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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (23363)	10/8/1997 6:52:00 PM
From: Sam Citron	of 132070

Mike, RE: CEF rights offerings Are these Reg-S offerings? A proposed SEC rule change would require purchasers of Reg-S securities to agree not to engage in hedging transactions with regard to such securities unless such transactions are in compliance with the 1933 Act [see Section C of Testa Hurwitz's page tht.com]. Presumably these rights offerings are perfectly legal absent such a rule change. Forbiding rights offerings altogether might be a bit severe and overbroad, wouldn't you say? Do you think the law should be changed? If so, how? Or do you think the reputation effect is punishment enough for the sinners? SC

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