

AndyMack
142 posts








⚖️ MMTLP / MMAT / TRCH / NBH Meta Materials Inc. Bankruptcy U.S. Bankruptcy Court – District of Nevada Case No. 24-50792-gs 📄 Key Filings by FINRA (3/27/2026) 👈 •FINRA Supplemental Brief on Undue Burden •Declaration of David S. Norris (Undue Burden) •FINRA General Counsel Declaration •Motion to Seal + Proposed Order (NOTE: The Trustee’s response is due 4/3/2026.) ⸻ 🧠 WHAT THIS IS (Layman’s Terms) ⚠️ Not Legal Advice The trustee wants FINRA documents to investigate potential claims. FINRA says: 👉 “It’s too big, too expensive, and mostly protected—so it should be limited or blocked.” ⸻ 🔍 FINRA’S CORE ARGUMENTS 🟥 Burden •~5M messages / 2.56 TB data •~$450K–$550K+ to review 👉 “This is excessive for a nonparty.” ⸻ 🟥 Privilege •Attorney-client •Work product •Investigative files 👉 “Most of what you want can’t be produced anyway.” ⸻ 🟥 Scope •Trustee narrowed other subpoenas •FINRA still asked for 4 years + communications 👉 “We’re being asked for far more than others.” ⸻ 🟥 Justification •Trading halt tied to settlement/clearance concerns ⸻ 🟥 Sealing •Safety concerns + threats used to justify sealing (See comments to this post for these filings.) ⸻ ⚖️ WHAT THE JUDGE DECIDES 👉 Is this subpoena: •Reasonable and relevant •OR overly burdensome and overbroad Courts balance: •Need for info •Burden/cost •Privilege limits ⸻ 🚨 KEY TAKEAWAYS •This is a scope fight—not a full stop •FINRA’s burden argument will: 👉 Limit scope, not eliminate discovery •Privilege will: 👉 Shape production, not block it entirely ⸻ 🎤 Bottom Line 👉 FINRA will likely have to produce something meaningful—but not everything requested, and not all at once. Also note that the Judge is well aware of the statute of limitations. dropbox.com/scl/fi/9e6a2tw… dropbox.com/scl/fi/a9bjdxt…



The SEC seems to be saying, in effect, “15c2-11 is an OTC equity rule, let’s stop pretending it is a general quotation rule for every security” BUT… What I find even more interesting is Commissioner @HesterPeirce longer statement 2 hrs ago and this part: “They highlighted that the 2020 rule amendments relied entirely on OTC equity data and did not even mention the term “fixed income” once. They noted that they were unaware of Rule 15c2-11 ever being applied to fixed income securities. And they warned that the application of the rule would gravely harm the fixed income market and investors, with no discernable reduction in fraud” The keyword is “fixed income” #MMTLP There is a more strategic interpretation in my opinion. More to follow, thank you Suzy! sec.gov/newsroom/speec…




Today, @BedBathBeyond – @tZERO’s largest shareholder – announced its agreement to acquire Tokens.com, a platform focused on real-world asset finance and tokenized liquidity. Tokens.com will leverage tZERO’s regulatory and operational infrastructure and multi-asset platform services to support capital markets, tokenization, custody, and trading, forming an integrated stack for compliant liquidity. The decision reflects a clear focus on building tokenized markets on established regulatory and capital markets foundations. The platform will also leverage partners including @Figure to access mortgages, home equity lines of credit, renovation loans, home makeover loans, and other asset-backed lending and capital solutions. tZERO provides the institutional-grade infrastructure that enables platforms to scale responsibly while maintaining investor protections and regulatory clarity. 🔗investors.beyond.com/news-events/pr…







