The SEC had all the power and could have easily overturned the judges decision and revoked the stock. They did not even issue a fine. This caused this whole scenario to be dragged out for years. Maybe they expected DBMM to fold up on its own. Then out of nowhere, they come up with an internal breach and 42 companies go back to normal trading including DBMM.
The SEC had all the power and could have easily overturned the judges decision and revoked the stock.
How in the world could the SEC Commish do that to an SEC appointed ALJ~?
IMO, all the SEC Commish could do is delay the review forever and a day. Foelak's decision was final. The SEC Commish review as we saw was a complete SHAM. All the SEC Commish could do was delay for 3 years and hope the Company dissolved in the meantime. The Company prevailed, went out and got a market maker to basically get rid of the CE.