Subject: File No. 4-500
From: Milling Law Offices
May 5, 2005
I understand that PinkSheets LLC has filed a petition with the SEC calling for the amendment of NASD Conduct Rule 3360. This rule clearly discriminates between over-the-counter (?OTC?) stocks on the one hand and those traded on Nasdaq or an exchange on the other hand The former does not require protection to the investor in OTC stocks of the protection of the disclosures of short sales required by Nasdaq or an exchange. There is no justification or advantage (other than to a stock manipulator) of this discrimination. It is easily rectified by the agenda set forth by PinkSheets LLC.
Nothing said here should be taken as impugning short selling. In most cases it is appropriate and in many cases it is a necessity. However, the OTC short selling addressed by PinkSheets LLC is fraudulent, is rife and is accelerating. The protection of the investor by, in large part, the protection of the integrity of the markets, is the mission of both the SEC and the NASD. They have, for the most part, fulfilled that mission and I am certain that they will do so in the instant matter.
Thank you for your attention to the matter.
Milling Law Offices
115 River Road, Bldg. 12
Edgewater, NJ 07020