tag:blogger.com,1999:blog-754894216207950592.post4438118436677483554..comments2024-03-17T20:17:54.833-07:00Comments on NoNameStocks: SEC Considers Blocking Dark StocksDan Schumhttp://www.blogger.com/profile/05728696891530868697noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-754894216207950592.post-74675144389068498942019-10-08T08:59:40.690-07:002019-10-08T08:59:40.690-07:00unfortunately it seems to be moving forward. I ju...unfortunately it seems to be moving forward. I just put up another blog post on the topic: http://www.nonamestocks.com/2019/10/sec-wants-to-stop-trading-in-dark-stocks.htmlDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-11801993226452043792019-10-08T07:10:26.869-07:002019-10-08T07:10:26.869-07:00What's the latest on this, Dan?What's the latest on this, Dan?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-37366750438402145592018-10-26T16:03:48.016-07:002018-10-26T16:03:48.016-07:00these guys have to file a tax return. so they have...these guys have to file a tax return. so they have the financial statements. they have all the information but don't want you the 'owner' to read it. it cost less than $20 to have it published or post on investorshub or yahoo for nothing. they don't want to report the financial statements. either they would have to pay tax on it. and get in trouble with SEC if it's false. just go to the company headquarter office and demand it in person. and keep calling the company. they owe your the financial reports.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-20189299752506744492018-10-17T15:58:02.138-07:002018-10-17T15:58:02.138-07:00I have no idea on a timeline. I would guess they ...I have no idea on a timeline. I would guess they move slow and it’d take a long time to get anything implemented. But I have no information on this part<br /><br /> I think these are just discussions and from here it would take the SEC internally defining a rules proposalDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-19628564125032880072018-10-17T10:37:34.418-07:002018-10-17T10:37:34.418-07:00I'll submit a letter as well. What is the tim...I'll submit a letter as well. What is the timeline for this? Could it go from comments straight to a rule being put in place, or do they have to formally propose the rule and take comments? Depending on the answer to that,you would almost have to consider liquidating all your holdings ahead of it possibly happening, wouldn't you? While I don't have huge positions in any one of these stocks, collectively they total more than I can probably risk if they were to all be wiped out at once. Markhttps://www.blogger.com/profile/15350288303949096929noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-62088769268225818392018-10-16T19:46:09.832-07:002018-10-16T19:46:09.832-07:00Wonderful letter TimWonderful letter TimDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-33797377822803455292018-10-16T11:25:39.385-07:002018-10-16T11:25:39.385-07:00Below is the email I sent:
While I admire the SEC...Below is the email I sent:<br /><br />While I admire the SEC's efforts to clean up some of the darker corners of the investing market, I think the proposed efforts are going about it backwards.<br /><br />Often a company does not want to be public, yet it still has an obligation to its shareholders. Companies like that often request an NDA (non-disclosure agreement) before releasing financials to shareholders (I can send you such requests I have been sent). These companies are hiding from investors so that they can over pay themselves at shareholders expense. Your proposal would further embolden those companies that already wish they were private.<br /><br />A better solution, the SEC should provide a costless way for shareholders to request financials, 220 demands, and all things they have the right to receive that companies sometimes refuse. This would unburden shareholders of incurring legal fees to get what they are legally entitled to do.<br /><br />If you want financials to be sent, and I agree that is a great idea, a better way would be to disallow board members, and executives to receive compensation if basic shareholder demands aren't met. <br /><br />Please punish the correct people, the cost should be borne by those hoarding information. Not allowing trading punishes the holders of such securities, not those that are in the wrong.<br /><br />Thanks<br /><br />TimAnonymoushttps://www.blogger.com/profile/06785779531714364848noreply@blogger.com