Jan. 13, 2024
To whom it may concern, We would like to strongly OPPOSE the formation of NACs and the trading of the same on the NYSE or any other equity stock exchange for the following reasons among many others: 1) The NACs will not use GAPP accounting rules and therefore there will be no way to compare the value of NACs with traditionally incorporated firms traded on the same exchange 2) NACs will by definition have defacto regulatory control over traditionally incorporated entities and there are no rules to govern this engagement 3) There is no financial mechanism within the US government to transfer the value of these natural assets from the books of the US government to an exchange and account for the impact on the credit picture of the US government debt. 4) Management rights of Lands and regulatory authority associated could be used to arbitrarily harm other members of an exchange with no means to arbitrate. 4) Water and Air are not stationary and move freely in the environment. There is not way to account for this fact in the "ownership" and management of these so called assets. If a traditionally formed corporation moves assets they encounter new taxing authorities, regulation, etc. 5) The 10 amendment to the constitution affords these rights to the states 6) The formation of such entities is not the purview or right of the NYSE or the SEC is the right of the Congress of the US. This is just a very bad idea and presents a serious threat to the wealth and prosperity of every American with no defined monetary or tangible benefit. Kind Regards, Frank Cooney