Subject: File No. S7-08-09
From: carl m coyle
Affiliation: none

May 7, 2009

My main concern is simply the idea of creating phantom
shares. There is no reason why 'Fail-To-Deliver' should
extend beyond a couple of weeks. If there were only the
'issued' shares available in the market, then the market
could/would value the stock via supply/demand. Good or
bad, it would be real. I have no problem with legitimate
shorting and valid delivery.