If FINRA and the SEC did nothing wrong, why has it been nearly 3 years without an official report from the @SECGov concerning the $MMTLP Fiasco?
Why did investors have to learn from FOIAs that the SEC and FINRA have been hiding their concerns about MMTLP for years?
Why were Gary Gensler's text messages from key points in the Fiasco deleted? @SECPaulSAtkins
Full video 🎥 linked in the quote post below @FBIDirectorKash
The #MMTLP freeze wasn’t an accident—it was fraud, corruption, and greed. In 3 days Investors will have been locked out of their money for 1000+ days. ⏳
Now the tables have turned. I still hold the shares you need 📈
Last fair price: $12.90 ➝ x3 for damages ➝ $38,700.
After 1000 days = $38,700 per share.
Accountability has a price. 📝💵
#MMTLP #Justice #Accountability
We did nothing wrong, yet we're victims of this corruption.
#MMTLP may be frozen in time, but not our bills, mortgages, car payments, school tuition, life-saving Rx medications, etc arent.
The lives of more than 65k families hang in the balance.
Nearly 1000 days of being financial hostages due to your u3 halt, you have caused unimaginable damage to our lives, but we stand strong.
65k lives have been stolen, divorces, suicides, health issues, bankruptcies, loss of homes & businesses and has caused several mental health issues.
We are not giving up or going away. @FINRA. We will be Heard!
@POTUS this is the USA, please help us.
#MMTLP #MMTLPARMY #MMTLPFAMILY #SettleTheTrades
Have we ever discussed the potential significance of @FINRA removing the "Record Date" terminology in the revised $MMTLP Corporate Action?
The U3 halt nearly 1,000 days ago shut down the entire secondary market for MMTLP. This meant there was no longer a place to buy shares to close out the short positions opened on December 8th, in order to satisfy those delivery obligations.
Unlike a normal security, MMTLP was being cancelled. There was no "later" to fix the problem. The shares were being replaced with non-tradable, non-DTC eligible Next Bridge shares.
By removing the standard label "Record Date" and replacing it with the more direct, operational phrase "settled positions as of December 12, 2022," was FINRA clarifying the brutal finality of the situation?
A "Record Date" is a standard term tied to a familiar process. It's often associated with an "ex-dividend date" and other market mechanics that traders understand. It focuses on who is on the company's books on a certain day.
"Settled positions as of" is different. It's a statement about the physical reality in the clearing system. It shifts the focus from "Who traded?" to "Who actually has a fully delivered and settled share in their account by this deadline?"
For the person who bought the shares from the short seller on December 8th, their position was not yet settled. They had a claim to a share, but it hasn't been delivered.
Under the revised language, this buyer would not have a "settled position" as of December 12th if the short seller failed to deliver the share (which was now impossible).
The language change makes it clear that simply executing a "buy" order was not enough. The share had to successfully travel through the settlement system and land in the buyer's account.
Therefore, the revised wording directly highlights the fact that any transaction that fails to settle, such as a short sale that can't be covered, will result in the buyer not being considered an eligible shareholder for the distribution.
The revision was likely a signal to the Market's back offices and compliance departments that the only thing that mattered was the final, physical settlement of all outstanding trades by the December 12th deadline.
Any unresolved delivery obligations, which are inherent to short sales that cannot be closed, would result in a settlement fail and would leave the buyer on the other side empty-handed. The change in language effectively weaponized the settlement process against any outstanding short positions that were trapped by the halt.
(Could this be why there was so much short volume on 12/8?)
This might be the reason that FINRA never uses the term "Record Date" in either of their FAQs.
But FINRA only processes the Corporate Action notice, they wouldn't know what a change like this would mean.
It's almost like they met with an entity that actually processed the "actions" that occur in a Corporate Action.
Someone that knew what changes like this meant!
Somebody other than @The_DTCC of course, cause everything about their meeting without the issuer appears to be above board.
MMTLP SHOUT OUT TO @EleanorTerrett (fOXBusiness news ) for her bold reporting on MMTLP! She’s calling out the SEC & FINRA for stonewalling media & Congress, exposing a serious regulatory issue. Keep pushing for transparency! FINRAFRAUD. Time to investigate FINRA CEO robert W Cook.
Wow I just NEVER get tired of watching this rerun. Can someone tell me exactly HOW MANY TIMES does he say MMTLP will be able to trade till DECEMBER 12? I guess the vice president of the OTC markets would know? Right?
$MMTLP #MMTLP 1) June 28th, 2021 - Gary Gensler meets with Options Clearing Corporation leadership and Robert Cook of @FINRA 30 minutes later. Notice the significance of the date?
https://t.co/nfusKhtvtv
2) December 6th, 2022 - Gary Gensler meets with US House Financial Services Committee at 5pm EST, roughly 150 minutes after FINRA posts the first corporate action for MMTLP. HFSC Committee member Pete Sessions sends a letter to FINRA earlier that day to prompt FINRA’s action (3)
@SECGov Gary Gensler’s full calendar: https://t.co/Ytbf9jS4Ro
We’re not even to the juicy part yet!
#MMTLP We’re living in a time where it feels like nobody’s really standing up for regular people anymore. The middle class is getting squeezed harder than ever, and the people who are supposed to speak up? They stay quiet. Or worse, they go along with the system because it’s safe