Yes, I've always believed that the SEC wanted to revoke PCBM and CMKX at the same time. But CMKX balked. I think Urbie believed he could talk himself out of trouble, and so hired Glenn.
And then, because he's a very weird guy, he continued to issue bazillions of shares of stock without bothering to register it, and did a number of other outrageous things.
My guess is that Glenn couldn't control him. I wonder if Maheu and Stoecklien can. My guess is "no".
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