For the third time:
Anyhow, to counterpoint Nancy's claim of: The SEC does not have control over the Deposit Trust Corp and why it is not letting the shares trade.
Here's Larry Thompson's exact quote taken from the DTCC web site:
We also have no power to force member firms to close out or resolve fails to deliver. That power is reserved for the SEC and the markets, be it the NYSE, Nasdaq, Amex, or any of the other markets.
Followed by: It is our broker and bank members who control their DTC accounts. They can and do segregate shares that they are not permitted to lend out. Neither NSCC nor DTC monitor or regulate that activity. It is done by the SROs and the SEC.
Or, from the legal opinion following the case of Whistler Investments versus DTCC and subsidiaries. The judge tossing the case stated; clearing and settlement rules promulgated by DTCC's subsidiaries and approved by the U.S. Securities and Exchange Commission (SEC) cannot be challenged under state law. Because DTCC's Stock Borrow Program (SBP), the target of the lawsuit, is explicitly approved by and subject to the ongoing oversight of the SEC
