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Microcap & Penny Stocks : Amazon Natural (AZNT)
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To: Mark_H who wrote (24198)10/26/1999 1:56:00 AM
From: DSPetry  Read Replies (1) of 26163
 
Interesting...
It is true that in 1994--a year after the short selling
of LTV's old shares--the Chicago Stock Exchange adopted
a rule requiring a short seller to borrow the stock sold
short or provide equivalent guarantees of being able to
deliver. Self-Regulatory Organizations: Chicago Stock Ex-
change, Inc., 59 Fed. Reg. 42082 (Aug. 16, 1994).

And this part...
Scattered's principals may be reckless gamblers, sharpies,
wise guys, exploiters of loopholes, even violators of the
letter or spirit of the rules of the Chicago Stock Exchange.
Cf. United States v. Naftalin, supra, 441 U.S. at 776-77.
We take no position on these questions, except to note
that the Chicago Stock Exchange has forbidden the prac-
tice in which Scattered engaged--that is, selling short
without having borrowed the stock being sold short or
having equivalent guarantees of delivery.

Dave
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