I understand "fair process" and "due process" under the spirit of the law. However, I fail to grasp the desire to provide Roger Pawson 20 days, as Roger and others like him are 99% of the time the issuer or related to the issuer.
Twenty days is a significant amount of time for Roger Pawson to litter the street with bogus paper. We know that it takes all but 60-120 seconds for Roger to draft a one page convertible note, forge it, back date it, and have free trading paper printed and delivered. In that short period of time, he can hang paper on main street like there is no tomorrow.
What is the recourse of the common shareholder? Who protects them? Bogus shares show up in the market not by the old evil NSS MM shorty who breaks and enters the TA to steal certs, but by someone close to, if not the issuer. Therefore, the issuer is almost always complicit, and a warning of ten days, provides a window of opportunity to defraud at a faster pace. Legitimate shareholders might have a complaint, however, if someone purchases a large block under Section 4(2) of the Act in an issuer that has Roger Pawson printing phony shares in the back room, well, they deserve to get Global Locked.
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