jay,
Much of your post solicits your buddy's opinions and I don't want to interrupt that process.....I look forward to his responses. But you do pose one question of fact:
"How much time is allowed for a Wells Submission, or to resolve a Wells Notice? Seems to be a negotiable issue."
There is no rule that I was able to find......and I looked VERY hard....that dictates a fixed time for a Wells submission. A Wells notice does not get "resolved".....it initiates a process which can end in a decision by the Commission to pursue remedies or not and that process is not formally limited as to duration. Your own link was VERY informative on both the submission and the process, so I've pulled a bunch of quotes from it that have an effect on the "time" issue. It should be noted that the document is not the law itself but rather a discussion of the processes created as a result of the law.
" The process begins at or close to the conclusion of an investigation."
"A due date is set for the Wells submission, often at least 2 to 3 weeks hence, but that deadline “is often negotiable and subject to an extension as long as the staff believes that counsel is proceeding in good faith.”"
"Typically, defense counsel will request and the staff will grant a “Wells meeting” with counsel prior to the Wells submission."
"The staff will present “a more detailed account of its case: their view of the relevant facts, the applicable law, and their theory of any violations.”"
"SEC Wells submissions are limited to 40 pages but may be single spaced, which typically provides an ample length to address even complicated cases. The staff has granted relief from this limitation in some cases. Following receipt of a Wells submission, the staff often will agree, upon request, to meet with counsel to discuss the contemplated enforcement action. This process has a certain amount of fluidity and can lead to multiple meetings, sometimes advancing up the chain to increasingly senior staff members.1 Based on the course of discussions with the staff, the staff will alter the factual and/or legal premises of its case and thereafter will permit the potential defendant to submit a supplemental or revised Wells submission. Moreover, the Wells process may cause the staff to undertake additional investigation in recognition of weaknesses in the investigatory record."
As you can see it is a relatively open ended process, especially given the last paragraph above. However, given that 30+ days have passed since receipt of the notice, it's entirely possible, should the 3 respondents have decided not to offer a submission, that the staff is currently preparing its own submission for the Commission.
The section entitled "The SEC’s Wells Process" of YOUR link is not lengthy and is very helpful.
