narly72

nothing to say

[ArtBurn @ArtburnDesigns]

🚨 NEW SEC FOIA RESPONSE 🚨
FOIA 26-00651-FOIA

This one matters.

This FOIA requested records showing communications/referrals between SEC Corporation Finance and SEC Trading & Markets regarding Next Bridge Hydrocarbons’ S-1 activity.

The response shows something important:

Once FIF entered the discussion, the tone and substance appear to shift.

Before FIF:
SEC / NBH S-1 communications were largely about registration mechanics, eligibility, disclosure, and process.

After FIF steps in:
The discussion turns to operational market-structure concerns:

• shares on loan
• lending broker-dealers unable to recover shares
• customer protections under SEC Rule 15c3-3
• IRA/tax consequences
• transfer-agent capacity
• whether shareholders should be forced out of bank/broker/nominee holding

One FIF point is especially hard to ignore:

“Because of the prior FINRA trading halt, there are shares on loan that lending broker-dealers cannot recover.”

That is not retail speculation.

That is an industry group raising operational concerns to the SEC about the Next Bridge S-1 process.

And FIF’s recommendation?

Do not force participating customers out of bank, broker-dealer, or nominee custody — because preserving that structure would allow for “future reconciliation of outstanding stock loans.”

Read that again.

Future reconciliation of outstanding stock loans.

This FOIA does not prove every theory.

But it does prove the S-1 issue was not just routine paperwork.

It involved broker-held shares, loaned shares, customer protections, transfer mechanics, and reconciliation concerns.

That is exactly why MMTLP shareholders have been asking questions for years.

#MMTLP #MMAT #NextBridge #FOIA #SEC #FINRA

[JunkSavvy @JunkSavvy]

MMTLP MMAT TRCH NBH
Maybe one should FOIA the communications of MS. Karina Dorin...

"Karina Dorin is a Staff Attorney in the Division of Corporation Finance at the U.S. Securities and Exchange Commission (SEC). In her role within the Office of Energy and Transportation, she is responsible for reviewing corporate filings, such as registration statements and prospectuses, to ensure compliance with federal securities laws."

MIGHT the responses tell us what she said to NBH to get them to withdraw the S-1 Sub Rights Offering the FIF Member Firms were so afraid of....hmmm.

Anyone investigating The MMTLP Fiasco may surely want to interview MS. DORIN in addition to David Saltiel, Erik Gerding and Karl Hiller. #RICO #Conspiracy
@SECGov @USTreasury @SecScottBessent @DirectorPulte @FBIDirectorKash

They cannot stop what is coming...

[Pulte @pulte]

Audit the @The_DTCC

[KKep @kimkep4796]

Rule 2004 Discovery Remains Confidential

The Trustee makes clear:

“The Trustee has no obligation to disclose information she has gathered in her Rule 2004 discovery.”

Meaning:

📁 Shareholders should not expect subpoena results to become public while the investigation is ongoing.

⸻

George Palikaras

The filing also contains a notable statement regarding former CEO George Palikaras:

“Mr. Palikaras is an invaluable source of historical information crucial to the Trustee’s duty to investigate the financial affairs of the Debtor.”

That is one of the strongest endorsements of George’s usefulness to the investigation that has appeared in a court filing.

⸻

Litigation Funding

The Trustee confirms:

“The Litigation Funding arrangement with Parabellum Capital has been withdrawn.”

This aligns with what occurred after the May 7 hearing.

⸻

June 16 Hearing: What This Filing Suggests

The Trustee appears to be asking Judge Spraker to:

✅ Deny Spears’ pending motions

✅ Reaffirm Trustee control of the estate

✅ Protect Rule 2004 investigative materials

✅ Reject demands for disclosure of litigation strategy

✅ Allow the investigation to continue without shareholder direction

⸻

🎯 Bottom Line

The two most consequential statements for many shareholders may be:

“The Trustee has requested a comprehensive list of shareholders from the transfer agent…”

and

“FINRA is one of the non-parties from which the Trustee is seeking discovery related to the trading of Meta Materials shares.”

Taken together, those statements suggest:

🦋 The Trustee is still actively pursuing trading-related discovery.

🦋 The Trustee is thinking ahead about identifying and notifying the broader shareholder population.

🦋 The investigation appears to remain active and ongoing.

⚠️ Not Legal Advice. Document 2831 filed June 2, 2026.

[KKep @kimkep4796]

Part 1 of 2
MMAT MMTLP NBH TRCH

⚖️ META MATERIALS (MMAT) Bankruptcy

Case No. 24-50792-gs

Document 2831

Filed June 2, 2026

Trustee Christina Lovato’s Response to Danielle Spears’ Motions

⚠️ Not Legal Advice

⸻

🦋 Two Quotes That MMAT / MMTLP / NBH Shareholders Will Likely Focus On

1️⃣ Shareholder List / Claims Agent / Shareholder Rights

From Page 6:

“The Trustee has requested a comprehensive list of shareholders from the transfer agent. Once that information has been received, the Trustee will determination [sic] next steps, i.e., incurring the expense to engage a claims agent. It is not the Trustee’s intention to prejudice the rights of any creditor or shareholder. At the appropriate time, the Trustee will seek authority to establish a bar date.”

Why This Matters

This is one of the clearest statements yet that:

✅ The Trustee is seeking a complete shareholder list.

✅ A claims agent is being considered.

✅ The Trustee expressly states she does not intend to prejudice shareholder rights.

✅ The Trustee anticipates eventually seeking a bar date process.

⸻

2️⃣ FINRA and the U3 Halt

From Page 7:

“FINRA and the U3 halt. This issue was a significant part of the Texas Litigation previously addressed. After more than a year and two opportunities to make her case against FINRA and others (including Greg McCabe), Ms. Spears’ case was dismissed with prejudice. What Ms. Spears ignores is that FINRA is one of the non-parties from which the Trustee is seeking discovery related to the trading of Meta Materials shares. Ms. Spears apparently believes the Trustee and her professionals need her lay-person expertise.”

Why This Matters

Many shareholders have focused on FINRA and the December 2022 U3 halt.

The important takeaway here is not the criticism of Spears.

The significant statement is:

“FINRA is one of the non-parties from which the Trustee is seeking discovery related to the trading of Meta Materials shares.”

That is a direct statement from the Trustee confirming that FINRA remains a discovery target in the MMAT investigation.

⸻

📝 Comprehensive Layman’s Summary

What Is This Filing?

This filing is Trustee Christina Lovato’s response asking Judge Gary Spraker to deny several motions filed by Danielle Spears before the June 16, 2026 hearing.

⸻

Trustee’s Core Position

The Trustee argues that individual shareholders cannot:

❌ Direct the investigation

❌ Demand investigative materials

❌ Control litigation decisions

❌ Force the Trustee to pursue particular claims

❌ Obtain internal work product or litigation strategy

The filing states:

“A putative shareholder cannot broadly intervene into, or seek to direct, a trustee’s administration of a chapter 7 estate.”

⸻

Standing

The Trustee acknowledges the Court previously ruled:

“Ms. Spears qualifies as a party in interest…”

However, the Trustee immediately notes:

“The Trustee reserves all rights to object to Ms. Spears’ standing.”

In plain English:

The Court recognized limited party-in-interest status, but the Trustee is not conceding broader rights.

⸻

Shareholder Notice

One of the most important sections of the filing concerns shareholder notice.

The Trustee states:

“There may be as many as 65,000 or more shareholders.”

The Trustee also confirms:

✔️ A comprehensive shareholder list has been requested.

✔️ A claims agent may be engaged.

✔️ Shareholder rights are not intended to be prejudiced.

✔️ A future bar date may be requested.

⸻

FINRA Discovery Continues

Another significant takeaway:

Despite the Texas litigation discussion, the Trustee specifically confirms that FINRA remains a source of discovery being pursued in connection with Meta Materials trading activity.

For shareholders closely following:

FINRA
MMTLP
U3 Halt
Trading records
Market activity

this paragraph confirms FINRA remains within the investigative scope.

See first comment for continuation.

https://t.co/Gyfx3HxEZM

[kristen shaughnessy @kshaughnessy2]

$MMTLP
“Next Bridge Hydrocarbons Announces SEC Declares Effective its S-1 Registration Statement”

“Next Bridge Hydrocarbons, Inc., an oil and natural gas exploration and production company with interests in Texas, Louisiana and Oklahoma, announced today that it has priced and commenced a public offering of up to 40,000,000 shares of its common stock, par value $0.0001 per share at an offering price of $15.00 per share, less the placement agent fee…”

Courtesy @kimkep4796

[narly72 @narly72]

@OgSpaceJam22 @Q2024694202

[JunkSavvy @JunkSavvy]

🚨NEXT BRIDGE HYDROCARBONS RELEASES PR ANNOUNCING THE EFFECTIVENESS AND AVAILABILITY OF UP TO 40 MILLIONS SHARES OF NBH COMMON SHARES @ $15/SH.
MMTLP MMAT TRCH NBH
@nbhydrocarbons
https://t.co/df52HGhBtS

[Next Bridge Hydrocarbons @nbhydrocarbons]

Next Bridge Hydrocarbons Announces SEC Declares Effective its S-1 Registration Statement

Company prices and commences a public offering of 40 million shares

https://t.co/2hO7KuPeJJ

[Guess Who @RedHeelzz]

🚨🚨NBH S1 is officially EFFECTIVE🚨🚨

1221 days and 11 amendments later… Effective! 🧨🧨🧨

#MMTLParmy $MMTLP $MMAT

[KKep @kimkep4796]

🦋⚖️ $MMAT / $MMTLP — Meta Materials Inc.
⚖️ U.S. Bankruptcy Court, District of Nevada
📄 ORDER ON MOTION TO QUASH
📅 Filed: May 27, 2026
⚠️NLA

🚨 BIG PICTURE — WHAT JUST HAPPENED?

Judge Gary Spraker just issued a MAJOR ruling against:

🏢 Citadel Securities
🏢 Virtu Financial
🏢 Anson Funds

These firms tried to QUASH (block) the bankruptcy trustee’s subpoenas seeking trading data tied to:

📈 $MMAT
📈 $TRCH
📈 $MMTLP

The Judge said:
❌ The subpoenas are NOT being fully thrown out.
✅ The trustee CAN obtain important trading records.
⚠️ BUT there will be strict protective-order limitations.

⸻
🧠 LAYMAN’S TERMS

The trustee believes there MAY have been market manipulation or wrongful conduct connected to Meta Materials trading activity.

The trustee is trying to determine:

🔍 Was trading activity harming the company?
🔍 Did it impact fundraising?
🔍 Did it damage the bankruptcy estate?
🔍 Are there potential legal claims worth pursuing before statutes expire?

The Judge basically said:

“The trustee has the right to investigate.” ⚖️
⸻
📌 THE COURT EMPHASIZED RULE 2004 IS VERY BROAD

The Court repeated that Rule 2004 examinations are basically:

🎣 “Fishing expeditions”
📂 Broad investigative tools
🔎 Used to uncover wrongdoing or estate assets

The Judge cited multiple cases saying trustees can investigate third parties to determine whether wrongdoing occurred.
⸻
🚨 HUGE PART — THE COURT ACCEPTED THE TRUSTEE’S THEORY ENOUGH TO ALLOW DISCOVERY

The trustee identified:
📊 11 separate “events”
where Meta or Torchlight allegedly:

💰 Sold treasury shares
📉 Issued dilution
📈 Raised capital
📄 Issued warrants/acquisition stock

during periods where the trustee claims trading manipulation may have affected pricing.

The Non-Parties argued:
❌ “Meta wasn’t actually selling into the manipulated market.”
❌ “The trustee lacks standing.”
❌ “This is too speculative.”

Judge Spraker was NOT persuaded enough to stop discovery. 👀
⸻
⚠️ VERY IMPORTANT — THE JUDGE DREW A LINE

The Court said:
🛑 This is NOT the stage where the Court decides whether Citadel/Virtu/Anson actually committed wrongdoing.

Instead:
✅ The trustee only needs enough justification to INVESTIGATE whether viable claims might exist.

That distinction matters A LOT.
⸻
👀 THE JUDGE ALSO SHOWED SOME CONCERN

This part is important.
The Court acknowledged concerns that:

⚠️ The trustee’s special counsel is involved in OTHER securities litigation against Citadel and Virtu.
⚠️ Rule 2004 discovery cannot simply become a shortcut for outside litigation.
⚠️ Discovery should benefit the bankruptcy estate — not unrelated lawsuits.

So the Judge imposed guardrails.
⸻
🔒 PROTECTIVE ORDER INCOMING

The Court ordered the parties to negotiate a STRICT protective order.

That order must:

🔒 Limit use of produced data -THIS bankruptcy
🔒 Limit use to trustee-related litigation
🔒 Restrict dissemination of data
🔒 Restrict access to trustee + approved professionals only

🚨 RESPONSE DEADLINE:
📅 June 18, 2026 — Protective order must be submitted to the Court.
⸻
🚨 BIGGEST DEADLINE OF ALL

📅 JUNE 25, 2026
The Judge ordered Citadel, Virtu, and Anson to PRODUCE:

📊 Market-wide trading data
📈 For the 161-day schedule identified by the trustee
📂 Under the Rule 45 subpoenas
unless modified by the protective order.

That is the MAJOR headline here. 🚨🚨
⚖️ WHAT THIS MEANS PRACTICALLY

The trustee now gains access to a significant amount of trading data that the Court believes may help determine:

🧩 Whether viable claims exist
🧩 Whether wrongdoing occurred
🧩 Whether the estate suffered damages
🧩 Whether litigation should be filed before limitation deadlines

This does NOT mean:
❌ Anyone has been found liable
❌ Manipulation has been proven
❌ The trustee automatically wins anything
BUT…
✅ The investigation survived.
✅ Discovery survived.
✅ The Court largely sided with allowing investigation over shutting it down.

SIGNIFICANT legal victory for the trustee!

[KKep @kimkep4796]

MMAT | In re Meta Materials Inc. | Case No. 24-50792-gs | Doc 2820 | Filed May 27, 2026
Order Granting in Part and Denying in Part FINRA’s Motion to Quash Trustee Subpoenas

⚠️ Not Legal Advice

The big picture

This is a major discovery win for the Chapter 7 Trustee.

Judge Spraker basically said:
“FINRA, you do have to turn over important trading/manipulation-related data. But there are limits, and the trustee has to pay certain production costs.”

This order is directly tied to the trustee’s investigation into potential manipulation of Meta stock (MMAT / TRCH / MMTLP).

⸻
What happened in plain English

FINRA tried to block the subpoenas

FINRA asked the court to either:

Kill the subpoenas entirely (motion to quash) OR
Narrow them significantly via protective order.

The judge said:

Not entirely. Some yes. Some no.

Hence:

“Granted in part, denied in part.”

⸻
What the Trustee WON 🥇

1) Short Interest Data — PRODUCE IT

FINRA must turn over reported short interest data.

That includes:

TRCH + MMAT

Sept. 21, 2020 → Aug. 21, 2024

MMTLP

June 28, 2021 → Dec. 14, 2022

Layman’s meaning:

This shows what broker-dealers were reporting as short positions.

This helps answer:

Was short interest unusually elevated?
Did reported short positions match actual market behavior?
Were there anomalies around key events?

⸻
2) TRF Data — HUGE 🧨

FINRA must produce Trade Reporting Facility (TRF) data.

Same date ranges.

This is likely one of the most important parts of the order.

Why?

TRF captures off-exchange / OTC reported trades, often associated with internalized trading / market maker activity.

Layman’s translation:

If the trustee is investigating alleged manipulation, this is where some of the most meaningful footprints could live.

Judge even ordered:

FINRA must expedite production due to time pressure.

That’s important.

⸻
3) Reg SHO Daily Short Sale Volume Data

FINRA must produce this too.

Same date ranges.

This helps show:

Daily short sale activity
Short-sale patterns
Whether activity spiked during sensitive periods

Not proof of wrongdoing by itself.

But valuable puzzle pieces.

⸻
Timing priority (important) 👀

📆FINRA agreed to prioritize production in this order:

MMAT 2023
MMAT 2024
MMAT 2022
MMAT 2021
Then TRCH
Then MMTLP

Why that matters:

The trustee likely wants the most actionable data first given statute/time pressure.

⸻
Judge explicitly referenced manipulation investigation

This is a key line.

Judge ordered FINRA to move quickly because of:

“potential manipulation of Meta stock.”

That’s notable.

This is not a finding that manipulation occurred.

But it confirms the court recognizes the trustee’s investigation as legitimate and time-sensitive.

⸻
Requests put on HOLD (not denied yet)

Requests 4–5:

Monthly OTC Summary Report Data
Weekly OTC Summary Report Data

Judge said:

Let’s wait.

Reason:

The trustee may get enough from Requests 1–3 first.

If more is still needed, the parties must meet and confer.

If they still fight, they can come back to court.

Translation:

This door is still open.

⸻
What FINRA WON

Requests 6–9 were QUASHED entirely.

Meaning:

FINRA does NOT have to produce whatever those categories were seeking.

So this was not a total trustee sweep.

⸻
Costs — trustee pays

Because FINRA is a nonparty, Rule 45 cost protections apply.

Meaning:

If producing the data is expensive or burdensome:

the trustee pays the production costs.

This matters because FINRA had argued massive burden.

The judge basically said:

“Produce it—but the estate can shoulder the cost.”

⸻
Protective order remains in place

Anything produced stays under the existing protective order.

Meaning:

This data is not automatically public.

It’s controlled discovery material.

So no—this does not mean shareholders get to immediately see raw trading records.

[kristen shaughnessy @kshaughnessy2]

@RepThomasMassie @Martin737727572 @Cindybinmo Still waiting for you to call out trade settlement not being enforced. Billions/trillions being stolen from small public companies and investors.

[narly72 @narly72]

@FINRA_Robbed_Me @zing_leo12693 As stated by someone, where we go one we go all.....65,000+ lawsuits incoming

[narly72 @narly72]

@SpiritualSF_17 @OgSpaceJam22 @realDonaldTrump @realDonaldTrump if true its over let me know when I can trust the US stock market again and move out of money market funds. I have been waiting for years for a sign corruption is over! Thank you for your attention to this matter!!

[Stephanie 🇬🇧🇺🇸🦍 @stephmase22]

📣📣PATRICK BYRNE KNOWS EXACTLY WHAT IS GOING ON AND HOW TO STOP IT IN A WEEK

NAKED SHORT SELLING IS ILLEGAL 🚨🚨🚨

@PatrickByrne would have been the ultimate choice as the
SEC Chairman not Paul Atkins who has a very questionable past.

But to the best of my knowledge was not even considered. Sadly Patrick has openly said he wouldn't want the job. But he would have been great as he knows with first hand experience the level of corruption in the Capital Markets and Regulatory agencies.

SEC COULD FIX IT BUT CHOOSE NOT TO‼️

[narly72 @narly72]

@marcuslemonis My uncle, my great grandfather, my great great grandfather, my great great great grandfather prior to the American Revolution. I am an American!!!!!!

[narly72 @narly72]

@RogerBjornerud @john40706 George was definitely in charge on that date, the problem was this had never happened before in the history of the stock market, that FINRA and the SEC would collude to steal Billions out of the market from retail traders. This is pure theft!

[narly72 @narly72]

@OgSpaceJam22 1 milelium 2 thousand 37years??

[Patrick Byrne @PatrickByrne]

True