That is pure horse poop.
No one has ever said that Foelak's ruling doesn't exist. What HAS been stated is that Foelak's ruling has NEVER taken effect. That it is currently a non-event, because it NEEDS the SEC Board of Commissioner's final approval and it DOES NOT HAVE THAT. It has NEVER had it.
By the rules (even Foelak's ID states it in the last paragraph), the ALJ decision is not finalized and effective until the Board says it is (through either noninterference after 30 days, or through ruling after an investigation - in this case brought on by the Petition for Review filed by Enforcement).
No one SAID that Patel's ruling ever took effect - just that it DOES EXIST in the recorded history of this OIP. DBMM WAS ORDERED REVOKED, but the ruling never took effect - in the exact same way as Foelak's ruling has not yet become effective.
Bearish