the situation according to extremely reliable rumors, the dtcc has three days from yesterday (when they were served), to either drop the chill, or hold a hearing. according to these same rumors, at the hearing the dtcc will have to explain why they:
1) circumvented their own policies - they are supposed to give the company 5 days notice, so they can defend the action. no notice was given.
2) why the chill was placed - the reason given was the sec complaint. it is rumored ipwg has affadavits from the sec in chicago, stating they called dtcc, and told dtcc that ipwg did nothing wrong.
3) and finally, assuming dtcc says they would not remove the chill because there were (168 million) unregistered shares involved. but once again, it is rumored ipwg has offered to retire or restrict an equivalent number of shares - which should solve the problem.
now for the bad news. the dtcc is the judge and jury. but the good news is, their decision can be litigated. in other words, if the dtcc decides to hold a kangaroo court, and decides to leave the chill on, ipwg will have more evidence if they are forced to go to court. and DTCC has lost similar cases in 2004 and 2007. obviously, it would be in everyone's best interest if they just remove the chill. AND IMO, THAT IS WHAT THEY WILL DO - BECAUSE THEY ARE ONLY DELAYING THE INEVITABLE - AND GIVING GROUNDS FOR FUTURE DAMAGES AT A SUBSEQUENT TRIAL.
once again, it wouldn't hurt to call the dtcc repeatedly, and put pressure on them
MICHAEL AMES DIRECTOR OF DTCC 1212 855 4535
IMO................
