March 6, 2005
TO WHOM IT MAY CONCERN:
I HAVE CONDUCTED OVER 50 COMMERCIAL ARBITRATIONS AND AT LEAST 10 OF THEM HAVE BEEN FOR THE NASD. I AM USUALLY SELECTED AS THE CHAIRMAN AT THE NASD AND THE OTHER PUBLIC MEMBER IS USUALLY AN ATTORNEY. NONE OF MY OVER 50 CASES HAVE BEEN CHALLENGED.
I HAVE HAD NO DIFFICULTY IN EQUITABLY AND FAIRLY CONDUCTING THE HEARING AND DECIDING ON AN AWARD. MANY OF THE ISSUES ARISING DURING THE HEARING CONCERN FINANCIAL AND ACCOUNTING ISSUES WHICH MY KNOWLEDGE AS A CPA WITH OVER 40 YEARS EXPERIENCE HELPS THE PARTIES AND PANEL SAVE TIME AND MONEY. THE ATTORNEY ON THE PANEL AND/OR THE PARTIES ATTORNEYS PROVIDE ANY OF THE LEGAL BACKGROUND THAT IS REQUIRED. THE INDUSTRY MEMBER PROVIDES ANY ADDITIONAL SECURITIES KNOWLEDGE THAT IS REQUIRED. THIS COMBINATION HAS WORKED WELL IN THE PUBLIC INTEREST BY SAVING TIME AND MONEY.
IN ADDITION, THE NASD THROUGH THE MANY INDUSTRY COURSES THAT IT HAS PROVIDED TO NEUTRALS, THE RELEASES TO NEUTRALS, ITS EXCELLENT WEB SITE AND ITS NEWSLETTER KEEPS US ALL UP TO DATE ON CHANGES AND IMPROVEMENTS. NOW MANDATORY COURSES ARE ALSO REQUIRED. THE NASD FORMS PROVIDED TO NEUTRALS ARE EXCELLENT IN EXPEDITING THE CASES AND ADDING TO EFFICIENCY.
THE CURRENT SYSTEM WORKS FINE AND SHOULD ALSO BE EXTENDED TO THE MEDIATED CASES.
VERY TRULY YOURS,
PHILIP ZIMMERMAN, CPA