Subject: File No. S7-12-06
From: Thomas Ritchey
Affiliation: Shareholder

April 4, 2007

I really don't understand the extension. 99% of responders feel Reg SHO is a complete failure. Are you hoping we will change our mind? Are you stalling? STOP NAKED SHORTING. That's the message I get when reading the comments. Personally, I would like to know WHY the grandfather clause was instituted in the first place.
To protect the guilty?
The longer you take, the MORE questions are going to be asked and MORE people will be asking them. PLEASE fix the problem, THEN prosecute the offenders to the FULLEST extent of the law.