Subject: File No. S7-12-06
From: Glenn Hoback

April 13, 2007

To all the small investors here advocating the revocation of the grandfather clause - I understand the depth of your feelings and don't disagree with your goal. I would have no problem if the grandfather clause were wound down immediately or in short order.

However, you should probably look in the mirror and admit that the problem isn't naked short sellers, but far more often a very poor choice of investment. Stop using the mental crutch of a naked short seller boogeyman and own up to your choices. Very rarely are short sellers anything but a symptom, not the underlying cause which is atrocious perfomance of the issuing company itself. Stop enabling and excusing away subpar results from the companies you own and charlatan "executives" who act like Patrick Byrne of Life is too short to invest in the stock of terribly run companies