Subject: File No. 4-500
From: Christy Woodward Kaupert, Ass't. Prof., Political Science Department San Antonio College

May 11, 2005

Dear Mr. Katz,

I read with great interest the letter requesting the SEC to mandate a rule amending rule 3360 by R. Cromwell Coulson, CEO for Pink Sheets submitted in early January 2005. I am writing in support of this request. ALL publicly traded equities should maintain public records of short positions, irrespective of whether they are traded on bulletin boards or NASDAQ.

As a small investor, attempting to do due diligence on small and micro cap companies, determining potential risk is hampered by the ability to see full disclosure of the market cap and holdings. I currently am a victim, according to the CEO of HQNT, of the very practice of 'naked shorting' but there is no way to accurately determine whether this is an honest statement or an attempt to defraud.

Please consider the request made and offer this amendment to the rule as a measure of protection for the growing 'investment class.'

Respectfully submitted,

christy woodward kaupert

Christy Woodward Kaupert Ass't. Prof., Political Science Department San Antonio College