From: Nicholas Stavriotis
Sent: January 19, 2007
Subject: File No. S7-12-06

Counterfeiting is clear and unambiguous...and millions of investors have been suffering as a result of this outrage. There is NO justification for grandfathering securities sold short into the market place that are unsecured by borrowed shares. The SEC had no right to implement REG SHO...and had even less right to betray investors who depended on the SEC to make sure we had a level playing field in the market.

The SEC has literally thumbed its nose at investers, and has turned our capital markets into a cesspool.

Stop the obstruction of justice...cover the shares!

Eliminate grandfather clause rule 203 (b) (3) (i)/release no 34-54154

Looking for to your support of investors,

Nicholas Stavriotis