Subject: File No. S7-12-06
From: American Patriot

July 31, 2006

no more delays. The grandfathering of pre-existing fails has done nothing more than give those who have not delivered shares more time and better prices to cover.

The settlement regs are already part of securities laws. Delivery is required by both parties...If I don't deliver the funds in 3 days as a buyer, all hell breaks loose at my brokers. But if I am sold shares and they are not delivered (and perhaps never existed) you grandfather the fails? Are you serious?

who are you protecting, here?

Signed, a patriotic American who is disgusted by your lack of enforcement