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To: Earl Risch who wrote (3612)	4/2/1998 4:18:00 AM
From: steve goldman	Respond to of 12617

What's interesting is that as much as I think I know about the markets, I learn something each and every day. While I am a liscensed attorney, I am not by any means the firm's attorney. i gave that up because I hated codes, etc. so when I see certain things (and the code book and what the NASD sends us each month is extensive ) I remember then for practicle, sales compliance purposes. With that hedge out of the way, as i did with the position I took on uptick rule, I have read in many places that using SOES for shorting is not permissible. Infact, I was just reading this past week in RR Magazine, the same one IRBY posted that URL, about a SOES firm in Long ISland that sold via SOES some INTU a couples year back when it cratered after MSFT broke off deal. Talk about dogging you, they just now (like 3 years ago I think it was) settled the case, for some fine etc. It was because of a sale client entered as long, the firm made noe effort to verify position, never borrowed stock, and used SOES. Perhaps it was one of the three, but for our discussion here, I am pretty darn positive i read it there and in several places that SOES cannot be used for shorting. Rather than spend an hour going back and forth with everyone up here, I will call NASD legal counsel for 5 minutes today and ask those two questions, 1)soes for shorting 2)do you need an uptick or upbid for shorting and is that rule on upbid just for proprietary/inventory firm trading? Regards, Steve@yamner.com