Subject: File No. S7-38-04
From: Johnmichael Mulligan, PEng
Affiliation: Professional Engineer retired

December 1, 2004

I recently experienced a suprise, to me anyway, that common shares in my portfolio can be sold without my approval or knowledge. The case in point is the recent sale of Netegrity Inc. I am informed by my Agent that Netegrity had been purchased, the Agent did not knew by whom, and that the shares I held were subject to a mandatory sell order.
I am alarmed that an Owner-in-time, can action this on a private portfolio without the Owner being given the option to retain the shares.
I believe this matter should be addressed when the rules of Market Transactions are considered for change.
If there is a sound argument as to why this right to sell is available, I would appreciate receiving it. If not, please advise if such action on the part of an Owner- in-time can be avoided. Thank you for the opportunity to express my dismay and fear that my Portfolio could be sold without my consent.
John Michael Mulligan