Mike The Pike Productions Inc (MIKP)

[abc123otc]

I wonder about that-- a trader from another stock I'm in sent me this - I think there's a lot of hope- even the SEC is making DTC take accountability: (by the way is ihub broken today? ZERO VOLUME??)

On March 15, 2012, the SEC ruled In the Matter of the Application of International Power Group, Ltd. for review of action taken by Depository Trust Company or DTC. The DTC suspended the electronic trading two years ago simply because the SEC started a case alleging, among other things, sales of unregistered securities by IPG (but neither IPG nor its officers or directors were named.)

The SEC has now ruled that IPG is a "legal person" entitled to a fair and orderly procedure, including a hearing and the opportunity to appeal the matter to the SEC, with respect to the suspension and that DTC "did not provide IPG with adequate fair procedure in connection with the suspension. DTC tried to argue that IPG, since it is not a broker-dealer "participant," was not a "person."
More importantly, the Commission also directed DTC to "adopt procedures that accord with the fairness requirements of [the Securities Exchange Act], which may be applied uniformly in any future such issuer cases."

This ruling is good news for issuers facing a so-called DTC eligibility commonly referred to as DTC "chill." It is now clear they have standing to insist on a proper and fair hearing, and the chance to appeal to the SEC if they are not satisfied.

For details see:
http://www.sec.gov/litigation/opinions/2012/34-66611.pdf
www.dtceligibility.com

Michael Fugler, NIBA Advisory Committee Chairman
Emily Foshee, NIBA Executive Director