As much as it pains me, I think the shorts’ appeal to the SEC...

As much as it pains me, I think the shorts’ appeal to the SEC probably worked. What compelling reason would SEC have to deny investors access to this information. In this age of transparency, UNS had zero chance of winning this. Frankly, I’m shocked the SEC didn’t make them reveal it much sooner.

My guess is the agency was being cautious but once the details were reviewed, which would take time in a case involving a small company like UNS, they recognized the lack of legal standing to withhold material information that was not truly commercial or financial that would cause substantial competitive harm. Now I realize we shareholders have felt substantial harm due to the release of this information; however, that isn’t SEC’s responsibility. For me, I could not understand the legal distinction between revenue requirements and the interest rate. Claiming that one is commercial or financial that would cause substantial competitive harm while the other wouldn’t seemed a stretch.