From: Hutton, Bruce [Bruce_Hutton@bmc.com]
Sent: Thursday, June 13, 2002 9:13 AM
To: 'rule-comments@sec.gov'
Subject: 8k rule change

Yesterday I heard of the proposed rule change to the filing requirements for
the 8k forms which would cut the time limit to 2 days from 5 days. This was
followed by a press release I read today from a company I own stock in
(prgn) which sold part of the company but gave no disclosure as to the
amount of the sale. What good is it that the company would have to file an
8k sooner if they don't have to tell anybody anything ? This has been an on
going problem that has bothered me for years as an individual investor. A
corporate board can decide to sell part of MY company or buy a private
company and they don't have to tell the investors the important facts about
this very significant corporate developement. How is this any different then
off balance sheet activities or any of the other issues of corporate
transparency ?

As an investor I really don't care if it is two days or five days for the 8k
reporting requirement as long as the 8k contains the important facts. The
fact that the SEC is more concerned about the timing of an 8k rather then
the content of the 8k says to me that the SEC really doesn't understand the
issues that are affecting the crisis in investor confidence that exists
today.