This has nothing to do with naked shorting. It seems to me it has everything to do with unregistered shares. But, my concern is none of that. if someone has done something illegal, let them pay what ever price they have to pay be it money or jail time. who cares?
the real concern here is obvious. just in the last couple weeks we have had people post to this board who had, by their own admission, had not even given one thought to their shares in a year or more. Obviously, if a few posted that info here, there are many more out there in the same boat. so, how can a company unilaterally decide to take the property of another for which they have already paid? Their shares did not come with an expiration date when thy bought them. So what gives this, or any other company, the right to take them away now?
And what about constructive notice? Posting a blurb on IHUB and releasing the same blurb over the wires hardly constitutes "constructive notice." At the very least the company should send notice by registered mail to everyone on the TAs list. I don't even think that would make this "taking" of property legal, but it would at least be a gesture of good faith on the company's part.
And, what the heck is the company implying when it recommends everyone contact their broker to insure the TA is properly notified of their names? Thats nuts. people use brokers so that they are on the OBO list and their names are not splattered all over creation. what does the company want everyones name for?
Rick Perry is less left footed than these Ca-grapes dolts!!
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