stervc, stop misleading readers here.
A covering must take place to rid the shares considering the 15 Oct 07 SEC rule for having all Failure to Delivers (FTDs) covered as in the link below:
The 15 Oct 07 SEC rule removes GF clause as an exception from Regulation SHO.
As adopted in August 2004, Rule 203(b)(3) of Regulation SHO included two exceptions to the mandatory close-out requirement. The first was the “grandfather” provision, which excepted fails to deliver established prior to a security becoming a threshold security;
This GF clause is only valid for short sales prior to that date were Regulation SHO became effective.
Regulation SHO, which became fully effective on January 3, 2005,
That means the 15 Oct. 2007 only considers short sales prior to january 2005.
And now check the filings of CBAY..
In january 2005 cbay not really exists.
At this time CBAY has been a worthless shell waiting to be reanimated by a scam artist like RP.
All short sales after january 2005 already regulated by Regulation SHO and are not affected by the remove of the GF clause.
Especially for you:
The 5th of january is the birthday of the actual CBAY:
Item 2.01. Completion of Acquisition or Disposition of Assets.
On January 5, 2005, Cal-Bay International, Inc. completed the acquisition of
TLCO Software, Inc. TLCO Software is a Nevada corporation that designs
proprietary software programs for commercial use in the internet web-hosting
industry.
On the 7th of january RP became the CEO.
On January 7, 2005, Cal-Bay International, Inc. announced the appointment of
Roger Pawson to its Board of Directors, where he will serve as Chairman of
the Board. Mr. Pawson was also appointed to the positions of President and
CEO, Secretary and Treasurer of Cal-Bay International, Inc.
The birthday of Regulation SHO was the 3rd of january and the GF clause affects only short sales prior to this date.
THe remove of this GF clause at the 15th of october will likewise affect only uncovered short sales prior to the 3rd of january.
So the 15 Oct 2007 will not have any implication for CBAY.
