A “old-new” letter from Pete Sessions has some members of the MMTLP community upset.
Community member Mr. BagelMan posted a recent correspondence he had with Pete Sessions dated August 14th.
According to the letter itself it is designed to:
1) Acknowledge that this constituent engaged their office about the MMTLP matter
2) Provide important details about the MMTLP issue
The basics of this letter have been seen before in other correspondences from Sessions office. There is some new information added regarding the Wells Notice on the second page.
The controversy stems mostly from the third paragraph starting on the first page.
The letter seems to mirror the FINRA FAQS released back in March, specifically stating that “FINRA halted trading of MMTLP shares on December 8, 2022, after the trading day closed, to allow two days for trades to be settled before the stock transition.”
This 2-day settlement talk goes all the way back to Dave Lauer trying to initially explain the halt. After hearing more of the facts of the case, Dave has sent tweets in favor of more FINRA transparency.
Community members are reacting to this letter. The community is taking one of two sides.
- Don’t doubt Pete Sessions motivation, he is helping us with an investigation and we should continue to support and encourage him until the investigation is complete.
- This letter is ridiculous, why would Sessions office send out a letter with FINRA propaganda that has not been proven as fact?
We understand the thoughts and feelings on both side of this issue. On the one hand we are grateful for Sessions and the Financial Services Committee for spearheading the investigation. On the other hand why would they write a letter that references FINRA’s position and something not known as a fact at this point? Would it not be more appropriate in a letter of this type to only list known facts?
The letter also references litigation that is happening for MMTLP and takes a somewhat “wait and see” approach.
It’s possible this letter was just sent out by a staff member and needs to be revised. But on the surface the letter reads that they are telling us exactly why the ticker was halted. This information just so happens to be direct from FINRA.
It is vitally important that Sessions’ office knows of the inaccuracies in this letter. There are several. I am quite sure these inaccuracies have already been presented to them in the past when this same information was posted.
We hope that Pete Sessions and his staff will continue to be an ally to the MMTLP community. All we ask for is to investigate with an open mind to truly get to the bottom of this issue. Congress should not take any of FINRA or James Angel’s statements as FACT without conducting a legitimate impartial investigation. The same goes true for our communities statements. This is how a fair investigation is conducted.
At the same time, we urge caution to anyone responding to any of these tweets and ask them to always be respectful until we know more. While this is worrisome language, we are not clear on what the committee is doing behind the scenes with their investigation. Until we have these answers, we should all welcome their help in getting to the bottom of this situation.
At the same time this doesn’t mean we can’t ever criticize a letter, tweet or other actions by a Congressional member. We all want the truth in this matter and the facts are on our side. So let’s all be vocal yet respectful and remember the old adage…
