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The Staff has generally noted the following characteristics with respect to liquidating trusts being granted no-action relief: While the Staff has granted no-action relief from Exchange Act requirements if the above requirements are met, it has also expressly denied relief in circumstances where the company requesting relief was not current with its required filings under the Exchange Act.The Staff’s underlying rationale in granting relief to liquidating trusts appears to be two-fold: (1) that compliance with the reporting obligations (including the cost of auditing annual financial statements and preparing and filing quarterly reports) of the Exchange Act would place an unreasonable financial and administrative burden on a liquidating trust and significantly reduce the amount of distributions to be made in respect of the beneficial interests; and (2) as the beneficial interests are not and will not be traded on the open market and the holders of the beneficial interests will receive at least annual financial reports from the trustee of the liquidating trust, there is no need for the general public to receive the type of information regarding the liquidating trust required under Sections 13 and 15(d) of the Exchange Act.I concluded that his fundamental disagreement with me was the same as Murray Rothbard’s, which I discussed in a previous post.Rothbard, in an essay now webbed, claimed that what was wrong with me was that I did not hate the state, that I regarded those who disagreed with my libertarian views not as evil but merely as mistaken My response to Wolff, as to him, was that the fundamental question is not which side you are on.While no-action relief granted by the Staff to other parties and with respect to certain facts and circumstances form all or part of a persuasive argument for like treatment in similar fact situations, the grant of no-action relief by the Staff does not represent an official action by or on behalf of the SEC Commissioners.No-action relief granted by the Staff may only be relied upon by the party that submitted the request, based on the particular facts and circumstances, and otherwise may only viewed as setting forth views of the Staff (PDF).One of the other participants was Robert Wolff, who published his In Defense of Anarchism a year or two before I published my Machinery of Freedom.

But on most of the big issues almost all of us should support about the same policies—if only we could agree on what the consequences of the alternatives would be.The real difference, as best I could tell, is something quite different.Wolff described how, as a professor of philosophy at Columbia during the student riots there, he had been trying and failing to find a philosophical derivation of ethics in the work of Kant, an argument showing what was good or bad, what one should or should not do.His conclusion was that if Kant could not do it, it could not be done, leaving him with no intellectually satisfactory way of answering the important questions.The solution to that problem was provided to him by one of the student revolutionaries, one he thought was almost certainly a communist, who told him that he did not need a philosophical derivation of ethics. Wolff eventually concluded that the student was right.

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