Letters, statements, etc., submitted for the record by-Continued Page Spira, Robert A., chairman, Berkeley Securities, New York-Continued 16-31 Sturc, John H., Associate Director, Division of Enforcement, Securities and Exchange Commission: Prepared statement........ 394-507 APPENDIXES SEC response to subcommittee inquiry, November 9, 1988. Appendix 1.-Selected company responses to subcommittee survey Advanta Corp. letter, August 9, 1989. America West Airlines, Inc., letter, June 16, 1989 Biotechnology Development Corp. letter, August 4, 1989. Digital Microwave Corp. letter, May 31, 1989 Michael Foods Inc. letter, August 8, 1989 qmed inc. letter, June 14, 1989.. Appendix 2.-Correspondence with Securities and Exchange Commission Subcommittee letter requesting SEC consideration of an uptick rule for 537 537 540 543 546 548 554 558 564 564 571 600 Subcommittee request for SEC testimony, November 3, 1989. 607 612 SEC response concerning an uptick rule for NASDAQ trading, March 5, 1990 619 SEC response to followup questions, May 24, 1990. Appendix 3.-Correspondence with National Association of Securities Dealers. Subcommittee letter requesting NASD consideration of an uptick rule for Appendix 4.-Other letters/statements received, selected 627 661 661 665 668 673 NASD response concerning an uptick rule for NASDAQ trading, January 10, 1990.. 680 684 Leslie B. Clements letter concerning Carrington Laboratories, November 2, 1989. 684 Feshbach Brothers letter and statement for the record, November 27, 1989 3 Steven M. Elkman, Senior Vice President, Kidder, Peabody and Co., "Brief Legal Analysis of Standing to Sue by a Corporation for Short Sale "Ownership of Securities Held for a Customer in a Street Name Account" by Michael V. Seitzinger, American Law Division, CRS, April 13, 1990... Appendix 6.-Data tabulations. 686 690 693 693 698 701 Table 1: Stocks With High Short Interest, 1987-89, By Maximum Short 701 Table 2: Stocks With High Short Interest, 1987-89, By Maximum Ratio of 707 Table 3: Stocks With High Short Interest, 1987-89, Alphabetical Listing.... Appendix 7.-Survey materials... 713 719 Subcommittee inquiry letter to NASDAQ companies, May-June 1989......... "The Short Sales Mechanism-A Statement of Concerns," subcommittee staff analysis, April 6, 1989.. 719 725 "Summary of company responses to subcommittee questionnaire survey regarding short selling experience," subcommittee staff memorandum, December 4, 1989..... 729 Appendix 8.-Outline and selected table of contents of SEC testimony before the subcommittee (prepared by the subcommittee). 732 Appendix 9.-Press clippings...... 733 "Control Battle Revives Long-Buried Corner in Stock," Business Week, July 5, 1958. 733 Appendix 9.—Press clippings—Continued "Stock Corners: An Analysis of Situations Arising When Delivery Cannot Be Fulfilled" by Robert E. Bedingfield, New York Times, August 20, 1958. Page 736 "Where Are the Good Guys" by Robert J. Flaherty, OTC Review, July 1984 "Serving Readers-or Sources?" by Robert J. Flaherty, OTC Review, January 1985.... 737 746 "Selling short-why it works and why you probably shouldn't do it" by Susan Lee, Forbes, April 22, 1985.. 749 "The Great Bear Raid On an OTC Trader" by Anthony Bianco, Business Week, May 27, 1985.... "Catnapping Watchdogs: They're Sure No Help to These Customers" by Lawrence J. Tell, Barron's, July 29, 1985.... "SEC Investigates Keystone Trading" by Robert J. Flaherty, OTC Review, August 1985. "Bear Raid! Bear Raid!" by Mark Levenson, OTC Review, August 1985...... "Market Hardball: Aggressive Methods of Some Short Sellers Stir Critics to Cry Foul" by Dean Rotbart, Wall Street Journal, September 5, 1985.. "Market Hardball: A Reporter Who Doesn't Want to Be Used Must Consider the Sources of His Stories," Wall Street Journal, September 5, 1985.... "Selling a Stock Short Is a Lot Riskier Than Buying, But the Way It Is Done Can Make It Very Profitable," Wall Street Journal, September 5, 1985 "Stock Wars: The Longs vs. the Shorts" by Chris Welles, Business Week, May 11, 1987. 754 755 757 761 764 770 771 772 "Short Sellers May Have Overstepped the Line," Business Week editorial, May 11, 1987. 775 "De-pressing Story: Read All About the Big Exposé That Wasn't" by Jonathan R. Laing, Barron's, May 18, 1987. 776 "The Cutting Room Floor: OTC Company Rebellion" by Robert J. Flaherty, OTC Review, July 1987.. 779 "Striking Back at the Shorts" by Robert J. Flaherty, OTC Review, July 1987 780 "Why Those Trees Had to Die" by Bob Flaherty, OTC Review, January 1988 785 "Naked came the short-sellers" by Phyllis Berman and Ronit Addis, Forbes, February 8, 1988.. "OUCH 52 792 "Are Short Sales on the Up and Up?" by David A. Vise, Washington Post, May 8, 1988... 794 797 "Sham' Trades by Japanese Insurers May Boost NYSE Volume" by "The Short Symposium" by Robert J. Flaherty, OTC Review, July 1988..... "SEC Adopts Rule Covering Short Sales Just Prior to Certain Stock Offerings" by Thomas E. Ricks, Wall Street Journal, August 16, 1988..... "The shorts are coming! The shorts are coming!" by Debbie Galant, Institutional Investor, November 1988.... 799 801 806 807 808 "Mr. Keating, meet Mr. Short" by Allan Sloan and John H. Taylor, Forbes, December 26, 1988. 811 "Broker's Big Role In Chase Medical" by Floyd Norris, New York Times, January 16, 1989..... 813 "SEC Proposes Rule to Curb Tendering Of Stock Being Held in 'Short' 814 815 816 "A walk on the short side," Institutional Investor, April 1989. 817 821 |