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TRCPA

04/27/05 4:02 PM

#8175 RE: WyoInvestor #8174

Wyo......here is how the SEC shows the distinction.

http://www.sec.gov/rules/proposed/34-48709.htm#II

Naked short selling is selling short without borrowing the necessary securities to make delivery, thus potentially resulting in a "fail to deliver" securities to the buyer.