WEBVTT

NOTE recognizability 0.894

NOTE language en-us

00:00:00.570 --> 00:00:04.850
Gosh, I...talks backs and I will do it as a favor report that's okay not that

00:00:04.850 --> 00:00:09.480
really matters but I guess maybe I get done with now.

00:00:09.480 --> 00:00:14.910
Come on,...your work you still running because I was going to get that

00:00:14.910 --> 00:00:18.800
...doing it on specs so...get the...gilbert and then we also do the

00:00:18.800 --> 00:00:22.200
spec thing I mean you gotta live...you know,

00:00:22.200 --> 00:00:25.780
I'm not getting any younger these are the things I lived for you now

00:00:25.780 --> 00:00:30.220
you're tall room now you're talking like you that's what I wanted to see

00:00:33.520 --> 00:00:38.820
...paper made my day...john libra colleagues by

00:00:38.820 --> 00:00:43.240
...a union you never gave met the answers I verified

00:00:43.240 --> 00:00:48.550
that ought to give anybody any answers I don't even know matt is gone on because

00:00:48.550 --> 00:00:51.600
...add five more shows might...said five

00:00:51.600 --> 00:00:56.180
...novels they happened never mind...tells

00:00:56.180 --> 00:01:01.210
...break as the next input yet let's go on to the next...talks backs actually this may be important, you know,

00:01:01.210 --> 00:01:06.510
last week I was away I don't know if you guys covered it of course this...that came

00:01:06.510 --> 00:01:12.480
against black men's spec taunting holdings member pc it and,

00:01:12.480 --> 00:01:16.500
then lead distract when in a letter to...say hey, you know,

00:01:16.500 --> 00:01:19.390
what I'm may return the money and then move on to

00:01:19.390 --> 00:01:24.010
this new creation I have in mind called the spark which has to get sec

00:01:24.010 --> 00:01:28.830
approval for but I mention this lawsuit in particular because it could have brought a ramifications

00:01:28.830 --> 00:01:35.040
for more facts themselves the case was being argued by

00:01:35.040 --> 00:01:40.010
robert jackson is a former sec commissioner and john morally law professor at yale and it

00:01:40.010 --> 00:01:44.980
basically said that the stack is an operating company but it's actually an investment

00:01:44.980 --> 00:01:50.790
company and therefore should be regulated by the investment company act of nineteen forty there's look

00:01:50.790 --> 00:01:52.760
...on...which by the way remember came

00:01:52.760 --> 00:01:57.740
...twenty so it is below the issue price and it may very well be...returns the money memory

00:01:57.740 --> 00:02:01.080
tried the universal deal initially through this back...outside?

00:02:02.090 --> 00:02:06.770
Anyhow but, what's important here is for the brothers back universe because

00:02:06.770 --> 00:02:10.940
what I'm hearing and I have not been able to get a hold of mr jackson confirm

00:02:10.940 --> 00:02:15.450
this is yet but a number of people this morning mentioned to me that they are hearing

00:02:15.450 --> 00:02:20.900
that this is going to become a broader claim against many others backs but basically says, you know,

00:02:20.900 --> 00:02:25.740
what you take investor money and you say you're putting in treasuries but maybe you're putting

00:02:25.740 --> 00:02:30.880
in some other things essentially you are an investment company should

00:02:30.880 --> 00:02:35.810
be regulated that way and if in fact this lawsuit

00:02:35.810 --> 00:02:40.560
has broadened to include many others fax it could have a chilling effect remember time

00:02:40.560 --> 00:02:45.870
is the enemy many specs they get their money they have a two-year period in which they have to...a deal get the deal

00:02:45.870 --> 00:02:50.870
approved by their shareholder base and close the deal course we see that all the time so but I

00:02:50.870 --> 00:02:56.660
did want to point that out unclear where the sec is on this of

00:02:56.660 --> 00:03:01.650
course this lawsuit to get some attention last week because it did include as I said mr jackson who's a

00:03:01.650 --> 00:03:07.900
former...heavy and...and, the question again

00:03:07.900 --> 00:03:12.460
is investing a securities is all the companies ever done since side po and this is what the

00:03:12.460 --> 00:03:17.200
complaint against nineteen had to say and therefore it's, you know,

00:03:17.200 --> 00:03:22.360
simply buying some stock is not what...meant to do we'll see whether it gets

00:03:22.360 --> 00:03:25.820
...doubt but that apparently is...the talk of many people in the

00:03:25.820 --> 00:03:29.580
...universe this morning and,

00:03:29.580 --> 00:03:33.610
that's...by the way...this sources...I was trying remember what

00:03:33.610 --> 00:03:38.640
...he was against which is something you care...about...

00:03:38.640 --> 00:03:39.710
Robert jackson yes,

00:03:39.710 --> 00:03:45.510
yeah, you really been a leader in favor of...brought the lawsuit on behalf of a

00:03:45.510 --> 00:03:50.670
...team holder of course what I'm saying, you know, typically there's a lot of guys who just chases

00:03:50.670 --> 00:03:55.690
...jackson saying by so low is a life-long yankees which...both science.