From: Michael Nolan
Sent: August 3, 2005
Subject: File No. 4-500

I have a small company and I'm considering listing the company on the Pink Sheets. I'm currently working with my lawyers and the issue of "naked short selling" was brought to my attention. I hear there is a crisis facing the OTC markets because of the lack of short sale position reporting and disclosure. I've heard this can ruin a small company regardless of earnings. Shouldn't regulators fix this problem? My lawyers are advising me to reconsider and wait for the SEC to force the brokers to maintain all records and report all information. What is the SEC currently doing to fix this problem? What is the Sec doing to prevent market manipulation?
Thanks for your response.
Michael Nolan