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To: Spider Valdez who wrote (18878)	2/9/1999 8:16:00 PM
From: Janice Shell	Read Replies (4) \| Respond to of 26163

jeffy boy has janice informed you about ucc codes & non registered securities @ dtc yet? lololol ! Of course, lolololol!! I believe, however that what you mean to refer to is the DTC's argument that there is a Uniform Commercial Code that allows them to keep shares even though they have a defect. Quiel opines that such a code should not and would not override SEC registration requirements: that is, even if (as was the case) Mike Sylver signed a letter of opinion declaring the shares in question free-trading, they wouldn't be, as they'd never been registered. It's a point of view, but I disagree with it.