Broken Arrow

Sitting here wondering, WWTD? He wouldn’t rant. He’d tighten the question. He wouldn’t chase villains. He’d force the record. And he might laugh a little. Authority. Duty. Records. That’s how he’d turn noise into accountability. $MMTLP @tonys_twits

@Marc_Fagel @SEC_Enforcement Tough loss. That X account was one of our few windows into enforcement. Without it, the SEC’s “Trust me, Bro” model gets even harder to read. At this point we might need a masked vigilante enforcing Reg SHO after hours. Do you have a cave? $MMTLP

Sign of our times. (Looks like I'll need to revise my resume.) @SEC_Enforcement

@cvpayne Wore my wheels right through to nothing

I still dream about this commercial

@MetaGuyMarduk Fact

LOOK AT THOSE YOLKS! Pasture raised is the only way...

@FINRA_Robbed_Me @808CG1 Probably not, but Hester Peirce acknowledged confusion and shifting interpretations around Rule 15c2-11. That makes one question unavoidable: what specific regulatory pathway was used to establish quotation eligibility for $MMTLP?

@808CG1 Intriguing post... Can this statement be useful in court?

MMTLP #FAFO #Relentless What Commissioner Peirce’s Statement Really Means for MMTLP Commissioner Hester Peirce’s remarks on the proposed amendments to Rule 15c2‑11 confirm something critical: For years, the SEC itself was confused about how 15c2‑11 should apply, and applied it inconsistently, in ways that harmed markets and investors. She openly acknowledges: The rule’s text said “security,” But everyone including regulators, understood it to apply only to OTC equity securities, The SEC suddenly shifted its interpretation after 2020, this shift caused confusion, market disruption, and unnecessary harm, and the Commission failed to provide clear, timely guidance. This is not a small admission. It’s a public acknowledgment of regulatory misapplication and internal inconsistency. Why this matters for MMTLP. MMTLP was a non‑trading placeholder, not a traditional equity security, activated for trading by two market makers, without issuer disclosures, without a Form 211, and without the information review 15c2‑11 requires. Yet it traded for 14 months. Commissioner Peirce’s statement confirms that: The SEC itself was unclear on how 15c2‑11 should apply, even to legitimate equity securities. What happens when a placeholder like MMTLP enters the system? Exactly what we saw: 1. No proper review 2. No issuer involvement 3. No disclosure requirements 4. No regulatory clarity 5. And eventually, a sudden U3 halt with no transparency Her statement essentially validates the core argument MMTLP investors have made for years: MMTLP fell into a regulatory gray zone created by the SEC’s own confusion and shifting interpretations of Rule 15c2‑11. Connecting this to the broader MMTLP issues Everything we’ve discussed; FOIA denials, B7 exemptions, “Other Reasons,” withheld communications — now fits into a larger pattern: 1. The SEC misapplied or misunderstood its own rule. 2. MMTLP was allowed to trade under a rule that was never meant for it. 3. When the consequences became clear, transparency vanished. 4. FOIA requests were blocked to avoid exposing the internal confusion. Commissioner Peirce’s statement is the first public acknowledgment from inside the SEC that: The rule was unclear, the application was inconsistent, and the Commission’s approach created unnecessary harm. This is exactly what happened with MMTLP. What this means for resolving MMTLP. Commissioner Peirce’s statement strengthens the case for: 1. A full accounting of how MMTLP was allowed to trade without 15c2‑11 compliance. If the SEC couldn’t apply the rule correctly to fixed income, how could it possibly apply it correctly to a placeholder? 2. Release of segregable factual records. The SEC’s own confusion is now on the record. FOIA cannot be used to hide that. 3. Congressional and oversight review. This is no longer just a retail issue; it’s a regulatory process failure. 4. Recognition that MMTLP was a victim of the same systemic misapplication Commissioner Peirce describes. Her statement is effectively an admission that the regulatory environment MMTLP entered was unstable, unclear, and mishandled. Bottom line Commissioner Peirce’s statement confirms what MMTLP investors have argued for years: MMTLP wasn’t an anomaly — it was collateral damage from the SEC’s own inconsistent, unclear, and improperly expanded interpretation of Rule 15c2‑11. And now the SEC is trying to “travel back from the road wrongly taken.” The question is: Will the SEC finally address what happened to MMTLP on that road?

@footnoted First time in SEC history the announcement of an Enforcement Director departure talks exclusively about the cases they DIDN'T bring.

@zing_leo12693 @whisskier Good framing. Neither case resolves $MMTLP, but both point in the same direction. Transparency isn’t optional, and regulators can be challenged. The real leverage will be getting access to the underlying data and decision records.

MMTLP Two court developments that could matter for MMTLP #1 The American Securities Association vs SEC FOIA ruling confirmed regulators can’t hide entire documents just because parts are deliberative factual portions must be released. #2 The Alpine Securities case is forcing deeper scrutiny of FINRA’s internal actions and processes. Neither case fixes MMTLP directly. But both reinforce something important: regulators can be challenged in court and transparency can be forced. Pressure + persistence matters 💪 @JusticeOIG @SECPaulSAtkins @FBIDirectorKash

@MayorSSAASMilo5 WS corruption is real, but markets still run on ledgers and legal obligations. If there’s a large entitlement mismatch, it eventually shows up somewhere. BK #DISCO, NBH litigation, or settlement pressure. That’s why I focus less on TA vs broker. Look for forced reconciliation.

I’m with ya. People need to just slow down and think. I have zero reason to move my thousands of shares from 2 different brokers. I have a bro in law and friend still at their brokers, and 1 other fiend who transferred to Ast. He mounted his certificate on his wall. All 3 believe this will never get resolved. Corruption is too deep. I’m now on the fence with 50/50 shot. I think it will come down to the bankruptcy to expose it all. I don’t think the SEC will acquiesce to NBH. They’ll make NBH file a lawsuit and drag it out. But first, I believe SEC is going to delay S1 long enough that it will hit the timing window requiring NBH to file more financials Im normally an optimist in life but not with Wall street corrupt and MMTLP.

@Marc_Fagel I use them to scare cows away from my fence line. 💿🐮🤠

Posted an offer to give away hundreds of CDs on my local Facebook "Buy Nothing" page. Surprisingly difficult to literally give away free CDs these days.

@unusual_whales Instead of cutting corporate reporting to twice a year, how about keeping current disclosure standards and actually enforcing Reg SHO? That would do far more to restore confidence for both issuers and investors. @SECGov

BREAKING: The Securities and Exchange Commission is preparing a proposal to eliminate the quarterly earnings report requirement and instead give companies the option to share results twice a year, per WSJ

@sing16888 @FinancialCmte @RepFrenchHill @RepMeuser @USRepMikeFlood @RepTroyDowning @RepTimMooreNC @FINRA @SECPaulSAtkins @USHouseFSC @FinancialCmte will not act on $MMTLP before Meta BK #DISCO and NBH corporate action or litigation. Political pressure isn't sufficient to overcome industry lobby pressure yet. $MMTLP $MMAT

@FinancialCmte @RepFrenchHill @RepMeuser @USRepMikeFlood @RepTroyDowning @RepTimMooreNC MMTLP Issue created by @finra ain’t gonna resolve itself @SECPaulSAtkins turning a real good blind eye

ICYMI: Chairman @RepFrenchHill, Oversight & Investigations Subcommittee Chairman @RepMeuser, Housing & Insurance Subcommittee Chairman @USRepMikeFlood, @RepTroyDowning, and @RepTimMooreNC participated in a field hearing in Little Rock on Friday. The members examined mismanagement within the Little Rock Public Housing Authority and discussing solutions to restore accountability and ensure taxpayer dollars are used to serve the American people. Read more here ⬇️🔗 financialservices.house.gov/news/documents…

@sing16888 @Maximus711474 That’s a fair point. The Spaces crowd is only a tiny slice of holders. Personally, I look at transferring NBH shares as a kind of hedge and something that may make sense for some people depending on their situation, but not something everyone should feel pressured to do.

I wasn’t calling out low POI filings in MMAT bk. My point: these MMTLP Spaces only get 3-400 daily listeners. That’s ~0.6% of the estimated 64k holders. So when people push 'transfer to AST NOW to fill the bus,' it’s tough to see how such a tiny fraction moves the needle. Transfer if it fits YOUR situation and not because the daily crowd says the bus is leaving.

Only about 2,000 MMAT POI forms have been filed so far—and that's the only official path to recoup anything. Let's assume there are an estimated 64,000 MMAT holders. That means just ~3% have even bothered to file. Daily MMTLP Spaces❓ - 300–400 listeners max → That's roughly 0.6% of 64,000+ holders. Expecting this tiny group to transfer to AST and drive any real mass action is like betting on the next Mega Millions jackpot while claiming the odds are 50/50….. like you either win or you don’t. 🙄🙄🙄 TradeStation filled their allotment back in 2023, did any regulator ever call them out? ❓❓❓ The echo chamber isn't going to save the day.

@zing_leo12693 @HashtagKelly Good questions to examine. FINRA does wield delegated authority, but the key issue is whether the U3 halt was consistent with the rules and oversight structure behind it. That’s where the strongest arguments will likely be.

The biggest Takeaway in this situation I believe is did FINRA act unconstitutionally, and if so that could change the game! 1.FINRA exercised government-level power. 2.That power lacked SEC oversight. 3.Private regulators should not wield such authority without constitutional limits.

MMTLP The Alpine v. FINRA ruling MIGHT BE A SMOKING GUN FOR MMTLP? If FINRA needs SEC review to expel ONE firm, how can they unilaterally kill a market for THOUSANDS of investors without a formal SEC Order? Unsupervised power is unconstitutional. We need a formal SEC review of the U3 halt NOW. @PaulAtkins_SEC @HesterPeirce @MarkUyedaSEC @RepFrenchHill @RepDonaldsPress

@zing_leo12693 @HashtagKelly Fair point. Testing precedent is how legal arguments get built. The next step is connecting it to the specific authority FINRA used for the U3 halt and the settlement risk or data behind that decision.

@MakerJon @HashtagKelly Just trying to pull comparisons these are Case law precedent set within the court set if we can connect and prove that FINRA was outside there purview that's what we want. That's what we want to keep building on.

June 1983. A 28-year-old Steve Jobs walks into a design conference in Aspen, Colorado. He asks the room who owns a personal computer. Nobody raises their hand. He says “Uh-oh.” Then he spends the next 55 minutes describing the next four decades of technology. Jobs told the audience Apple’s strategy was to “put an incredibly great computer in a book that you can carry around with you, that you can learn how to use in 20 minutes… with a radio link in it so you don’t have to hook up to anything.” That’s an iPhone. In 1983. The Mac hadn’t even shipped yet. He described an MIT project that sent a camera truck down every street in Aspen, photographed every intersection, and built a virtual walkthrough on a computer screen. Google Street View launched 24 years later. He said office networking was about 5 years away and home networking 10 to 15 years out. The web went mainstream in the mid-90s, about 12 years later. Dead on. He described software being sent electronically over phone lines, with free previews and credit card payment. That’s the App Store, 25 years before it launched. He even compared it to the music industry and said software needed “the equivalent of a radio station” for free sampling. Apple built the iTunes Music Store 20 years later. The AI prediction is the one that hits different now. Near the end, Jobs talked about machines that could capture a person’s “underlying spirit” or “way of looking at the world,” so that after they died, you could ask the machine questions and maybe get answers. He said 50 to 100 years. ChatGPT arrived in about 40. The weird part is this speech was lost for nearly 30 years. The full hour-long recording only surfaced in 2012 when a blogger got a cassette tape from someone who attended the original conference. The Steve Jobs Archive didn’t release actual video footage until July 2024. His timelines were consistently too fast. He wanted the “computer in a book” within the 1980s. Apple’s first attempt was the Macintosh Portable in 1989, which weighed 16 pounds and cost $6,500. The iPad arrived in 2010, 27 years late. He guessed voice recognition was about a decade away. Siri launched in 2011, nearly 30 years later. The vision was right every time. The clock was wrong every time. Apple was doing about $1 billion a year in revenue when Jobs gave this talk, with under 5,000 employees. Today it’s worth $3.7 trillion.

@MetaGuyMarduk Dyin’ here… Thanks 🍕 🤪

Made sauce last night and using it to base some veggie pie for early dinner. 😎🤌

3 catalysts could drive pro-retail outcomes in $MMAT $MMTLP. 1️⃣ BK #DISCO exposing true $MMTLP entitlement imbalance 2️⃣ NBH CA requiring real share delivery (sale, merger, tender) 3️⃣ Payout event that forces system to decide who actually gets paid Info → Pressure → Resolution

The $MMTLP conversation risks two traps: 1️⃣ conspiracy expansion that outsiders instantly dismiss as absurd 2️⃣ absolute certainty about outcomes that may never materialize The strongest argument is still facts, settlement mechanics, and transparency. Curious where others land.

@WallStreetJoke @rosales9664 @SECPaulSAtkins @FINRA FINRA operates under authority delegated by Congress through the Exchange Act and (in principle) overseen by SEC. Courts have limited SRO immunity in some contexts, but that doesn’t change the basic framework. The real conversation should be about transparency and accountability.

@MakerJon @rosales9664 @SECPaulSAtkins @FINRA operates outside of its authority. SCOTUS ruling in Galette vs NJ Transit make it clear, SRO not created by Gov or has no "elected officials" and a Corp that can be sued do not have absolute immunity. SCOTUS reverse Chevron reinforces this decision. FINRA IS TOAST. IMHO

🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥 Hey @SECPaulSAtkins If Retailers had done what the Hedge Funds have done we'd be serving life sentences. Corporations do it they get US Government support & PROTECTION. Your MISSION statement is a JOKE. SCOTUS on Galette vs NJ Transit ⚡⚡✨ $MMTLP 🔥🔥