November 13, 2007
From: Tommy Shuff
CBOT Full Member
Office of the Secretariat
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-1090
Attn: Ms. Nancy M. Morris, Secretary
VIA: Electronic Mail ONLY: Rule-Comments@SEC.gov
RE: FILE NUMBER SR-CBOE-2007-107 and SR-CBOE-2006-106
Ladies and Gentlemen,
I respectfully suggest that the SEC does not allow the CBOE to circumvent their contractual agreements to the CBOT by legal obfuscation.
(The CBOE's) Forcing a judicial interpretation of an SEC rule change vs. Delaware contractual law is a savvy (legal) play but nonetheless it really just brings venue to the forefront while purposely leaving the facts to play a secondary role.
The CBOE has recognized a valuation for the CBOT's genesis for years: they have previously issued a $100K dutch auction for the "exercise right" followed by a $500K buyout offer--in conjunction with a proposed CBOT/ICE merger.
They have legitimized our valuation argument (see above). Now the issue should really be a fair price but rather I hear CBOE members talking about Federal preemption over State ad nauseam.
Please find whatever means necessary to allow this contractual dispute be heard in Delaware.
Thomas M Shuff Jr