Agreed.
Ahhh, to be or not to be DTC-eligible ever again, that is the question for SFIO. The problem IMO is that the DTCC keeps the exact 'requirements' of DTC-eligibility secret; there is no standard known set of eligibility criteria. This means that the private corporation (DTCC) can simply decide in each case for themselves if and when they would like to make a particular issue eligible. It is a black box and the DTCC holds all the keys. They can therefore keep their intentions and reasoning secret for any global locks and/or chills; based solely on the specific interests of the DTCC company.
My experience would suggest there are often securities which get the 'global lock' for 'reasons' of there being a 'share imbalance' as regards there being a discrepancy between the share structure known to the DTCC versus what the T/A has down on their books. If there were in fact counterfeit shares sold onto the SFIO 'market' then after-hours on that fateful Friday, the DTCC could have been looking at a particular number of owned shares (float) and seen that the T/A was reporting some other, greater number. This is what I think (JMHO) actually happened. The DTCC took one look at the litigation and probably was uneasy about the possibility that there could be unregistered shares floating around the marketplace and the last straw was that 'unusual' trading which put their SS figures out of whack with the T/A and they made a decision to suspend services.
I think there is an obvious conflict of interest with how the DTCC is an SRO with no oversight and no public legal authority to which to answer. That is a long standing issue though. IMO we lonely OTC shareholders will get nowhere starting some grassroots movement against the DTCC. I think the key is for Roth to convince the DTCC to lift the suspension of services by simply generating real actual business and with time and transparency and revenues the DTCC would easily reverse the decision.
I do not think (not sure though) that the T/A or any brokerage who uses the DTCC for settlement/clearing can issue any stockholder a paper certificate when there is a 'global lock'. If you happen to own through a self-clearing brokerage who has nothing to do with the DTCC then since they hold the physical shares I think you can request the cert and IF that brokerage was not part of any phantom share selling they should be able to send you your paper cert without a failure to deliver. However, if you have SFIO shares with a DTCC involved brokerage then you are effectively locked down, cannot do anything. Also if your non-DTCC brokerage happened to sell you air then IMO when they attempt to issue the paper cert there will be a failure to deliver and you probably will get notified that the process failed and they cannot issue you your cert ('at this time'). ;)
I do agree though that it would just add fuel to the fire if everyone all at the same time demanded to have their paper certificates. I would not call it a 'forced fix' for us but I would characterize it as a 'cluster F*$%!' for us and them because I think the key issue with SFIO stock right now is the lack of real accounting of all the shares and their proper ownership, where they all came from and the exact tick by tick 'unusual' trading that happened surrounding the SEC litigation announcement. I have a sneaking suspicion that a few crony firms already knew about the pending SEC litigation announcement and that they just thought, oh well here is another fraud micro cap OTC company that is going to die so we might as well help it along and kill it completely by putting some nails in the coffin and get rich by simply selling half the float worth of phantom shares to unsuspecting clients and they can hold the bag forever (because surely after such 'unusual' trading the DTCC would 'lock' the stock right?) and we can effectively realize 100% profit on those phony air shares.
Me thinks the 'forced fix' to such crony capitalism is for the company to survive and be successful and make it for REAL! That is the the ultimate fix. Even if technically the stock itself remains locked down by the DTCC for decades if the company itself began landing contracts, ramping up production and revenues started flying in hard making tens of millions every quarter, forget about the stock, no one would care; it would be existing holders own little private club with no availability of shares for other investors to pile into and I'm sure the company would provide 'ongoing dividends' to it's shareholders based on the profits. It is that simple, the company and Roth need to get this show on the road and get the company to begin doing REAL business and making real money, then the stock 'fix' means nothing, it can trade or not trade however and IMO no existing holder will care about that situation.
GLTA!
$SFIO!
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