September 6, 2007
I commend the Commission for its proposal to allow for electronic filings of Form D. I believe it will allow for more compliance in filing of the Form. However, I do have a concern with regards to the proposal for disclosure of revenue projections. While the proposal calls for the posibility of declining to provide the information, I am concerned that if the projections are disclosed and then not met, it may provide a basis for a claim of misrepresentation by current or future investors in the company's stock. The primary reason for the filing of a Form D is for information collection by the Commission. I belive companies selling non-registered stock, particularly emerging public companies, should generally be extremely limited in making revevnue projections. Will such discolsure be a Form 8-K reportable event? I believe this request for information provides little imperical evidence to the Commission, and could create unknown or unforseen problems for many companies.