NASDAQ: McCain's resignation from SSB "in noncompliance with the rules"

[grantcart]

When Andrew McCain resigned abruptly on July 26 he not only abandoned his responsibilities as Chairman of the Audit committee and left the shareholders with a massive loss, he was also in noncompliance with the rules.

Market Watch by the Wall Street Journal

http://www.marketwatch.com/news/story/silver-state-bancorp-announces-noncompliance/story.aspx?guid=%7BC6F05CE8-FE24-4E10-9867-C1AE7DE3BDC2%7D&dist=hppr

The holding company for Silver State Bank, announced today that the company received a letter on August 15, 2008 from the Nasdaq Stock Market indicating that the company no longer complies with the audit committee composition requirements as set forth in Marketplace Rule 4350, which requires a listed company to have an audit committee of at least three independent members. As a result of the resignation of Andrew K. McCain from the board of directors on July 26, 2008, the company's audit committee has only two independent members. In accordance with Marketplace Rule 4350(d)(4),

SSB has lost ovr 90% of its market share and more than $120 million in shareholder equity in the 116 days that Andrew McCain was chairman of the audit committee. His resignation was obviously timed to let him leave before they announced a $70 million operating loss that remains largely unreported by the news media.

The stock continues its decline from $ 8.6 per share when McCain joined the board to 0.54 today.

You can see the history of the stock here: http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

Apparently if you own 7 houses or more NASDAQ rules don't apply to you.

[C_U_L8R]

1. What? Now that's a real Cut-N-Run McCain right there.

Republican Family Values on display

[billyoc]

2. My dad was a POW

[grantcart]

5. lol

[cliffordu]

3. K&R Yo! Grantcart!! Welcome back!!

[grantcart]

6. tks well had to be back tonight

[speedoo]

4. Great get!

This has not surfaced in the non-financial MSM yet, as far as I know.

[grantcart]

10. no we just have to keep whacking away lol

[Ichingcarpenter]

7. Is this the only forum on DU where this has been posted?

It really needs to go to front page.

kick nominated

[grantcart]

8. tks

[Bluerthanblue]

9. K&R

Honor and duty eh?

[burythehatchet]

11. You know, when John McCain was a POW, there was no audit committee in prison

....so there.