Subject: Rule 203(b)(3)(i) is a felony.

January 3, 2007

Dear Sir/Madame,

With all due respect, the SEC has not the authority to turn failures-to-deliver prior to 1/3-2005 into counterfeit securities by grandfathering the failures –to-deliver into the marketplace.

Please do the right thing; eliminate the illegal Grandfather clause.

As an investor I have lost faith in the US stock market and will not invest a dime before you have ‘done the right thing’.


Didrik Stene.