cross all the "t's"!
They are empowered to halt (suspend) trading in a security without advance notice. Then they send out a list of questions (interrogatories) with a deadline attached - sometimes requesting supporting documentation and sometimes not - and wait for a reply. If the respondent is smart, as Roger Glenn is, the reply is swift and as complete as possible. If supporting documentation is required and the deadline is not sufficient for the respondent to adequately compile and review same before submission, the respondent will normally ask for an extension. Perhaps that is what happened in the case of USCA, perhaps not, I do not know.
And if the documentation submitted is too voluminous or complicated for the SEC to review in preparation for the meeting, they will extend it. Perhaps that is what happened in the case of USCA, perhaps not, I do not know! And neither does anyone else, unless you are an insider, in which case you had best keep it to yourself!
Nothing should ever be submitted to the SEC without careful and precise review. Once submitted, it becomes an official part of the proceeding. Subsequent changes, attempted alterations, or excuses are frowned upon! That includes written answers to interrogatories, documented support, annual & quarterly reports, etc. So any caution exercised by Roger and Rendall is both warranted and necessary!
I would suggest that everyone carefully read Section 12(k) of the 1934 Act. It explains the authority of the SEC in this matter and the reason(s) for trading suspensions. We know what the SEC stated as the reason for halting (i.e., suspending) trading in USCA. But we do not know the nature of the supposed 18 questions nor do we know if the reason given was all-inclusive. I have included a link to Section 12 below. Scroll down to the end for Section 12(k)! BTW, A "halt" and "suspension of trading" by the SEC is the same thing!
www.law.uc.edu/CCL/34Act/sec12.html
This is serious business folks! It should not and cannot be taken lightly! The company has very qualified personnel to handle it, and I am very confident they will do so! The suspension will go for the entire 10 business days IMO. Based on my experience, I feel sure there is ongoing contact during this period, as needed, between company personnel and the SEC.
There is also a need for the company to exercise the utmost caution in maintaining secrecy in these proceedings. You, as a shareholder, are not entitled to know what is going on, and neither am I! In fact, only certain management personnel and consultants such as attorneys and possibly CPA's, should be in this loop!
If anyone else publishes any information regarding these proceedings on these boards, on paltalk, or any other forum in a manner that suggests they are privy to inside information, those individuals should be drawn and quartered, figuratively of course! It is IMO that serious!
We need to relax and let this play out!
Just for the record, I do not know what will happen on the 10th, and, I suspect, neither does Rendall or Roger Glenn at this point. But I do not expect adverse repercussions! This is just my opinion however!
So do not make any investment decisions based on this post. I am simply trying to give the benefit of my experience with the SEC!
Tex
www.investorshub.com/boards/read_msg.asp?message_id=4472670