Y'know, Pugs...
I just got off the phone with a nice young fella over at the OTC Compliance Unit of NASD.
To let you know, I asked him if any portion of the 15c2-11 application requirement was waiverable. So far as he has experienced, there was not. A non-reporting company must have the information covering the last two years of information regarding financials, while a reporting company (RMIL) will be required to have all of its delinquent filings brought up to date, to include the most recent 10K (1997).
I furthermore broached the theory of where NASD's priority would lie in regard to delivery of certificates vs Permitting the resumption of a market in RMIL. He opined that he did not believe that it would matter as NASD would then check with the SEC to discern if the they have any ongoing investigation or actions pending against the company. He did not believe that NASD would approve trading solely based upon there being more requests for certs than actual paper available.
Sharpe, nor anyone else, has yet filed 15c2-11 with NASD for RMIL. Once they do file it, it will take a minimum of 3 days of analyst review. If any of the required information is lacking, then the application will be returned to the mmkr for correction and amplification.
So based on my conversation, I'm certainly not getting my hopes up that we'll see a BB market made in RMIL within the next week, if any part of January. But we'll just have to see, won't wee??? <vbg>
But it certainly will create more interest in the Pink Sheet trading that should be available to anyone at this particular moment. On the pink sheets, mmkrs solely act as an agent for brokering trades, rather than maintaining an inventory themselves.
Regards,
Ron
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