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SEC Proposes Naked Short Selling Anti-Fraud Rule
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2008/03/26 09:15
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On March 17, 2008 the Securities and Exchange Commission (SEC or Commission)
issued a release proposing a new anti-fraud rule under the Securities Exchange Act of
1934, as amended (Exchange Act), which addresses “naked” short selling, which the
SEC has generally defined as “selling short without having stock available for delivery
and intentionally failing to deliver stock within the standard three-day settlement
cycle.”
Specifically, proposed Rule 10b-21 is intended to target: (i) short sellers who
deceive certain persons, such as their broker-dealers, about the source of borrowable
shares, to circumvent the Regulation SHO “locate” requirement; and (ii) long sellers
who misrepresent to their broker-dealers that they own the shares being sold, also to
circumvent Regulation SHO, as well as certain other rules.
The deadline for submitting comments on proposed Rule 10b-21 is May 20, 2008. |
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Cyclist Landis Appeals Arbitration Court Ruling
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2008/03/19 11:00
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| US cyclist Floyd Landis, stripped of his 2006 Tour de France victory for doping, began making his appeal to a three-man panel from the Court of Arbitration for Sport (CAS) here on Wednesday.pThe private hearing is expected to continue through Monday with no comments from any of the participants, both Landis and the US Anti-Doping Agency (USADA) having agreed to the closed-door session unlike last May's open US hearing./ppLandis, 32, has denied wrongdoing and fought his positive test for steroid testosterone on July 20, 2006, but a USADA arbitration panel ruled 2-1 against him last September, resulting in a two-year ban through January 29, 2009./ppThe International Cycling Union stripped Landis of his 2006 crown after that verdict, awarding the title to Spain's Oscar Pereiro./ppIn a Manhattan law office, Landis will make much the same case as he did last year, attacking the credibility of the French laboratory which handled his doping samples, and hope the global panel sees matters differently./ppThe CAS appeal board includes David Williams of New Zealand, Paris attorney Jan Paulsson and New York lawyer David Rivkin./ppSwiss-based CAS will announce its binding ruling from Lausanne after completion of the hearing and consideration of the evidence presented./ppLandis tested positive for synthetic testosterone after the penultimate 17th stage of the 2006 race. He fell back in stage 16 but rallied in stage 17 to reclaim almost eight minutes on his way to a now-disgraced victory moment./ppThe USADA arbitration panel noted several areas in which the French lab's handling of the test sample was improper but said the carbon ratio isotope test that showed Landis testing positive outweighed those issues./p |
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Jackson Lawyer: Neverland Auction Off
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2008/03/14 09:21
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| Michael Jackson still has Neverland, having cut an 11th-hour deal Thursday to keep it off the auction block.pBut the magic that once made the financially troubled entertainer's 2,500-acre paradise in the rolling hills of central California's wine country one of the most talked-about places on Earth seems to have vanished along with its reclusive owner./ppJackson hasn't been seen in this bucolic area of oak-studded hills since he was acquitted in June 2005 of molesting a 13-year-old visitor to his estate, and his absence leaves the future of Neverland, a sort of Hearst Castle for 12-year-olds, in doubt./ppWe're all, of course, wondering what's going to happen. We've heard rumors but we don't know anything, said Kim Morrison, one of the administrators of a private school located just across the road from Neverland./p |
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NewsScandal-hit Spitzer faces wait for law firm role
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2008/03/13 14:32
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pSo what will Eliot Spitzer do next, assuming he escapes criminal prosecution and disciplinary sanction following his alleged involvement with a high-end prostitution ring? If he follows the example of his three living predecessors as governor, he will join a law firm. /ppGeorge Pataki last year joined Chadbourne amp; Parke as a counsel in the environmental practice, and Mario Cuomo has long hung his hat at Willkie Farr amp; Gallagher. Hugh Carey survived the 1987 collapse of Finley Kumble Wagner Underberg Manley Myerson amp; Casey and is now a partner in the Manhattan office of Harris Beach./ppBut Spitzer's reasons for resigning office mark him as something of a different candidate. /ppIt matters how you leave, said the chairman of one large New York firm who asked to remain unnamed. /ppFormer governors and other prominent political names generally have a cachet with clients that makes them attractive to firms, he said, but the scandal forcing Spitzer out of office may have exhausted the current governor's quotient of good will. /ppHe would need to rehabilitate himself first, agreed the managing partner of another large New York firm who also requested anonymity. It would probably be a year or more before any firm would even consider bringing the soon-to-be ex-governor aboard, the partner said. He's radioactive in this environment, he added.
/p |
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