From: Michael Chesler
I am a stockbroker and investor. Have been a broker since 1982. I am writing to voice my complaint to the SEC regarding the fact that the SEC allows public companies to completely disappear from view by filing form 15 with the SEC, claim the company has fewer than 300 shareholders and forever terminate all public information. I have watched the collapse in value of every single company that files to disappear. I am amazed the SEC allows this. Especially when a company claims fewer than 300 shareholders by counting all street name holders as one shareholder. Any brokerage firm could hold millions of shares in XYZ corporation. 5,000 different accounts could hold shares in this XYZ company yet the SEC colludes with XYZ company by allowing XYZ to claim 1 shareholder. This is beyond belief. All companies have a fiduciary responsibility to maximize shareholder value. How can they and file form 15 and disappear from public view? Insiders now can buy the shares of frightened shareholders cheap as the stock in question collapses as a result of this (what should be called CRIMINAL) filing with the SEC's APPROVAL.
Point is INVESTORS ARE HURTING AND NEED THE SEC TO PROTECT US FROM THESE GOING DARK RULE..AND, NOW!!!
As a broker, a dark company called me asking me to make a market in their stock. When I told the CEO I'd need current financials for us to make a market in the stock he said they do not provide those. My response was "so you want to buy the shares from shareholders with the information you have from the scared shareholder who has no information but watches the shares spiriling down. Isn't that just a little unethical?" He hung up on me.
PLEASE SEC, HELP. We are drowning in companies going dark and stocks that become worthless but are truly NOT. Look again at my SIMA, sonics and Materials example.
Incredibly FRUSTRATED, Thank you,