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Technology Stocks : Solucorp Industries (SLUP - OTCBB) -- Ignore unavailable to you. Want to Upgrade?

To: hawkeye who wrote (3110)	11/12/1999 12:36:00 AM
From: hawkeye	Respond to of 3679

"The SEC's argument is grounded on the acknowledged principle that what it refers to as "investigative proceedings" are not required to comply with the same full extent of due process requirements as those required in adjudicatory (trial-type) proceedings. True. But this Court believes that principle is not applicable in this case. The Court agrees with the petitioner that the 10-day "temporary" suspension and the following investigation render an immediate, undeniable and substantial penalty. The failure of the Commission's rules and practices to afford the full panoply of due process protections in this circumstance must be seen for what it is: a denial of Solucorp's and its stockholders' constitutionally protected rights to a proceeding that is fundamentally fair. Justice is not so blind that it can not pierce the smoke of legalistic camouflage to see the real and practical impacts of an agency's practices. We will not allow the Commission's bull to pull the wool over our eyes. (See, e.g., *Wooley Booly, Sam the SHAM and the Pharoahs, 1964)" Message 11891697 Specifically, in this case, the Court finds the "real-world" impacts of the Commission's actions taken against Solucorp have been: the price of Solucorp's stock has dropped from 5 15/16 to 25 cents; the Company's ability to raise capital has been restricted; earnings have been eroded by enormous legal bills; the attention of Solucorp's management has been diverted from the company's business at a critical stage of its development; the stock has been de-listed from the NASDQ Bulletin Board and relegated to the pink sheets; KBF (most likely trying to ride the coat-tails of the Commission's actions) has terminated Solucorp's exclusive license and has filed a lawsuit for non-payment of license fees (if true, most likely caused by the effects of the Commission's actions), trading in the stock is limited to a single market-maker , and the Company's reputation and credibility throughout the environmental services, financial, and investment communities has been questioned. Under these circumstances the Court finds that the petitioner's being dumb-founded, pizzed-off, and deeply offended is totally justified." Message 11841750