![]() "This deregistration proceeding is not the appropriate forum in which to argue a claim that adoption of Regulation SHO somehow resulted in an unconstitutional taking. Constitution, when it excluded earlier failure to deliver stock from stricter settlement rules. In its opinion the SEC also rebuked Eagletech's claim that a deregistration of its stock would constitute unconstitutional "taking of property."Įagletech had argued that Regulation SHO, a short selling rule adopted by the SEC early last year, deprived its shareholders of property, violating the Fifth Amendment of the U.S. The SEC noted in an opinion issued Wednesday that although Eagletech blames others for its financial crisis, "alleged criminal activity does not alter the fact of Eagletech's failure to file its quarterly and annual reports or its present inability to cure these deficiencies." SEC Rejects Eagleteach Affirmative Defense In the case of Eagletech, the company acknowledged its failure to file required financial reports, arguing that two separate manipulations, including alleged naked short selling, had led to financial difficulties and its failure to file. But so far, they haven't been very successful with most cases thrown out of court by judges who ruled either that the firms were unable to prove their allegations or rejected the lawsuits on jurisdictional grounds. Over the last four years, O'Quinn and his corporate clients have mounted a comprehensive legal and marketing campaign to attract attentions to their claims. It's illegal for most investors, but legal for firms that make markets in stocks and bring liquidity to the market. Trading without a borrowing agreement is called naked short-selling. Short sellers typically borrow shares to sell them, hoping that they will be able to replace them with stock bought at a lower price later. Companies represented by O'Quinn generally claim that their stocks have been illegally depressed by short sellers Vthrough chronic and widespread failures to timely deliver stock to close out securities transactions. 'Get Shorty' Legal Consortium Loses Another BattleĮagletech is one of several small companies represented by a legal consortium led by Texas class action lawyer John O'Quinn. It's unclear whether Eagletech will exercise its right to appeal the SEC's order in front of a U.S. The SEC had issued a deregistration order last year but Eagletech had appealed the move, blaming its failure to file financial reports on alleged criminal conduct by third parties. ![]() The Securities and Exchange Commission on Wednesday ruled that Eagletech's securities will be deregistered because the company failed to file required financial reports since 2001. (EATC) has lost its fight to remain a publicly traded company. NEW YORK (Dow Jones)-Despite its best efforts to turn its regulatory woes into a forum against naked short selling, Eagletech Communications Inc. =DJ IN THE MONEY: EagleTech Loses Battle To Avoid Delisting He could star in a sitcom called "CEO Without a Clue".Īs for DTC's stock borrow program, most of the stocks on the FinancialWire list aren't eligible. I had a long talk with him about two years ago. Nutek? Geez, Murray Conradie is hopeless. Sedona? It had to do with shorting against toxic paper, despite an agreement Rhino signed promising not to short the stock. They're badly written, way too long, and they contain a great many inaccuracies. The FinancialWire articles are pure crap. He's not one of the Good Guys, and he has a bad habit of using people's names without their permission. ![]() Since you're so interested in legal actions, I suggest your check out Gayle Essary. They almost single-handedly invented the naked shorting "crisis". They have put out innumerable articles on the shorting scandal. They have published the names of 113 companies that have applied to exit DTCC, complained publicly about shorting, etc., and given identity to the tag "Stockgate" to the description of this crisis. I suggest, that in your "free" time, you maybe go back to some good 'ole Jagnotes P&D, to clear your mind from things you are simply not in control of and never will be. MagicRetard, you are leaving because you are in too deep. Strategies & Market Trends : Anthony Equity Investigations, Dear Anthony, - Ignore unavailable to you. ![]() If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level. Investor in the best interests of our community. We ask that you disable ad blocking while on Silicon Ads provide a critical source of revenue to the continued operation of Silicon Investor. We've detected that you're using an ad content blocking browser plug-in or feature.
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