And, of course, there was that ominous short selling scenario. According to the SEC, the claims of naked short selling were in effect a smokescreen for the Universal Express shares that Altomare and his associates were surreptitiously dumping on the marketplace. The Commission also confided that Altomare and Universal Express had not produced 11,000 to 12,000 pages of documents relating to short selling in response to SEC subpoenas, as the Company has been claiming. In fact, the SEC insisted that only 295 pages were produced, "none of which provided evidence that investors or brokers were intentionally failing to deliver Universal shares in connection with "naked short selling."