ScottyT

🚨🚨MOTION TO QUASH DENIED THIS IS A HUGE WIN FOR MMTLP MMAT💪💪 Actually this is a massive win for all Retail investors. Off exchange is the dark pools where so many heavily attacked stocks trade. Payment for order FRAUD they buy the order then funnel it into the dark pool hidden from the market. It's where dirty deeds happen. It is a big part of the manipulation. So this could set precedents and take their cloak of invisibility away.

MMAT - 4/20/2026 Ruling from the Bench - Major Motion to Quash - DENIED! Below concern TRF Data Only - ⚠️ Not legal advice 🧾 What a TRF is (super simple) A TRF (Trade Reporting Facility) is where trades get reported when they don’t happen on a stock exchange. 👉 Example: If a trade happens through a market maker like Citadel LLC or Virtu Financial instead of Nasdaq or NYSE ➡️ it still has to be reported somewhere ➡️ that “somewhere” = a TRF (run with FINRA) ⸻ 📊 Why this matters (Doc E’s chart below) ~60% = on-exchange ~40% = off-exchange (TRFs + dark pools) 👉 Translation: A huge chunk of trading happens off the public exchanges So if you want the full picture of trading activity, 👉 you NEED TRF data ⸻ ⚖️ What the judge just did (BIG) The judge denied FINRA’s motion to quash ➡️ meaning: FINRA must comply with the subpoena ⸻ 🔍 What FINRA likely has (in plain terms) FINRA/TRFs can show: Who traded When they traded Price & volume Which broker/dealer handled it Patterns (repeated trades, timing, etc.) 👉 It’s basically a map of off-exchange activity ⸻ 🧠 Why this is huge for Meta Materials 1) 🧩 Fills in the missing half of the market 👀👀👀👀👀 We already have (or may get): Broker data (Schwab, TD, etc.) Possibly DTCC settlement data Now add: 👉 TRF data = off-exchange trades 📌 Combined = near-complete trading reconstruction ⸻ 2) 🎯 Helps prove (or disprove) manipulation The trustee is looking at things like: Spoofing Short selling patterns Price suppression during ATM sales TRF data can show: 👉 “Was volume happening off-exchange while price was dropping?” 👉 “Were the same players repeatedly involved?” ⸻ 3) 💥 Direct impact on potential lawsuits If patterns emerge: 👉 Trustee can identify targets (firms, counterparties) That ties directly to: Estate recovery Litigation funding (Parabellum hearing May 7) ⸻ 4) 💰 Bigger recovery potential More evidence = stronger claims Stronger claims = 👉 higher settlement pressure or damages Which means: 👉 more money potentially coming back to the estate ⸻ 🔥 The CAT angle (Per FINRA Attorney David Norris yesterday) FINRA said: “We don’t own CAT data” But now: They still must produce what they do control (TRF + related data) 👉 Key takeaway: Even without CAT ownership, FINRA still holds critical pieces of the puzzle ⸻ 🧠 Bottom line (layman’s terms) 👉 A TRF is where “hidden” trades get reported 👉 Those trades make up a BIG part of the market 👉 The judge just forced FINRA to hand over that data 🧨 💥 That means the trustee can now: See more of what really happened Connect the dots Potentially prove manipulation Go after bigger recovery ⸻ 🎯 Judge says: show the off-exchange tape. FINRA’s data could expose what the public market never showed.” 🧨

🚨🚨MOTION TO QUASH DENIED THIS IS A HUGE WIN FOR MMTLP MMAT💪💪 Actually this is a massive win for all Retail investors. Off exchange is the dark pools where so many heavily attacked stocks trade. Payment for order FRAUD they buy the order then funnel it into the dark pool hidden from the market. It's where dirty deeds happen. It is a big part of the manipulation. So this could set precedents and take their cloak of invisibility away.