From: KDBAXT@aol.com [KDBAXT@aol.com]
Sent: Sunday, February 22, 2004 6:52 PM
Subject: Rule S7-23-03

I am outraged that you have chosen to delay the enforcement of Rule S7-23-03. I have written to you in the past regarding the abuses of naking shorting in the OTC-BB market yet nothing has changed.

Kenneth D. Baxter