From: Raia, Joseph [JRaia@NYMEX.com] Sent: Tuesday, March 11, 2003 7:54 AM To: 'rule-comments@sec.gov' Subject: SEC Comments on DTC Hello. I am a shareholder of one of the companies that is seeking to exit from the DTC-Jag Media Holdings (JGMHA). I must strongly object to the DTC trying to block it's exit from the DTC on the following grounds: 1) Massive Uncovered naked short positions-JGMHA has tried to force the market makers of its stock to cover the more than 200 million shares that are now purportedly in the marketplace. The total float of JGMHA is 35 million shares. This 200 million figure is accurate based on the recent recapitalization that the company insituted in order to combat this massive uncovered position. 2) The recent arrest by the FBI of Mark Valentine. Mr Valentine was caught trying to sell to an undercover FBI agent shares that he did not own of JGMHA. He is a critical figure in this illegal short-selling scheme and is responsible for rolling the naked shorts throughout the market makers of the stock. 3) The DTC and the SIA are industry owned and have a very real problem if their companies are made to cover their naked short positions. These broker firms are the most serious offenders of this naked short selling scheme and should be punished severely for it. I would hope that you do not allow the DTC to block this exit of the DTC by JGMHA- a decision that the shareholders of this company and others have already voted in favor of. Sincerely Joe Raia Joe Raia Director of Marketing/OTC Clearing Services New York Mercantile Exchange JRaia@NYMEX.com Tel 212-299-2374 Cell-917-864-4499 ------------------------- Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)