id	sid	tid	token	lemma	pos
cblr-10944	1	1	microsoft	microsoft	PROPN
cblr-10944	1	2	word	word	PROPN
cblr-10944	1	3	kapoorfixed.docx	kapoorfixed.docx	VERB
cblr-10944	1	4	note	note	NOUN
cblr-10944	1	5	direct	direct	ADJ
cblr-10944	1	6	listings	listing	NOUN
cblr-10944	1	7	and	and	CCONJ
cblr-10944	1	8	the	the	DET
cblr-10944	1	9	tracing	trace	VERB
cblr-10944	1	10	doctrine	doctrine	NOUN
cblr-10944	1	11	:	:	PUNCT
cblr-10944	1	12	why	why	SCONJ
cblr-10944	1	13	congress	congress	PROPN
cblr-10944	1	14	or	or	CCONJ
cblr-10944	1	15	the	the	DET
cblr-10944	1	16	sec	sec	PROPN
cblr-10944	1	17	must	must	AUX
cblr-10944	1	18	intervene	intervene	VERB
cblr-10944	1	19	neal	neal	PROPN
cblr-10944	1	20	kapoor	kapoor	PROPN
cblr-10944	1	21	*	*	PROPN
cblr-10944	1	22	in	in	ADP
cblr-10944	1	23	september	september	PROPN
cblr-10944	1	24	2021	2021	NUM
cblr-10944	1	25	,	,	PUNCT
cblr-10944	1	26	the	the	DET
cblr-10944	1	27	u.s	u.s	PROPN
cblr-10944	1	28	.	.	PROPN
cblr-10944	1	29	court	court	PROPN
cblr-10944	1	30	of	of	ADP
cblr-10944	1	31	appeals	appeal	NOUN
cblr-10944	1	32	for	for	ADP
cblr-10944	1	33	the	the	DET
cblr-10944	1	34	ninth	ninth	ADJ
cblr-10944	1	35	circuit	circuit	NOUN
cblr-10944	1	36	in	in	ADP
cblr-10944	1	37	pirani	pirani	PROPN
cblr-10944	1	38	v.	v.	ADP
cblr-10944	1	39	slack	slack	PROPN
cblr-10944	1	40	technologies	technology	NOUN
cblr-10944	1	41	became	become	VERB
cblr-10944	1	42	the	the	DET
cblr-10944	1	43	first	first	ADJ
cblr-10944	1	44	circuit	circuit	NOUN
cblr-10944	1	45	to	to	PART
cblr-10944	1	46	have	have	VERB
cblr-10944	1	47	a	a	DET
cblr-10944	1	48	say	say	NOUN
cblr-10944	1	49	on	on	ADP
cblr-10944	1	50	whether	whether	SCONJ
cblr-10944	1	51	an	an	DET
cblr-10944	1	52	investor	investor	NOUN
cblr-10944	1	53	who	who	PRON
cblr-10944	1	54	purchases	purchase	VERB
cblr-10944	1	55	securities	security	NOUN
cblr-10944	1	56	in	in	ADP
cblr-10944	1	57	a	a	DET
cblr-10944	1	58	direct	direct	ADJ
cblr-10944	1	59	listing	listing	NOUN
cblr-10944	1	60	can	can	AUX
cblr-10944	1	61	establish	establish	VERB
cblr-10944	1	62	standing	stand	VERB
cblr-10944	1	63	to	to	PART
cblr-10944	1	64	bring	bring	VERB
cblr-10944	1	65	claims	claim	NOUN
cblr-10944	1	66	under	under	ADP
cblr-10944	1	67	section	section	NOUN
cblr-10944	1	68	11	11	NUM
cblr-10944	1	69	of	of	ADP
cblr-10944	1	70	the	the	DET
cblr-10944	1	71	securities	security	NOUN
cblr-10944	1	72	act	act	NOUN
cblr-10944	1	73	of	of	ADP
cblr-10944	1	74	1933	1933	NUM
cblr-10944	1	75	.	.	PUNCT
cblr-10944	2	1	the	the	DET
cblr-10944	2	2	ninth	ninth	ADJ
cblr-10944	2	3	circuit	circuit	NOUN
cblr-10944	2	4	’s	’s	PART
cblr-10944	2	5	controversial	controversial	ADJ
cblr-10944	2	6	ruling	ruling	NOUN
cblr-10944	2	7	challenges	challenge	NOUN
cblr-10944	2	8	fifty	fifty	NUM
cblr-10944	2	9	years	year	NOUN
cblr-10944	2	10	of	of	ADP
cblr-10944	2	11	established	establish	VERB
cblr-10944	2	12	jurisprudence	jurisprudence	NOUN
cblr-10944	2	13	and	and	CCONJ
cblr-10944	2	14	has	have	VERB
cblr-10944	2	15	the	the	DET
cblr-10944	2	16	potential	potential	NOUN
cblr-10944	2	17	to	to	PART
cblr-10944	2	18	deter	deter	VERB
cblr-10944	2	19	companies	company	NOUN
cblr-10944	2	20	from	from	ADP
cblr-10944	2	21	performing	perform	VERB
cblr-10944	2	22	direct	direct	ADJ
cblr-10944	2	23	listings	listing	NOUN
cblr-10944	2	24	.	.	PUNCT
cblr-10944	3	1	this	this	DET
cblr-10944	3	2	note	note	NOUN
cblr-10944	3	3	argues	argue	VERB
cblr-10944	3	4	for	for	SCONJ
cblr-10944	3	5	congress	congress	PROPN
cblr-10944	3	6	or	or	CCONJ
cblr-10944	3	7	the	the	DET
cblr-10944	3	8	sec	sec	PROPN
cblr-10944	3	9	to	to	PART
cblr-10944	3	10	intervene	intervene	VERB
cblr-10944	3	11	by	by	ADP
cblr-10944	3	12	requiring	require	VERB
cblr-10944	3	13	or	or	CCONJ
cblr-10944	3	14	encouraging	encourage	VERB
cblr-10944	3	15	companies	company	NOUN
cblr-10944	3	16	to	to	PART
cblr-10944	3	17	adopt	adopt	VERB
cblr-10944	3	18	blockchain	blockchain	PROPN
cblr-10944	3	19	technology	technology	PROPN
cblr-10944	3	20	once	once	SCONJ
cblr-10944	3	21	they	they	PRON
cblr-10944	3	22	go	go	VERB
cblr-10944	3	23	public	public	ADJ
cblr-10944	3	24	via	via	ADP
cblr-10944	3	25	a	a	DET
cblr-10944	3	26	direct	direct	ADJ
cblr-10944	3	27	listing	listing	NOUN
cblr-10944	3	28	.	.	PUNCT
cblr-10944	4	1	the	the	DET
cblr-10944	4	2	goal	goal	NOUN
cblr-10944	4	3	of	of	ADP
cblr-10944	4	4	this	this	DET
cblr-10944	4	5	approach	approach	NOUN
cblr-10944	4	6	is	be	AUX
cblr-10944	4	7	to	to	PART
cblr-10944	4	8	ensure	ensure	VERB
cblr-10944	4	9	that	that	SCONJ
cblr-10944	4	10	companies	company	NOUN
cblr-10944	4	11	continue	continue	VERB
cblr-10944	4	12	to	to	PART
cblr-10944	4	13	use	use	VERB
cblr-10944	4	14	direct	direct	ADJ
cblr-10944	4	15	listings	listing	NOUN
cblr-10944	4	16	,	,	PUNCT
cblr-10944	4	17	while	while	SCONJ
cblr-10944	4	18	also	also	ADV
cblr-10944	4	19	preserving	preserve	VERB
cblr-10944	4	20	adequate	adequate	ADJ
cblr-10944	4	21	investor	investor	NOUN
cblr-10944	4	22	protections	protection	NOUN
cblr-10944	4	23	.	.	PUNCT
cblr-10944	5	1	i.	i.	NOUN
cblr-10944	5	2	introduction	introduction	NOUN
cblr-10944	5	3	..............................................................	..............................................................	PUNCT
cblr-10944	5	4	1028	1028	NUM
cblr-10944	5	5	ii	ii	NOUN
cblr-10944	5	6	.	.	PUNCT
cblr-10944	6	1	background	background	NOUN
cblr-10944	6	2	on	on	ADP
cblr-10944	6	3	direct	direct	ADJ
cblr-10944	6	4	listings	listing	NOUN
cblr-10944	6	5	................................	................................	PUNCT
cblr-10944	6	6	1031	1031	NUM
cblr-10944	6	7	a.	a.	NOUN
cblr-10944	6	8	ipos	ipos	NOUN
cblr-10944	6	9	and	and	CCONJ
cblr-10944	6	10	direct	direct	ADJ
cblr-10944	6	11	listings	listing	NOUN
cblr-10944	6	12	generally	generally	ADV
cblr-10944	6	13	..................	..................	PUNCT
cblr-10944	6	14	1031	1031	NUM
cblr-10944	6	15	b.	b.	PROPN
cblr-10944	6	16	mechanics	mechanic	NOUN
cblr-10944	6	17	and	and	CCONJ
cblr-10944	6	18	regulation	regulation	NOUN
cblr-10944	6	19	of	of	ADP
cblr-10944	6	20	direct	direct	ADJ
cblr-10944	6	21	listings	listing	NOUN
cblr-10944	6	22	...	...	PUNCT
cblr-10944	7	1	1034	1034	NUM
cblr-10944	7	2	1	1	NUM
cblr-10944	7	3	.	.	PUNCT
cblr-10944	7	4	registration	registration	NOUN
cblr-10944	7	5	statement	statement	NOUN
cblr-10944	7	6	overview	overview	NOUN
cblr-10944	7	7	...............	...............	PUNCT
cblr-10944	7	8	1034	1034	NUM
cblr-10944	7	9	2	2	X
cblr-10944	7	10	.	.	PUNCT
cblr-10944	7	11	nyse	nyse	NOUN
cblr-10944	7	12	rule	rule	NOUN
cblr-10944	7	13	changes	change	NOUN
cblr-10944	7	14	.....................................	.....................................	PUNCT
cblr-10944	7	15	1035	1035	NUM
cblr-10944	7	16	3	3	NUM
cblr-10944	7	17	.	.	PUNCT
cblr-10944	7	18	securities	security	NOUN
cblr-10944	7	19	act	act	PROPN
cblr-10944	7	20	rule	rule	VERB
cblr-10944	7	21	144	144	NUM
cblr-10944	7	22	................................	................................	SYM
cblr-10944	7	23	1036	1036	NUM
cblr-10944	7	24	iii	iii	NOUN
cblr-10944	7	25	.	.	PUNCT
cblr-10944	8	1	analyzing	analyzing	NOUN
cblr-10944	8	2	section	section	NOUN
cblr-10944	8	3	11	11	NUM
cblr-10944	8	4	and	and	CCONJ
cblr-10944	8	5	the	the	DET
cblr-10944	8	6	slack	slack	NOUN
cblr-10944	8	7	decision	decision	NOUN
cblr-10944	8	8	.........	.........	PUNCT
cblr-10944	8	9	1037	1037	NUM
cblr-10944	8	10	a.	a.	NOUN
cblr-10944	8	11	section	section	NOUN
cblr-10944	8	12	11	11	NUM
cblr-10944	8	13	of	of	ADP
cblr-10944	8	14	the	the	DET
cblr-10944	8	15	securities	security	NOUN
cblr-10944	8	16	act	act	NOUN
cblr-10944	8	17	of	of	ADP
cblr-10944	8	18	1933	1933	NUM
cblr-10944	8	19	............	............	PUNCT
cblr-10944	8	20	1037	1037	NUM
cblr-10944	8	21	b.	b.	PROPN
cblr-10944	8	22	slack	slack	PROPN
cblr-10944	8	23	’s	’s	PART
cblr-10944	8	24	direct	direct	ADJ
cblr-10944	8	25	listing	listing	NOUN
cblr-10944	8	26	.........................................	.........................................	PUNCT
cblr-10944	8	27	1040	1040	NUM
cblr-10944	8	28	c.	c.	PROPN
cblr-10944	8	29	pirani	pirani	PROPN
cblr-10944	8	30	v.	v.	CCONJ
cblr-10944	8	31	slack	slack	VERB
cblr-10944	8	32	....................................................	....................................................	PUNCT
cblr-10944	9	1	1041	1041	NUM
cblr-10944	9	2	*	*	PUNCT
cblr-10944	9	3	j.d	j.d	PROPN
cblr-10944	9	4	.	.	PROPN
cblr-10944	9	5	2023	2023	NUM
cblr-10944	9	6	,	,	PUNCT
cblr-10944	9	7	columbia	columbia	PROPN
cblr-10944	9	8	law	law	PROPN
cblr-10944	9	9	school	school	NOUN
cblr-10944	9	10	;	;	PUNCT
cblr-10944	9	11	b.a	b.a	PROPN
cblr-10944	9	12	.	.	PROPN
cblr-10944	9	13	2020	2020	NUM
cblr-10944	9	14	,	,	PUNCT
cblr-10944	9	15	new	new	PROPN
cblr-10944	9	16	york	york	PROPN
cblr-10944	9	17	university	university	PROPN
cblr-10944	9	18	.	.	PUNCT
cblr-10944	10	1	thank	thank	VERB
cblr-10944	10	2	you	you	PRON
cblr-10944	10	3	to	to	ADP
cblr-10944	10	4	professor	professor	PROPN
cblr-10944	10	5	zohar	zohar	PROPN
cblr-10944	10	6	goshen	goshen	PROPN
cblr-10944	10	7	and	and	CCONJ
cblr-10944	10	8	timothy	timothy	PROPN
cblr-10944	10	9	collins	collins	PROPN
cblr-10944	10	10	for	for	ADP
cblr-10944	10	11	their	their	PRON
cblr-10944	10	12	guidance	guidance	NOUN
cblr-10944	10	13	on	on	ADP
cblr-10944	10	14	the	the	DET
cblr-10944	10	15	topic	topic	NOUN
cblr-10944	10	16	,	,	PUNCT
cblr-10944	10	17	and	and	CCONJ
cblr-10944	10	18	to	to	ADP
cblr-10944	10	19	the	the	DET
cblr-10944	10	20	board	board	NOUN
cblr-10944	10	21	and	and	CCONJ
cblr-10944	10	22	staff	staff	NOUN
cblr-10944	10	23	of	of	ADP
cblr-10944	10	24	the	the	DET
cblr-10944	10	25	columbia	columbia	PROPN
cblr-10944	10	26	business	business	PROPN
cblr-10944	10	27	law	law	PROPN
cblr-10944	10	28	review	review	NOUN
cblr-10944	10	29	.	.	PUNCT
cblr-10944	11	1	no	no	INTJ
cblr-10944	11	2	.	.	PUNCT
cblr-10944	12	1	2:1026	2:1026	NUM
cblr-10944	12	2	]	]	X
cblr-10944	12	3	direct	direct	ADJ
cblr-10944	12	4	listings	listing	NOUN
cblr-10944	12	5	and	and	CCONJ
cblr-10944	12	6	the	the	DET
cblr-10944	12	7	tracing	trace	VERB
cblr-10944	12	8	doctrine	doctrine	NOUN
cblr-10944	12	9	1027	1027	NUM
cblr-10944	12	10	1	1	NUM
cblr-10944	12	11	.	.	PUNCT
cblr-10944	12	12	facts	fact	NOUN
cblr-10944	12	13	of	of	ADP
cblr-10944	12	14	pirani	pirani	PROPN
cblr-10944	12	15	v.	v.	ADP
cblr-10944	12	16	slack	slack	VERB
cblr-10944	12	17	.................................	.................................	PUNCT
cblr-10944	13	1	1041	1041	NUM
cblr-10944	13	2	2	2	NUM
cblr-10944	13	3	.	.	X
cblr-10944	13	4	district	district	NOUN
cblr-10944	13	5	court	court	NOUN
cblr-10944	13	6	’s	’s	PART
cblr-10944	13	7	opinion	opinion	NOUN
cblr-10944	13	8	...............................	...............................	PUNCT
cblr-10944	13	9	1042	1042	NUM
cblr-10944	13	10	3	3	NUM
cblr-10944	13	11	.	.	PUNCT
cblr-10944	14	1	judge	judge	PROPN
cblr-10944	14	2	restani	restani	PROPN
cblr-10944	14	3	’s	’s	PART
cblr-10944	14	4	majority	majority	NOUN
cblr-10944	14	5	opinion	opinion	NOUN
cblr-10944	14	6	................	................	PUNCT
cblr-10944	14	7	1045	1045	NUM
cblr-10944	14	8	4	4	NUM
cblr-10944	14	9	.	.	PUNCT
cblr-10944	15	1	judge	judge	PROPN
cblr-10944	15	2	miller	miller	PROPN
cblr-10944	15	3	’s	’s	PART
cblr-10944	15	4	dissenting	dissent	VERB
cblr-10944	15	5	opinion	opinion	NOUN
cblr-10944	15	6	...............	...............	PUNCT
cblr-10944	15	7	1047	1047	NUM
cblr-10944	15	8	iv	iv	NOUN
cblr-10944	15	9	.	.	PUNCT
cblr-10944	16	1	the	the	DET
cblr-10944	16	2	argument	argument	NOUN
cblr-10944	16	3	for	for	ADP
cblr-10944	16	4	intervention	intervention	NOUN
cblr-10944	16	5	...............................	...............................	PUNCT
cblr-10944	16	6	1048	1048	NUM
cblr-10944	16	7	a.	a.	NOUN
cblr-10944	16	8	the	the	DET
cblr-10944	16	9	majority	majority	NOUN
cblr-10944	16	10	’s	’s	PART
cblr-10944	16	11	policy	policy	NOUN
cblr-10944	16	12	-	-	PUNCT
cblr-10944	16	13	motivated	motivate	VERB
cblr-10944	16	14	decision	decision	NOUN
cblr-10944	16	15	creates	create	VERB
cblr-10944	16	16	significant	significant	ADJ
cblr-10944	16	17	problems	problem	NOUN
cblr-10944	16	18	..........................................	..........................................	PUNCT
cblr-10944	17	1	1048	1048	NUM
cblr-10944	17	2	1	1	NUM
cblr-10944	17	3	.	.	PUNCT
cblr-10944	18	1	the	the	DET
cblr-10944	18	2	majority	majority	NOUN
cblr-10944	18	3	misunderstood	misunderstood	NOUN
cblr-10944	18	4	sec	sec	PROPN
cblr-10944	18	5	rule	rule	NOUN
cblr-10944	18	6	144	144	NUM
cblr-10944	18	7	and	and	CCONJ
cblr-10944	18	8	expanded	expand	VERB
cblr-10944	18	9	liability	liability	NOUN
cblr-10944	18	10	for	for	ADP
cblr-10944	18	11	direct	direct	ADJ
cblr-10944	18	12	listings	listing	NOUN
cblr-10944	18	13	beyond	beyond	ADP
cblr-10944	18	14	ipos	ipos	NOUN
cblr-10944	18	15	..................................................	..................................................	PUNCT
cblr-10944	19	1	1049	1049	NUM
cblr-10944	19	2	2	2	X
cblr-10944	19	3	.	.	PUNCT
cblr-10944	20	1	the	the	DET
cblr-10944	20	2	majority	majority	NOUN
cblr-10944	20	3	’s	’s	PART
cblr-10944	20	4	interpretation	interpretation	NOUN
cblr-10944	20	5	of	of	ADP
cblr-10944	20	6	“	"	PUNCT
cblr-10944	20	7	such	such	ADJ
cblr-10944	20	8	security	security	NOUN
cblr-10944	20	9	”	"	PUNCT
cblr-10944	20	10	is	be	AUX
cblr-10944	20	11	inconsistent	inconsistent	ADJ
cblr-10944	20	12	with	with	ADP
cblr-10944	20	13	other	other	ADJ
cblr-10944	20	14	uses	use	NOUN
cblr-10944	20	15	of	of	ADP
cblr-10944	20	16	the	the	DET
cblr-10944	20	17	phrase	phrase	NOUN
cblr-10944	20	18	in	in	ADP
cblr-10944	20	19	section	section	NOUN
cblr-10944	20	20	11	11	NUM
cblr-10944	20	21	...............................	...............................	PUNCT
cblr-10944	20	22	1050	1050	NUM
cblr-10944	20	23	3	3	NUM
cblr-10944	20	24	.	.	PUNCT
cblr-10944	21	1	the	the	DET
cblr-10944	21	2	majority	majority	NOUN
cblr-10944	21	3	’s	’s	PART
cblr-10944	21	4	interpretation	interpretation	NOUN
cblr-10944	21	5	conflicts	conflict	NOUN
cblr-10944	21	6	with	with	ADP
cblr-10944	21	7	other	other	ADJ
cblr-10944	21	8	circuits	circuit	NOUN
cblr-10944	21	9	’	'	PUNCT
cblr-10944	21	10	interpretations	interpretation	NOUN
cblr-10944	21	11	of	of	ADP
cblr-10944	21	12	section	section	NOUN
cblr-10944	21	13	11	11	NUM
cblr-10944	21	14	liability	liability	NOUN
cblr-10944	21	15	and	and	CCONJ
cblr-10944	21	16	with	with	ADP
cblr-10944	21	17	the	the	DET
cblr-10944	21	18	ninth	ninth	ADJ
cblr-10944	21	19	circuit	circuit	NOUN
cblr-10944	21	20	’s	’s	PART
cblr-10944	21	21	own	own	ADJ
cblr-10944	21	22	precedent	precedent	NOUN
cblr-10944	21	23	..............................................	..............................................	PUNCT
cblr-10944	21	24	1052	1052	NUM
cblr-10944	21	25	b.	b.	PROPN
cblr-10944	21	26	supreme	supreme	PROPN
cblr-10944	21	27	court	court	PROPN
cblr-10944	21	28	reversal	reversal	NOUN
cblr-10944	21	29	is	be	AUX
cblr-10944	21	30	imminent	imminent	ADJ
cblr-10944	21	31	,	,	PUNCT
cblr-10944	21	32	but	but	CCONJ
cblr-10944	21	33	slack	slack	NOUN
cblr-10944	21	34	’s	’s	PART
cblr-10944	21	35	reversal	reversal	NOUN
cblr-10944	21	36	could	could	AUX
cblr-10944	21	37	threaten	threaten	VERB
cblr-10944	21	38	investor	investor	NOUN
cblr-10944	21	39	protections	protection	NOUN
cblr-10944	21	40	1053	1053	NUM
cblr-10944	21	41	c.	c.	PROPN
cblr-10944	21	42	congress	congress	PROPN
cblr-10944	21	43	and	and	CCONJ
cblr-10944	21	44	the	the	DET
cblr-10944	21	45	sec	sec	PROPN
cblr-10944	21	46	ought	ought	AUX
cblr-10944	21	47	to	to	PART
cblr-10944	21	48	re	re	VERB
cblr-10944	21	49	-	-	VERB
cblr-10944	21	50	examine	examine	ADJ
cblr-10944	21	51	section	section	NOUN
cblr-10944	21	52	11	11	NUM
cblr-10944	21	53	as	as	SCONJ
cblr-10944	21	54	it	it	PRON
cblr-10944	21	55	applies	apply	VERB
cblr-10944	21	56	to	to	ADP
cblr-10944	21	57	direct	direct	ADJ
cblr-10944	21	58	listings	listing	NOUN
cblr-10944	21	59	........	........	PUNCT
cblr-10944	22	1	1055	1055	NUM
cblr-10944	22	2	1	1	NUM
cblr-10944	22	3	.	.	PUNCT
cblr-10944	23	1	courts	court	NOUN
cblr-10944	23	2	are	be	AUX
cblr-10944	23	3	unequipped	unequipped	ADJ
cblr-10944	23	4	to	to	PART
cblr-10944	23	5	resolve	resolve	VERB
cblr-10944	23	6	the	the	DET
cblr-10944	23	7	problems	problem	NOUN
cblr-10944	23	8	with	with	ADP
cblr-10944	23	9	section	section	NOUN
cblr-10944	23	10	11	11	NUM
cblr-10944	23	11	and	and	CCONJ
cblr-10944	23	12	the	the	DET
cblr-10944	23	13	tracing	trace	VERB
cblr-10944	23	14	requirements	requirement	NOUN
cblr-10944	23	15	and	and	CCONJ
cblr-10944	23	16	have	have	AUX
cblr-10944	23	17	asked	ask	VERB
cblr-10944	23	18	congress	congress	PROPN
cblr-10944	23	19	to	to	PART
cblr-10944	23	20	intervene	intervene	VERB
cblr-10944	23	21	.......................................................	.......................................................	PUNCT
cblr-10944	23	22	1056	1056	NUM
cblr-10944	23	23	2	2	X
cblr-10944	23	24	.	.	PUNCT
cblr-10944	24	1	congress	congress	PROPN
cblr-10944	24	2	and	and	CCONJ
cblr-10944	24	3	the	the	DET
cblr-10944	24	4	sec	sec	PROPN
cblr-10944	24	5	should	should	AUX
cblr-10944	24	6	intervene	intervene	VERB
cblr-10944	24	7	to	to	PART
cblr-10944	24	8	change	change	VERB
cblr-10944	24	9	section	section	NOUN
cblr-10944	24	10	11	11	NUM
cblr-10944	24	11	as	as	SCONJ
cblr-10944	24	12	it	it	PRON
cblr-10944	24	13	applies	apply	VERB
cblr-10944	24	14	to	to	ADP
cblr-10944	24	15	direct	direct	ADJ
cblr-10944	24	16	listings	listing	NOUN
cblr-10944	24	17	..........................................................	..........................................................	PUNCT
cblr-10944	24	18	1058	1058	NUM
cblr-10944	24	19	i.	i.	NOUN
cblr-10944	24	20	the	the	DET
cblr-10944	24	21	sec	sec	PROPN
cblr-10944	24	22	and	and	CCONJ
cblr-10944	24	23	congress	congress	PROPN
cblr-10944	24	24	have	have	VERB
cblr-10944	24	25	authority	authority	NOUN
cblr-10944	24	26	to	to	PART
cblr-10944	24	27	change	change	VERB
cblr-10944	24	28	section	section	NOUN
cblr-10944	24	29	11	11	NUM
cblr-10944	24	30	’s	’s	PART
cblr-10944	24	31	bearing	bearing	NOUN
cblr-10944	24	32	on	on	ADP
cblr-10944	24	33	direct	direct	ADJ
cblr-10944	24	34	listings	listing	NOUN
cblr-10944	24	35	....................................................	....................................................	PUNCT
cblr-10944	24	36	1058	1058	NUM
cblr-10944	24	37	ii	ii	NOUN
cblr-10944	24	38	.	.	PUNCT
cblr-10944	25	1	blockchain	blockchain	PROPN
cblr-10944	25	2	has	have	VERB
cblr-10944	25	3	the	the	DET
cblr-10944	25	4	potential	potential	NOUN
cblr-10944	25	5	to	to	PART
cblr-10944	25	6	fix	fix	VERB
cblr-10944	25	7	tracing	trace	VERB
cblr-10944	25	8	issues	issue	NOUN
cblr-10944	25	9	in	in	ADP
cblr-10944	25	10	direct	direct	ADJ
cblr-10944	25	11	listings	listing	NOUN
cblr-10944	25	12	.........................	.........................	PUNCT
cblr-10944	25	13	1059	1059	NUM
cblr-10944	25	14	a.	a.	NOUN
cblr-10944	25	15	background	background	NOUN
cblr-10944	25	16	on	on	ADP
cblr-10944	25	17	blockchain	blockchain	PROPN
cblr-10944	25	18	................	................	PUNCT
cblr-10944	25	19	1059	1059	NUM
cblr-10944	25	20	b.	b.	PROPN
cblr-10944	25	21	blockchain	blockchain	PROPN
cblr-10944	25	22	technology	technology	PROPN
cblr-10944	25	23	in	in	ADP
cblr-10944	25	24	stock	stock	NOUN
cblr-10944	25	25	ledgers	ledger	NOUN
cblr-10944	25	26	and	and	CCONJ
cblr-10944	25	27	application	application	NOUN
cblr-10944	25	28	to	to	ADP
cblr-10944	25	29	tracing	trace	VERB
cblr-10944	25	30	in	in	ADP
cblr-10944	25	31	direct	direct	ADJ
cblr-10944	25	32	listings	listing	NOUN
cblr-10944	25	33	...............................................	...............................................	PUNCT
cblr-10944	25	34	1061	1061	NUM
cblr-10944	25	35	1028	1028	NUM
cblr-10944	25	36	columbia	columbia	PROPN
cblr-10944	25	37	business	business	PROPN
cblr-10944	25	38	law	law	PROPN
cblr-10944	25	39	review	review	NOUN
cblr-10944	25	40	[	[	X
cblr-10944	25	41	vol	vol	NOUN
cblr-10944	25	42	.	.	PUNCT
cblr-10944	26	1	2022	2022	NUM
cblr-10944	26	2	c.	c.	PROPN
cblr-10944	26	3	congress	congress	PROPN
cblr-10944	26	4	or	or	CCONJ
cblr-10944	26	5	the	the	DET
cblr-10944	26	6	sec	sec	PROPN
cblr-10944	26	7	ought	ought	AUX
cblr-10944	26	8	to	to	PART
cblr-10944	26	9	either	either	CCONJ
cblr-10944	26	10	require	require	VERB
cblr-10944	26	11	or	or	CCONJ
cblr-10944	26	12	encourage	encourage	VERB
cblr-10944	26	13	blockchain	blockchain	NOUN
cblr-10944	26	14	-	-	PUNCT
cblr-10944	26	15	based	base	VERB
cblr-10944	26	16	stock	stock	NOUN
cblr-10944	26	17	ledgers	ledger	NOUN
cblr-10944	26	18	.....................................	.....................................	PUNCT
cblr-10944	27	1	1062	1062	NUM
cblr-10944	28	1	v.	v.	ADP
cblr-10944	28	2	conclusion	conclusion	NOUN
cblr-10944	28	3	.................................................................	.................................................................	PUNCT
cblr-10944	28	4	1064	1064	NUM
cblr-10944	28	5	i.	i.	NOUN
cblr-10944	28	6	introduction	introduction	NOUN
cblr-10944	28	7	in	in	ADP
cblr-10944	28	8	any	any	DET
cblr-10944	28	9	securities	security	NOUN
cblr-10944	28	10	law	law	NOUN
cblr-10944	28	11	regime	regime	NOUN
cblr-10944	28	12	,	,	PUNCT
cblr-10944	28	13	participants	participant	NOUN
cblr-10944	28	14	will	will	AUX
cblr-10944	28	15	inevitably	inevitably	ADV
cblr-10944	28	16	search	search	VERB
cblr-10944	28	17	for	for	ADP
cblr-10944	28	18	loopholes	loophole	NOUN
cblr-10944	28	19	within	within	ADP
cblr-10944	28	20	the	the	DET
cblr-10944	28	21	law	law	NOUN
cblr-10944	28	22	to	to	PART
cblr-10944	28	23	avoid	avoid	VERB
cblr-10944	28	24	liability	liability	NOUN
cblr-10944	28	25	.	.	PUNCT
cblr-10944	29	1	after	after	ADP
cblr-10944	29	2	a	a	DET
cblr-10944	29	3	controversial	controversial	ADJ
cblr-10944	29	4	opinion	opinion	NOUN
cblr-10944	29	5	by	by	ADP
cblr-10944	29	6	the	the	DET
cblr-10944	29	7	u.s	u.s	PROPN
cblr-10944	29	8	.	.	PROPN
cblr-10944	29	9	court	court	PROPN
cblr-10944	29	10	of	of	ADP
cblr-10944	29	11	appeals	appeal	NOUN
cblr-10944	29	12	for	for	ADP
cblr-10944	29	13	the	the	DET
cblr-10944	29	14	ninth	ninth	ADJ
cblr-10944	29	15	circuit	circuit	NOUN
cblr-10944	29	16	,	,	PUNCT
cblr-10944	29	17	direct	direct	ADJ
cblr-10944	29	18	listings	listing	NOUN
cblr-10944	29	19	might	might	AUX
cblr-10944	29	20	be	be	AUX
cblr-10944	29	21	a	a	DET
cblr-10944	29	22	new	new	ADJ
cblr-10944	29	23	way	way	NOUN
cblr-10944	29	24	for	for	SCONJ
cblr-10944	29	25	firms	firm	NOUN
cblr-10944	29	26	to	to	PART
cblr-10944	29	27	sidestep	sidestep	VERB
cblr-10944	29	28	liability	liability	NOUN
cblr-10944	29	29	for	for	ADP
cblr-10944	29	30	material	material	NOUN
cblr-10944	29	31	misrepresentations	misrepresentation	NOUN
cblr-10944	29	32	and	and	CCONJ
cblr-10944	29	33	omissions	omission	NOUN
cblr-10944	29	34	in	in	ADP
cblr-10944	29	35	offering	offer	VERB
cblr-10944	29	36	materials	material	NOUN
cblr-10944	29	37	.	.	PUNCT
cblr-10944	30	1	on	on	ADP
cblr-10944	30	2	april	april	PROPN
cblr-10944	30	3	3	3	NUM
cblr-10944	30	4	,	,	PUNCT
cblr-10944	30	5	2018	2018	NUM
cblr-10944	30	6	,	,	PUNCT
cblr-10944	30	7	music	music	NOUN
cblr-10944	30	8	streaming	stream	VERB
cblr-10944	30	9	company	company	NOUN
cblr-10944	30	10	spotify	spotify	VERB
cblr-10944	30	11	technology	technology	PROPN
cblr-10944	30	12	s.a	s.a	PROPN
cblr-10944	30	13	.	.	PUNCT
cblr-10944	31	1	(	(	PUNCT
cblr-10944	31	2	spotify	spotify	NOUN
cblr-10944	31	3	)	)	PUNCT
cblr-10944	31	4	went	go	VERB
cblr-10944	31	5	public	public	ADJ
cblr-10944	31	6	through	through	ADP
cblr-10944	31	7	a	a	DET
cblr-10944	31	8	direct	direct	ADJ
cblr-10944	31	9	listing	listing	NOUN
cblr-10944	31	10	of	of	ADP
cblr-10944	31	11	its	its	PRON
cblr-10944	31	12	shares	share	NOUN
cblr-10944	31	13	on	on	ADP
cblr-10944	31	14	the	the	DET
cblr-10944	31	15	new	new	PROPN
cblr-10944	31	16	york	york	PROPN
cblr-10944	31	17	stock	stock	PROPN
cblr-10944	31	18	exchange	exchange	PROPN
cblr-10944	31	19	(	(	PUNCT
cblr-10944	31	20	nyse).1	nyse).1	PROPN
cblr-10944	31	21	less	less	ADJ
cblr-10944	31	22	than	than	ADP
cblr-10944	31	23	a	a	DET
cblr-10944	31	24	year	year	NOUN
cblr-10944	31	25	later	later	ADV
cblr-10944	31	26	,	,	PUNCT
cblr-10944	31	27	slack	slack	VERB
cblr-10944	31	28	technologies	technology	NOUN
cblr-10944	31	29	,	,	PUNCT
cblr-10944	31	30	llc	llc	PROPN
cblr-10944	31	31	(	(	PUNCT
cblr-10944	31	32	slack	slack	PROPN
cblr-10944	31	33	)	)	PUNCT
cblr-10944	31	34	,	,	PUNCT
cblr-10944	31	35	a	a	DET
cblr-10944	31	36	business	business	NOUN
cblr-10944	31	37	software	software	NOUN
cblr-10944	31	38	company	company	NOUN
cblr-10944	31	39	,	,	PUNCT
cblr-10944	31	40	followed	follow	VERB
cblr-10944	31	41	spotify	spotify	NOUN
cblr-10944	31	42	’s	’s	PART
cblr-10944	31	43	lead	lead	NOUN
cblr-10944	31	44	and	and	CCONJ
cblr-10944	31	45	performed	perform	VERB
cblr-10944	31	46	its	its	PRON
cblr-10944	31	47	own	own	ADJ
cblr-10944	31	48	direct	direct	NOUN
cblr-10944	31	49	listing.2	listing.2	NOUN
cblr-10944	31	50	unlike	unlike	ADV
cblr-10944	31	51	in	in	ADP
cblr-10944	31	52	a	a	DET
cblr-10944	31	53	traditional	traditional	ADJ
cblr-10944	31	54	initial	initial	ADJ
cblr-10944	31	55	public	public	ADJ
cblr-10944	31	56	offering	offering	NOUN
cblr-10944	31	57	(	(	PUNCT
cblr-10944	31	58	ipo	ipo	PROPN
cblr-10944	31	59	)	)	PUNCT
cblr-10944	31	60	,	,	PUNCT
cblr-10944	31	61	a	a	DET
cblr-10944	31	62	company	company	NOUN
cblr-10944	31	63	undergoing	undergo	VERB
cblr-10944	31	64	a	a	DET
cblr-10944	31	65	direct	direct	ADJ
cblr-10944	31	66	listing	listing	NOUN
cblr-10944	31	67	does	do	AUX
cblr-10944	31	68	not	not	PART
cblr-10944	31	69	issue	issue	VERB
cblr-10944	31	70	new	new	ADJ
cblr-10944	31	71	shares	share	NOUN
cblr-10944	31	72	to	to	PART
cblr-10944	31	73	raise	raise	VERB
cblr-10944	31	74	capital	capital	NOUN
cblr-10944	31	75	.	.	PUNCT
cblr-10944	32	1	instead	instead	ADV
cblr-10944	32	2	,	,	PUNCT
cblr-10944	32	3	a	a	DET
cblr-10944	32	4	direct	direct	ADJ
cblr-10944	32	5	listing	listing	NOUN
cblr-10944	32	6	’s	’s	PART
cblr-10944	32	7	main	main	ADJ
cblr-10944	32	8	purpose	purpose	NOUN
cblr-10944	32	9	is	be	AUX
cblr-10944	32	10	to	to	PART
cblr-10944	32	11	allow	allow	VERB
cblr-10944	32	12	shareholders	shareholder	NOUN
cblr-10944	32	13	to	to	PART
cblr-10944	32	14	sell	sell	VERB
cblr-10944	32	15	their	their	PRON
cblr-10944	32	16	privatelyowned	privatelyowne	VERB
cblr-10944	32	17	shares	share	NOUN
cblr-10944	32	18	on	on	ADP
cblr-10944	32	19	a	a	DET
cblr-10944	32	20	public	public	ADJ
cblr-10944	32	21	exchange.3	exchange.3	NOUN
cblr-10944	32	22	irrespective	irrespective	ADJ
cblr-10944	32	23	of	of	ADP
cblr-10944	32	24	the	the	DET
cblr-10944	32	25	method	method	NOUN
cblr-10944	32	26	,	,	PUNCT
cblr-10944	32	27	a	a	DET
cblr-10944	32	28	company	company	NOUN
cblr-10944	32	29	that	that	PRON
cblr-10944	32	30	goes	go	VERB
cblr-10944	32	31	public	public	ADJ
cblr-10944	32	32	can	can	AUX
cblr-10944	32	33	incur	incur	VERB
cblr-10944	32	34	liability	liability	NOUN
cblr-10944	32	35	for	for	ADP
cblr-10944	32	36	wrongdoing	wrongdoing	NOUN
cblr-10944	32	37	.	.	PUNCT
cblr-10944	33	1	after	after	ADP
cblr-10944	33	2	the	the	DET
cblr-10944	33	3	stock	stock	NOUN
cblr-10944	33	4	market	market	NOUN
cblr-10944	33	5	crash	crash	NOUN
cblr-10944	33	6	of	of	ADP
cblr-10944	33	7	1	1	NUM
cblr-10944	33	8	michelle	michelle	NOUN
cblr-10944	33	9	castillo	castillo	PROPN
cblr-10944	33	10	,	,	PUNCT
cblr-10944	33	11	how	how	SCONJ
cblr-10944	33	12	spotify	spotify	VERB
cblr-10944	33	13	’s	’s	PART
cblr-10944	33	14	direct	direct	ADJ
cblr-10944	33	15	listing	listing	NOUN
cblr-10944	33	16	is	be	AUX
cblr-10944	33	17	different	different	ADJ
cblr-10944	33	18	from	from	ADP
cblr-10944	33	19	an	an	DET
cblr-10944	33	20	ipo	ipo	NOUN
cblr-10944	33	21	,	,	PUNCT
cblr-10944	33	22	cnbc	cnbc	PROPN
cblr-10944	33	23	(	(	PUNCT
cblr-10944	33	24	apr	apr	PROPN
cblr-10944	33	25	.	.	PROPN
cblr-10944	33	26	3	3	NUM
cblr-10944	33	27	,	,	PUNCT
cblr-10944	33	28	2018	2018	NUM
cblr-10944	33	29	,	,	PUNCT
cblr-10944	33	30	12:55	12:55	NUM
cblr-10944	33	31	p.m.	p.m.	NOUN
cblr-10944	33	32	)	)	PUNCT
cblr-10944	33	33	,	,	PUNCT
cblr-10944	33	34	https://www.cnbc.com/2018/04/03/how-does-spotify-direct-listingwork.html	https://www.cnbc.com/2018/04/03/how-does-spotify-direct-listingwork.html	PUNCT
cblr-10944	34	1	[	[	X
cblr-10944	34	2	https://perma.cc/9cge-gd5k	https://perma.cc/9cge-gd5k	X
cblr-10944	34	3	]	]	X
cblr-10944	34	4	.	.	PUNCT
cblr-10944	35	1	2	2	NUM
cblr-10944	35	2	maureen	maureen	PROPN
cblr-10944	35	3	farrell	farrell	PROPN
cblr-10944	35	4	,	,	PUNCT
cblr-10944	35	5	slack	slack	VERB
cblr-10944	35	6	files	file	NOUN
cblr-10944	35	7	to	to	PART
cblr-10944	35	8	go	go	VERB
cblr-10944	35	9	public	public	ADJ
cblr-10944	35	10	with	with	ADP
cblr-10944	35	11	direct	direct	ADJ
cblr-10944	35	12	listing	listing	NOUN
cblr-10944	35	13	,	,	PUNCT
cblr-10944	35	14	wall	wall	PROPN
cblr-10944	35	15	st	st	PROPN
cblr-10944	35	16	.	.	PROPN
cblr-10944	35	17	j.	j.	PROPN
cblr-10944	35	18	(	(	PUNCT
cblr-10944	35	19	feb	feb	PROPN
cblr-10944	35	20	.	.	PROPN
cblr-10944	35	21	4	4	NUM
cblr-10944	35	22	,	,	PUNCT
cblr-10944	35	23	2019	2019	NUM
cblr-10944	35	24	,	,	PUNCT
cblr-10944	35	25	3:46	3:46	NUM
cblr-10944	35	26	p.m.	p.m.	NOUN
cblr-10944	35	27	)	)	PUNCT
cblr-10944	35	28	,	,	PUNCT
cblr-10944	35	29	https://www.wsj.com/articles/slack-filesconfidentially-to-go-public-with-direct-listing-11549301336	https://www.wsj.com/articles/slack-filesconfidentially-to-go-public-with-direct-listing-11549301336	PROPN
cblr-10944	36	1	[	[	X
cblr-10944	36	2	https://perma.cc/rdd8-mgbl	https://perma.cc/rdd8-mgbl	PROPN
cblr-10944	36	3	]	]	PUNCT
cblr-10944	36	4	.	.	PUNCT
cblr-10944	36	5	3	3	NUM
cblr-10944	36	6	ran	run	VERB
cblr-10944	36	7	ben	ben	PROPN
cblr-10944	36	8	-	-	PROPN
cblr-10944	36	9	tzur	tzur	PROPN
cblr-10944	36	10	&	&	CCONJ
cblr-10944	36	11	james	james	PROPN
cblr-10944	36	12	d.	d.	PROPN
cblr-10944	36	13	evans	evans	PROPN
cblr-10944	36	14	,	,	PUNCT
cblr-10944	36	15	the	the	DET
cblr-10944	36	16	rise	rise	NOUN
cblr-10944	36	17	of	of	ADP
cblr-10944	36	18	direct	direct	ADJ
cblr-10944	36	19	listings	listing	NOUN
cblr-10944	36	20	:	:	PUNCT
cblr-10944	36	21	understanding	understand	VERB
cblr-10944	36	22	the	the	DET
cblr-10944	36	23	trend	trend	NOUN
cblr-10944	36	24	,	,	PUNCT
cblr-10944	36	25	separating	separate	VERB
cblr-10944	36	26	fact	fact	NOUN
cblr-10944	36	27	from	from	ADP
cblr-10944	36	28	fiction	fiction	NOUN
cblr-10944	36	29	,	,	PUNCT
cblr-10944	36	30	fenwick	fenwick	PROPN
cblr-10944	36	31	(	(	PUNCT
cblr-10944	36	32	dec	dec	PROPN
cblr-10944	36	33	.	.	PROPN
cblr-10944	36	34	5	5	NUM
cblr-10944	36	35	,	,	PUNCT
cblr-10944	36	36	2019	2019	NUM
cblr-10944	36	37	)	)	PUNCT
cblr-10944	36	38	,	,	PUNCT
cblr-10944	36	39	https://www.fenwick.com/insights/publications/the-rise-of-directlistings-understanding-the-trend-separating-fact-from-fiction	https://www.fenwick.com/insights/publications/the-rise-of-directlistings-understanding-the-trend-separating-fact-from-fiction	NOUN
cblr-10944	36	40	[	[	X
cblr-10944	36	41	https://perma.cc/uhp2-x9qf	https://perma.cc/uhp2-x9qf	NOUN
cblr-10944	36	42	]	]	X
cblr-10944	37	1	[	[	X
cblr-10944	37	2	hereinafter	hereinafter	NOUN
cblr-10944	37	3	the	the	DET
cblr-10944	37	4	rise	rise	NOUN
cblr-10944	37	5	of	of	ADP
cblr-10944	37	6	direct	direct	ADJ
cblr-10944	37	7	listings	listing	NOUN
cblr-10944	37	8	]	]	PUNCT
cblr-10944	37	9	.	.	PUNCT
cblr-10944	38	1	no	no	INTJ
cblr-10944	38	2	.	.	PUNCT
cblr-10944	39	1	2:1026	2:1026	NUM
cblr-10944	39	2	]	]	X
cblr-10944	39	3	direct	direct	ADJ
cblr-10944	39	4	listings	listing	NOUN
cblr-10944	39	5	and	and	CCONJ
cblr-10944	39	6	the	the	DET
cblr-10944	39	7	tracing	trace	VERB
cblr-10944	39	8	doctrine	doctrine	NOUN
cblr-10944	39	9	1029	1029	NUM
cblr-10944	39	10	1929	1929	NUM
cblr-10944	39	11	,	,	PUNCT
cblr-10944	39	12	congress	congress	PROPN
cblr-10944	39	13	passed	pass	VERB
cblr-10944	39	14	the	the	DET
cblr-10944	39	15	securities	security	NOUN
cblr-10944	39	16	act	act	NOUN
cblr-10944	39	17	of	of	ADP
cblr-10944	39	18	19334	19334	NUM
cblr-10944	39	19	and	and	CCONJ
cblr-10944	39	20	the	the	DET
cblr-10944	39	21	exchange	exchange	NOUN
cblr-10944	39	22	act	act	NOUN
cblr-10944	39	23	of	of	ADP
cblr-10944	39	24	1934.5	1934.5	NUM
cblr-10944	39	25	the	the	DET
cblr-10944	39	26	securities	security	NOUN
cblr-10944	39	27	act	act	NOUN
cblr-10944	39	28	and	and	CCONJ
cblr-10944	39	29	the	the	DET
cblr-10944	39	30	exchange	exchange	NOUN
cblr-10944	39	31	act	act	NOUN
cblr-10944	39	32	both	both	DET
cblr-10944	39	33	“	"	PUNCT
cblr-10944	39	34	aim	aim	VERB
cblr-10944	39	35	to	to	PART
cblr-10944	39	36	protect	protect	VERB
cblr-10944	39	37	investors	investor	NOUN
cblr-10944	39	38	through	through	ADP
cblr-10944	39	39	a	a	DET
cblr-10944	39	40	mandatory	mandatory	ADJ
cblr-10944	39	41	disclosure	disclosure	NOUN
cblr-10944	39	42	regime	regime	NOUN
cblr-10944	39	43	.	.	PUNCT
cblr-10944	40	1	”6	”6	PUNCT
cblr-10944	40	2	the	the	DET
cblr-10944	40	3	securities	security	NOUN
cblr-10944	40	4	act	act	PROPN
cblr-10944	40	5	sets	set	VERB
cblr-10944	40	6	out	out	ADP
cblr-10944	40	7	rules	rule	NOUN
cblr-10944	40	8	on	on	ADP
cblr-10944	40	9	the	the	DET
cblr-10944	40	10	initial	initial	ADJ
cblr-10944	40	11	distribution	distribution	NOUN
cblr-10944	40	12	of	of	ADP
cblr-10944	40	13	securities	security	NOUN
cblr-10944	40	14	,	,	PUNCT
cblr-10944	40	15	and	and	CCONJ
cblr-10944	40	16	the	the	DET
cblr-10944	40	17	exchange	exchange	NOUN
cblr-10944	40	18	act	act	NOUN
cblr-10944	40	19	governs	govern	VERB
cblr-10944	40	20	the	the	DET
cblr-10944	40	21	subsequent	subsequent	ADJ
cblr-10944	40	22	trading	trading	NOUN
cblr-10944	40	23	of	of	ADP
cblr-10944	40	24	those	those	DET
cblr-10944	40	25	securities.7	securities.7	ADJ
cblr-10944	40	26	companies	company	NOUN
cblr-10944	40	27	that	that	PRON
cblr-10944	40	28	undergo	undergo	VERB
cblr-10944	40	29	an	an	DET
cblr-10944	40	30	ipo	ipo	NOUN
cblr-10944	40	31	or	or	CCONJ
cblr-10944	40	32	a	a	DET
cblr-10944	40	33	direct	direct	ADJ
cblr-10944	40	34	listing	listing	NOUN
cblr-10944	40	35	are	be	AUX
cblr-10944	40	36	subject	subject	ADJ
cblr-10944	40	37	to	to	ADP
cblr-10944	40	38	several	several	ADJ
cblr-10944	40	39	generic	generic	ADJ
cblr-10944	40	40	anti	anti	ADJ
cblr-10944	40	41	-	-	ADJ
cblr-10944	40	42	fraud	fraud	ADJ
cblr-10944	40	43	provisions	provision	NOUN
cblr-10944	40	44	,	,	PUNCT
cblr-10944	40	45	including	include	VERB
cblr-10944	40	46	section	section	NOUN
cblr-10944	40	47	10(b	10(b	NUM
cblr-10944	40	48	)	)	PUNCT
cblr-10944	40	49	of	of	ADP
cblr-10944	40	50	the	the	DET
cblr-10944	40	51	exchange	exchange	NOUN
cblr-10944	40	52	act8	act8	NOUN
cblr-10944	40	53	and	and	CCONJ
cblr-10944	40	54	section	section	NOUN
cblr-10944	40	55	17(a	17(a	NUM
cblr-10944	40	56	)	)	PUNCT
cblr-10944	40	57	of	of	ADP
cblr-10944	40	58	the	the	DET
cblr-10944	40	59	securities	security	NOUN
cblr-10944	40	60	act.9	act.9	NOUN
cblr-10944	40	61	however	however	ADV
cblr-10944	40	62	,	,	PUNCT
cblr-10944	40	63	a	a	DET
cblr-10944	40	64	plaintiff	plaintiff	NOUN
cblr-10944	40	65	’s	’s	PART
cblr-10944	40	66	most	most	ADV
cblr-10944	40	67	useful	useful	ADJ
cblr-10944	40	68	liability	liability	NOUN
cblr-10944	40	69	provision	provision	NOUN
cblr-10944	40	70	in	in	ADP
cblr-10944	40	71	the	the	DET
cblr-10944	40	72	“	"	PUNCT
cblr-10944	40	73	going	go	VERB
cblr-10944	40	74	public	public	ADJ
cblr-10944	40	75	”	"	PUNCT
cblr-10944	40	76	context	context	NOUN
cblr-10944	40	77	is	be	AUX
cblr-10944	40	78	section	section	NOUN
cblr-10944	40	79	11	11	NUM
cblr-10944	40	80	of	of	ADP
cblr-10944	40	81	the	the	DET
cblr-10944	40	82	securities	security	NOUN
cblr-10944	40	83	act	act	PROPN
cblr-10944	40	84	,	,	PUNCT
cblr-10944	40	85	since	since	SCONJ
cblr-10944	40	86	it	it	PRON
cblr-10944	40	87	imposes	impose	VERB
cblr-10944	40	88	strict	strict	ADJ
cblr-10944	40	89	liability	liability	NOUN
cblr-10944	40	90	for	for	ADP
cblr-10944	40	91	material	material	NOUN
cblr-10944	40	92	misstatements	misstatement	NOUN
cblr-10944	40	93	or	or	CCONJ
cblr-10944	40	94	omissions	omission	NOUN
cblr-10944	40	95	made	make	VERB
cblr-10944	40	96	in	in	ADP
cblr-10944	40	97	offering	offer	VERB
cblr-10944	40	98	documents.10	documents.10	NOUN
cblr-10944	40	99	to	to	PART
cblr-10944	40	100	balance	balance	VERB
cblr-10944	40	101	its	its	PRON
cblr-10944	40	102	usefulness	usefulness	NOUN
cblr-10944	40	103	,	,	PUNCT
cblr-10944	40	104	plaintiffs	plaintiff	NOUN
cblr-10944	40	105	must	must	AUX
cblr-10944	40	106	show	show	VERB
cblr-10944	40	107	that	that	SCONJ
cblr-10944	40	108	the	the	DET
cblr-10944	40	109	securities	security	NOUN
cblr-10944	40	110	they	they	PRON
cblr-10944	40	111	purchased	purchase	VERB
cblr-10944	40	112	were	be	AUX
cblr-10944	40	113	acquired	acquire	VERB
cblr-10944	40	114	“	"	PUNCT
cblr-10944	40	115	pursuant	pursuant	ADJ
cblr-10944	40	116	to	to	ADP
cblr-10944	40	117	the	the	DET
cblr-10944	40	118	registration	registration	NOUN
cblr-10944	40	119	statement	statement	NOUN
cblr-10944	40	120	”	"	PUNCT
cblr-10944	40	121	to	to	PART
cblr-10944	40	122	have	have	AUX
cblr-10944	40	123	standing	stand	VERB
cblr-10944	40	124	and	and	CCONJ
cblr-10944	40	125	access	access	NOUN
cblr-10944	40	126	to	to	ADP
cblr-10944	40	127	the	the	DET
cblr-10944	40	128	strict	strict	ADJ
cblr-10944	40	129	liability	liability	NOUN
cblr-10944	40	130	standard.11	standard.11	VERB
cblr-10944	40	131	this	this	PRON
cblr-10944	40	132	is	be	AUX
cblr-10944	40	133	known	know	VERB
cblr-10944	40	134	as	as	ADP
cblr-10944	40	135	the	the	DET
cblr-10944	40	136	tracing	tracing	ADJ
cblr-10944	40	137	requirement	requirement	NOUN
cblr-10944	40	138	,	,	PUNCT
cblr-10944	40	139	and	and	CCONJ
cblr-10944	40	140	it	it	PRON
cblr-10944	40	141	ensures	ensure	VERB
cblr-10944	40	142	that	that	SCONJ
cblr-10944	40	143	only	only	ADV
cblr-10944	40	144	investors	investor	NOUN
cblr-10944	40	145	who	who	PRON
cblr-10944	40	146	bought	buy	VERB
cblr-10944	40	147	shares	share	NOUN
cblr-10944	40	148	pursuant	pursuant	ADJ
cblr-10944	40	149	to	to	ADP
cblr-10944	40	150	the	the	DET
cblr-10944	40	151	challenged	challenge	VERB
cblr-10944	40	152	registration	registration	NOUN
cblr-10944	40	153	statement	statement	NOUN
cblr-10944	40	154	can	can	AUX
cblr-10944	40	155	sue.12	sue.12	VERB
cblr-10944	40	156	as	as	SCONJ
cblr-10944	40	157	this	this	DET
cblr-10944	40	158	note	note	NOUN
cblr-10944	40	159	will	will	AUX
cblr-10944	40	160	explore	explore	VERB
cblr-10944	40	161	,	,	PUNCT
cblr-10944	40	162	investors	investor	NOUN
cblr-10944	40	163	can	can	AUX
cblr-10944	40	164	easily	easily	ADV
cblr-10944	40	165	satisfy	satisfy	VERB
cblr-10944	40	166	the	the	DET
cblr-10944	40	167	tracing	trace	VERB
cblr-10944	40	168	requirement	requirement	NOUN
cblr-10944	40	169	in	in	ADP
cblr-10944	40	170	ipos	ipos	NOUN
cblr-10944	40	171	,	,	PUNCT
cblr-10944	40	172	while	while	SCONJ
cblr-10944	40	173	it	it	PRON
cblr-10944	40	174	is	be	AUX
cblr-10944	40	175	nearly	nearly	ADV
cblr-10944	40	176	impossible	impossible	ADJ
cblr-10944	40	177	to	to	PART
cblr-10944	40	178	do	do	VERB
cblr-10944	40	179	so	so	ADV
cblr-10944	40	180	in	in	ADP
cblr-10944	40	181	a	a	DET
cblr-10944	40	182	direct	direct	ADJ
cblr-10944	40	183	listing	listing	NOUN
cblr-10944	40	184	.	.	PUNCT
cblr-10944	41	1	this	this	DET
cblr-10944	41	2	issue	issue	NOUN
cblr-10944	41	3	arose	arise	VERB
cblr-10944	41	4	in	in	ADP
cblr-10944	41	5	pirani	pirani	PROPN
cblr-10944	41	6	v.	v.	PROPN
cblr-10944	41	7	slack	slack	PROPN
cblr-10944	41	8	technologies	technology	NOUN
cblr-10944	41	9	,	,	PUNCT
cblr-10944	41	10	in	in	ADP
cblr-10944	41	11	which	which	PRON
cblr-10944	41	12	an	an	DET
cblr-10944	41	13	investor	investor	NOUN
cblr-10944	41	14	sued	sue	VERB
cblr-10944	41	15	slack	slack	NOUN
cblr-10944	41	16	after	after	SCONJ
cblr-10944	41	17	it	it	PRON
cblr-10944	41	18	conducted	conduct	VERB
cblr-10944	41	19	its	its	PRON
cblr-10944	41	20	direct	direct	ADJ
cblr-10944	41	21	listing	listing	NOUN
cblr-10944	41	22	for	for	ADP
cblr-10944	41	23	alleged	allege	VERB
cblr-10944	41	24	material	material	NOUN
cblr-10944	41	25	misrepresentations	misrepresentation	NOUN
cblr-10944	41	26	in	in	ADP
cblr-10944	41	27	its	its	PRON
cblr-10944	41	28	offering	offering	NOUN
cblr-10944	41	29	materials.13	materials.13	PROPN
cblr-10944	41	30	to	to	ADP
cblr-10944	41	31	the	the	DET
cblr-10944	41	32	shock	shock	NOUN
cblr-10944	41	33	of	of	ADP
cblr-10944	41	34	4	4	NUM
cblr-10944	41	35	15	15	NUM
cblr-10944	41	36	u.s.c	u.s.c	NOUN
cblr-10944	41	37	.	.	PUNCT
cblr-10944	42	1	§	§	PROPN
cblr-10944	42	2	77a	77a	NUM
cblr-10944	42	3	.	.	PUNCT
cblr-10944	42	4	5	5	NUM
cblr-10944	42	5	15	15	NUM
cblr-10944	42	6	u.s.c	u.s.c	NOUN
cblr-10944	42	7	.	.	PUNCT
cblr-10944	43	1	§	§	PROPN
cblr-10944	43	2	78a	78a	PROPN
cblr-10944	43	3	.	.	PROPN
cblr-10944	43	4	6	6	NUM
cblr-10944	43	5	benjamin	benjamin	PROPN
cblr-10944	43	6	j.	j.	PROPN
cblr-10944	43	7	nickerson	nickerson	PROPN
cblr-10944	43	8	,	,	PUNCT
cblr-10944	43	9	the	the	DET
cblr-10944	43	10	underlying	underlie	VERB
cblr-10944	43	11	underwriter	underwriter	NOUN
cblr-10944	43	12	:	:	PUNCT
cblr-10944	43	13	an	an	DET
cblr-10944	43	14	analysis	analysis	NOUN
cblr-10944	43	15	of	of	ADP
cblr-10944	43	16	the	the	DET
cblr-10944	43	17	spotify	spotify	NOUN
cblr-10944	43	18	direct	direct	ADJ
cblr-10944	43	19	listing	listing	NOUN
cblr-10944	43	20	,	,	PUNCT
cblr-10944	43	21	86	86	NUM
cblr-10944	43	22	u.	u.	PROPN
cblr-10944	43	23	chi	chi	PROPN
cblr-10944	43	24	.	.	PUNCT
cblr-10944	44	1	l.	l.	PROPN
cblr-10944	44	2	rev	rev	PROPN
cblr-10944	44	3	.	.	PROPN
cblr-10944	44	4	985	985	NUM
cblr-10944	44	5	,	,	PUNCT
cblr-10944	44	6	1005	1005	NUM
cblr-10944	44	7	(	(	PUNCT
cblr-10944	44	8	2019	2019	NUM
cblr-10944	44	9	)	)	PUNCT
cblr-10944	44	10	.	.	PUNCT
cblr-10944	45	1	7	7	NUM
cblr-10944	46	1	i	i	PRON
cblr-10944	46	2	d.	d.	PROPN
cblr-10944	46	3	at	at	ADP
cblr-10944	46	4	988	988	NUM
cblr-10944	46	5	.	.	NOUN
cblr-10944	46	6	8	8	NUM
cblr-10944	46	7	15	15	NUM
cblr-10944	46	8	u.s.c	u.s.c	NOUN
cblr-10944	46	9	.	.	PUNCT
cblr-10944	47	1	§	§	PROPN
cblr-10944	47	2	77q	77q	PROPN
cblr-10944	47	3	.	.	PUNCT
cblr-10944	48	1	9	9	NUM
cblr-10944	48	2	15	15	NUM
cblr-10944	48	3	u.s.c	u.s.c	NOUN
cblr-10944	48	4	.	.	PUNCT
cblr-10944	49	1	§	§	PROPN
cblr-10944	49	2	78j	78j	NUM
cblr-10944	49	3	.	.	PUNCT
cblr-10944	50	1	10	10	NUM
cblr-10944	50	2	15	15	NUM
cblr-10944	50	3	u.s.c	u.s.c	NOUN
cblr-10944	50	4	.	.	PUNCT
cblr-10944	51	1	§	§	PROPN
cblr-10944	51	2	77k(a	77k(a	NUM
cblr-10944	51	3	)	)	PUNCT
cblr-10944	51	4	.	.	PUNCT
cblr-10944	52	1	11	11	NUM
cblr-10944	52	2	barnes	barne	NOUN
cblr-10944	52	3	v.	v.	ADP
cblr-10944	52	4	osofsky	osofsky	ADJ
cblr-10944	52	5	,	,	PUNCT
cblr-10944	52	6	373	373	NUM
cblr-10944	52	7	f.2d	f.2d	SYM
cblr-10944	52	8	269	269	NUM
cblr-10944	52	9	,	,	PUNCT
cblr-10944	52	10	271	271	NUM
cblr-10944	52	11	(	(	PUNCT
cblr-10944	52	12	2nd	2nd	ADJ
cblr-10944	52	13	cir	cir	NOUN
cblr-10944	52	14	.	.	PROPN
cblr-10944	52	15	1967	1967	NUM
cblr-10944	52	16	)	)	PUNCT
cblr-10944	52	17	.	.	PUNCT
cblr-10944	53	1	12	12	NUM
cblr-10944	53	2	boris	boris	PROPN
cblr-10944	53	3	feldman	feldman	PROPN
cblr-10944	53	4	,	,	PUNCT
cblr-10944	53	5	sarah	sarah	PROPN
cblr-10944	53	6	solum	solum	PROPN
cblr-10944	53	7	&	&	CCONJ
cblr-10944	53	8	doru	doru	PROPN
cblr-10944	53	9	gavril	gavril	PROPN
cblr-10944	53	10	,	,	PUNCT
cblr-10944	53	11	ninth	ninth	ADJ
cblr-10944	53	12	circuit	circuit	NOUN
cblr-10944	53	13	on	on	ADP
cblr-10944	53	14	strict	strict	ADJ
cblr-10944	53	15	liability	liability	NOUN
cblr-10944	53	16	for	for	ADP
cblr-10944	53	17	direct	direct	ADJ
cblr-10944	53	18	listings	listing	NOUN
cblr-10944	53	19	,	,	PUNCT
cblr-10944	53	20	harv	harv	PROPN
cblr-10944	53	21	.	.	PUNCT
cblr-10944	54	1	l.	l.	PROPN
cblr-10944	54	2	sch	sch	PROPN
cblr-10944	54	3	.	.	PUNCT
cblr-10944	55	1	f.	f.	PROPN
cblr-10944	55	2	on	on	ADP
cblr-10944	55	3	corp	corp	PROPN
cblr-10944	55	4	.	.	PROPN
cblr-10944	55	5	governance	governance	PROPN
cblr-10944	55	6	(	(	PUNCT
cblr-10944	55	7	oct	oct	PROPN
cblr-10944	55	8	.	.	PROPN
cblr-10944	55	9	14	14	NUM
cblr-10944	55	10	,	,	PUNCT
cblr-10944	55	11	2021	2021	NUM
cblr-10944	55	12	)	)	PUNCT
cblr-10944	55	13	,	,	PUNCT
cblr-10944	55	14	https://corpgov.law.harvard.edu/2021/10/14/ninth-circuit-onstrict-liability-for-direct-listings/	https://corpgov.law.harvard.edu/2021/10/14/ninth-circuit-onstrict-liability-for-direct-listings/	NOUN
cblr-10944	56	1	[	[	X
cblr-10944	56	2	https://perma.cc/9del-8y2x	https://perma.cc/9del-8y2x	X
cblr-10944	56	3	]	]	X
cblr-10944	56	4	.	.	PUNCT
cblr-10944	57	1	13	13	NUM
cblr-10944	57	2	pirani	pirani	PROPN
cblr-10944	57	3	v.	v.	ADP
cblr-10944	57	4	slack	slack	PROPN
cblr-10944	57	5	technologies	technologies	PROPN
cblr-10944	57	6	,	,	PUNCT
cblr-10944	57	7	inc	inc	PROPN
cblr-10944	57	8	.	.	PROPN
cblr-10944	57	9	,	,	PUNCT
cblr-10944	57	10	445	445	NUM
cblr-10944	57	11	f.	f.	NOUN
cblr-10944	57	12	supp.3d	supp.3d	PROPN
cblr-10944	57	13	367	367	NUM
cblr-10944	57	14	,	,	PUNCT
cblr-10944	57	15	372–73	372–73	PROPN
cblr-10944	57	16	(	(	PUNCT
cblr-10944	57	17	n.d	n.d	PROPN
cblr-10944	57	18	.	.	PROPN
cblr-10944	57	19	cal	cal	PROPN
cblr-10944	57	20	.	.	PUNCT
cblr-10944	57	21	2020	2020	NUM
cblr-10944	57	22	)	)	PUNCT
cblr-10944	57	23	.	.	PUNCT
cblr-10944	58	1	1030	1030	NUM
cblr-10944	58	2	columbia	columbia	PROPN
cblr-10944	58	3	business	business	NOUN
cblr-10944	58	4	law	law	PROPN
cblr-10944	58	5	review	review	NOUN
cblr-10944	58	6	[	[	X
cblr-10944	58	7	vol	vol	NOUN
cblr-10944	58	8	.	.	PUNCT
cblr-10944	58	9	2022	2022	NUM
cblr-10944	58	10	legal	legal	ADJ
cblr-10944	58	11	commentators,14	commentators,14	ADV
cblr-10944	58	12	both	both	CCONJ
cblr-10944	58	13	the	the	DET
cblr-10944	58	14	district	district	NOUN
cblr-10944	58	15	court	court	NOUN
cblr-10944	58	16	and	and	CCONJ
cblr-10944	58	17	the	the	DET
cblr-10944	58	18	ninth	ninth	ADJ
cblr-10944	58	19	circuit	circuit	NOUN
cblr-10944	58	20	held	hold	VERB
cblr-10944	58	21	that	that	SCONJ
cblr-10944	58	22	the	the	DET
cblr-10944	58	23	plaintiff	plaintiff	NOUN
cblr-10944	58	24	had	have	VERB
cblr-10944	58	25	the	the	DET
cblr-10944	58	26	standing	standing	NOUN
cblr-10944	58	27	to	to	PART
cblr-10944	58	28	sue	sue	VERB
cblr-10944	58	29	even	even	ADV
cblr-10944	58	30	though	though	SCONJ
cblr-10944	58	31	he	he	PRON
cblr-10944	58	32	could	could	AUX
cblr-10944	58	33	not	not	PART
cblr-10944	58	34	trace	trace	VERB
cblr-10944	58	35	his	his	PRON
cblr-10944	58	36	shares	share	NOUN
cblr-10944	58	37	to	to	PART
cblr-10944	58	38	slack	slack	VERB
cblr-10944	58	39	’s	’s	PART
cblr-10944	58	40	registration	registration	NOUN
cblr-10944	58	41	statement	statement	NOUN
cblr-10944	58	42	in	in	ADP
cblr-10944	58	43	the	the	DET
cblr-10944	58	44	way	way	NOUN
cblr-10944	58	45	in	in	ADP
cblr-10944	58	46	which	which	PRON
cblr-10944	58	47	the	the	DET
cblr-10944	58	48	traditional	traditional	ADJ
cblr-10944	58	49	tracing	tracing	ADJ
cblr-10944	58	50	doctrine	doctrine	NOUN
cblr-10944	58	51	required.15	required.15	NOUN
cblr-10944	58	52	in	in	ADP
cblr-10944	58	53	their	their	PRON
cblr-10944	58	54	respective	respective	ADJ
cblr-10944	58	55	opinions	opinion	NOUN
cblr-10944	58	56	,	,	PUNCT
cblr-10944	58	57	both	both	DET
cblr-10944	58	58	courts	court	NOUN
cblr-10944	58	59	prioritized	prioritize	VERB
cblr-10944	58	60	investor	investor	NOUN
cblr-10944	58	61	protection	protection	NOUN
cblr-10944	58	62	concerns	concern	NOUN
cblr-10944	58	63	over	over	ADP
cblr-10944	58	64	precedent	precedent	NOUN
cblr-10944	58	65	,	,	PUNCT
cblr-10944	58	66	which	which	PRON
cblr-10944	58	67	a	a	DET
cblr-10944	58	68	commentator	commentator	NOUN
cblr-10944	58	69	argued	argue	VERB
cblr-10944	58	70	would	would	AUX
cblr-10944	58	71	expand	expand	VERB
cblr-10944	58	72	liability	liability	NOUN
cblr-10944	58	73	for	for	ADP
cblr-10944	58	74	direct	direct	ADJ
cblr-10944	58	75	listings	listing	NOUN
cblr-10944	58	76	beyond	beyond	ADP
cblr-10944	58	77	traditional	traditional	ADJ
cblr-10944	58	78	ipos	ipos	NOUN
cblr-10944	58	79	,	,	PUNCT
cblr-10944	58	80	create	create	VERB
cblr-10944	58	81	inconsistencies	inconsistency	NOUN
cblr-10944	58	82	within	within	ADP
cblr-10944	58	83	section	section	NOUN
cblr-10944	58	84	11	11	NUM
cblr-10944	58	85	,	,	PUNCT
cblr-10944	58	86	and	and	CCONJ
cblr-10944	58	87	produce	produce	VERB
cblr-10944	58	88	conflicts	conflict	NOUN
cblr-10944	58	89	with	with	ADP
cblr-10944	58	90	other	other	ADJ
cblr-10944	58	91	circuits	circuit	NOUN
cblr-10944	58	92	’	'	PUNCT
cblr-10944	58	93	interpretation	interpretation	NOUN
cblr-10944	58	94	of	of	ADP
cblr-10944	58	95	section	section	NOUN
cblr-10944	58	96	11.16	11.16	NUM
cblr-10944	58	97	this	this	DET
cblr-10944	58	98	result	result	NOUN
cblr-10944	58	99	has	have	AUX
cblr-10944	58	100	prompted	prompt	VERB
cblr-10944	58	101	predictions	prediction	NOUN
cblr-10944	58	102	that	that	SCONJ
cblr-10944	58	103	the	the	DET
cblr-10944	58	104	supreme	supreme	PROPN
cblr-10944	58	105	court	court	PROPN
cblr-10944	58	106	will	will	AUX
cblr-10944	58	107	reverse	reverse	VERB
cblr-10944	58	108	the	the	DET
cblr-10944	58	109	decision.17	decision.17	PROPN
cblr-10944	58	110	the	the	DET
cblr-10944	58	111	supreme	supreme	PROPN
cblr-10944	58	112	court	court	PROPN
cblr-10944	58	113	has	have	AUX
cblr-10944	58	114	agreed	agree	VERB
cblr-10944	58	115	to	to	PART
cblr-10944	58	116	hear	hear	VERB
cblr-10944	58	117	slack	slack	NOUN
cblr-10944	58	118	’s	’s	PART
cblr-10944	58	119	appeal	appeal	NOUN
cblr-10944	58	120	as	as	ADP
cblr-10944	58	121	of	of	ADP
cblr-10944	58	122	december	december	PROPN
cblr-10944	58	123	13	13	NUM
cblr-10944	58	124	,	,	PUNCT
cblr-10944	58	125	2022.18	2022.18	NUM
cblr-10944	58	126	the	the	DET
cblr-10944	58	127	ramifications	ramification	NOUN
cblr-10944	58	128	of	of	ADP
cblr-10944	58	129	reversing	reverse	VERB
cblr-10944	58	130	slack	slack	NOUN
cblr-10944	58	131	are	be	AUX
cblr-10944	58	132	serious	serious	ADJ
cblr-10944	58	133	,	,	PUNCT
cblr-10944	58	134	as	as	SCONJ
cblr-10944	58	135	investors	investor	NOUN
cblr-10944	58	136	will	will	AUX
cblr-10944	58	137	no	no	ADV
cblr-10944	58	138	longer	long	ADV
cblr-10944	58	139	be	be	AUX
cblr-10944	58	140	able	able	ADJ
cblr-10944	58	141	to	to	PART
cblr-10944	58	142	successfully	successfully	ADV
cblr-10944	58	143	bring	bring	VERB
cblr-10944	58	144	section	section	NOUN
cblr-10944	58	145	11	11	NUM
cblr-10944	58	146	claims	claim	NOUN
cblr-10944	58	147	in	in	ADP
cblr-10944	58	148	direct	direct	ADJ
cblr-10944	58	149	listings	listing	NOUN
cblr-10944	58	150	.	.	PUNCT
cblr-10944	59	1	thus	thus	ADV
cblr-10944	59	2	,	,	PUNCT
cblr-10944	59	3	neither	neither	PRON
cblr-10944	59	4	result	result	NOUN
cblr-10944	59	5	—	—	PUNCT
cblr-10944	59	6	upholding	uphold	VERB
cblr-10944	59	7	nor	nor	CCONJ
cblr-10944	59	8	reversing	reverse	VERB
cblr-10944	59	9	slack	slack	NOUN
cblr-10944	59	10	—	—	PUNCT
cblr-10944	59	11	is	be	AUX
cblr-10944	59	12	desirable	desirable	ADJ
cblr-10944	59	13	.	.	PUNCT
cblr-10944	60	1	this	this	DET
cblr-10944	60	2	note	note	NOUN
cblr-10944	60	3	focuses	focus	VERB
cblr-10944	60	4	on	on	ADP
cblr-10944	60	5	the	the	DET
cblr-10944	60	6	adequacy	adequacy	NOUN
cblr-10944	60	7	of	of	ADP
cblr-10944	60	8	investor	investor	NOUN
cblr-10944	60	9	protections	protection	NOUN
cblr-10944	60	10	in	in	ADP
cblr-10944	60	11	the	the	DET
cblr-10944	60	12	direct	direct	ADJ
cblr-10944	60	13	listing	listing	NOUN
cblr-10944	60	14	context	context	NOUN
cblr-10944	60	15	.	.	PUNCT
cblr-10944	61	1	it	it	PRON
cblr-10944	61	2	argues	argue	VERB
cblr-10944	61	3	that	that	SCONJ
cblr-10944	61	4	the	the	DET
cblr-10944	61	5	judicial	judicial	ADJ
cblr-10944	61	6	system	system	NOUN
cblr-10944	61	7	is	be	AUX
cblr-10944	61	8	unequipped	unequipped	ADJ
cblr-10944	61	9	to	to	PART
cblr-10944	61	10	fix	fix	VERB
cblr-10944	61	11	the	the	DET
cblr-10944	61	12	problem	problem	NOUN
cblr-10944	61	13	with	with	ADP
cblr-10944	61	14	the	the	DET
cblr-10944	61	15	tracing	trace	VERB
cblr-10944	61	16	requirement	requirement	NOUN
cblr-10944	61	17	and	and	CCONJ
cblr-10944	61	18	urges	urge	VERB
cblr-10944	61	19	congress	congress	PROPN
cblr-10944	61	20	or	or	CCONJ
cblr-10944	61	21	the	the	DET
cblr-10944	61	22	securities	securities	PROPN
cblr-10944	61	23	and	and	CCONJ
cblr-10944	61	24	exchange	exchange	PROPN
cblr-10944	61	25	commission	commission	PROPN
cblr-10944	61	26	(	(	PUNCT
cblr-10944	61	27	sec	sec	PROPN
cblr-10944	61	28	)	)	PUNCT
cblr-10944	61	29	to	to	PART
cblr-10944	61	30	re	re	VERB
cblr-10944	61	31	-	-	VERB
cblr-10944	61	32	examine	examine	ADJ
cblr-10944	61	33	section	section	NOUN
cblr-10944	61	34	11	11	NUM
cblr-10944	61	35	and	and	CCONJ
cblr-10944	61	36	to	to	PART
cblr-10944	61	37	consider	consider	VERB
cblr-10944	61	38	the	the	DET
cblr-10944	61	39	use	use	NOUN
cblr-10944	61	40	of	of	ADP
cblr-10944	61	41	blockchain	blockchain	PROPN
cblr-10944	61	42	technology	technology	PROPN
cblr-10944	61	43	to	to	PART
cblr-10944	61	44	trace	trace	VERB
cblr-10944	61	45	ownership	ownership	NOUN
cblr-10944	61	46	of	of	ADP
cblr-10944	61	47	shares	share	NOUN
cblr-10944	61	48	in	in	ADP
cblr-10944	61	49	direct	direct	ADJ
cblr-10944	61	50	listings	listing	NOUN
cblr-10944	61	51	.	.	PUNCT
cblr-10944	62	1	part	part	NOUN
cblr-10944	62	2	ii	ii	PROPN
cblr-10944	62	3	of	of	ADP
cblr-10944	62	4	this	this	DET
cblr-10944	62	5	note	note	NOUN
cblr-10944	62	6	will	will	AUX
cblr-10944	62	7	discuss	discuss	VERB
cblr-10944	62	8	the	the	DET
cblr-10944	62	9	mechanics	mechanic	NOUN
cblr-10944	62	10	of	of	ADP
cblr-10944	62	11	a	a	DET
cblr-10944	62	12	direct	direct	ADJ
cblr-10944	62	13	listing	listing	NOUN
cblr-10944	62	14	and	and	CCONJ
cblr-10944	62	15	detail	detail	VERB
cblr-10944	62	16	the	the	DET
cblr-10944	62	17	regulatory	regulatory	ADJ
cblr-10944	62	18	developments	development	NOUN
cblr-10944	62	19	allowing	allow	VERB
cblr-10944	62	20	direct	direct	ADJ
cblr-10944	62	21	listings	listing	NOUN
cblr-10944	62	22	on	on	ADP
cblr-10944	62	23	public	public	ADJ
cblr-10944	62	24	exchanges	exchange	NOUN
cblr-10944	62	25	.	.	PUNCT
cblr-10944	63	1	part	part	NOUN
cblr-10944	63	2	iii	iii	PRON
cblr-10944	63	3	will	will	AUX
cblr-10944	63	4	analyze	analyze	VERB
cblr-10944	63	5	section	section	NOUN
cblr-10944	63	6	11	11	NUM
cblr-10944	63	7	of	of	ADP
cblr-10944	63	8	the	the	DET
cblr-10944	63	9	securities	security	NOUN
cblr-10944	63	10	act	act	NOUN
cblr-10944	63	11	and	and	CCONJ
cblr-10944	63	12	the	the	DET
cblr-10944	63	13	slack	slack	NOUN
cblr-10944	63	14	decision	decision	NOUN
cblr-10944	63	15	.	.	PUNCT
cblr-10944	64	1	part	part	NOUN
cblr-10944	64	2	iv	iv	PRON
cblr-10944	64	3	will	will	AUX
cblr-10944	64	4	make	make	VERB
cblr-10944	64	5	a	a	DET
cblr-10944	64	6	case	case	NOUN
cblr-10944	64	7	for	for	SCONJ
cblr-10944	64	8	congress	congress	PROPN
cblr-10944	64	9	or	or	CCONJ
cblr-10944	64	10	the	the	DET
cblr-10944	64	11	sec	sec	PROPN
cblr-10944	64	12	to	to	PART
cblr-10944	64	13	intervene	intervene	VERB
cblr-10944	64	14	by	by	ADP
cblr-10944	64	15	arguing	argue	VERB
cblr-10944	64	16	that	that	SCONJ
cblr-10944	64	17	14	14	NUM
cblr-10944	64	18	see	see	VERB
cblr-10944	64	19	feldman	feldman	PROPN
cblr-10944	64	20	et	et	PROPN
cblr-10944	64	21	al	al	PROPN
cblr-10944	64	22	.	.	PROPN
cblr-10944	64	23	,	,	PUNCT
cblr-10944	64	24	supra	supra	PROPN
cblr-10944	64	25	note	note	NOUN
cblr-10944	64	26	12	12	NUM
cblr-10944	64	27	.	.	SYM
cblr-10944	64	28	15	15	NUM
cblr-10944	64	29	pirani	pirani	PROPN
cblr-10944	64	30	v.	v.	ADP
cblr-10944	64	31	slack	slack	PROPN
cblr-10944	64	32	technologies	technologies	PROPN
cblr-10944	64	33	,	,	PUNCT
cblr-10944	64	34	inc	inc	PROPN
cblr-10944	64	35	.	.	PROPN
cblr-10944	64	36	,	,	PUNCT
cblr-10944	64	37	445	445	NUM
cblr-10944	64	38	f.	f.	NOUN
cblr-10944	64	39	supp.3d	supp.3d	PROPN
cblr-10944	64	40	367	367	NUM
cblr-10944	64	41	,	,	PUNCT
cblr-10944	64	42	376–83	376–83	NUM
cblr-10944	64	43	(	(	PUNCT
cblr-10944	64	44	n.d	n.d	PROPN
cblr-10944	64	45	.	.	PROPN
cblr-10944	64	46	cal	cal	PROPN
cblr-10944	64	47	.	.	PUNCT
cblr-10944	65	1	2020	2020	NUM
cblr-10944	65	2	)	)	PUNCT
cblr-10944	66	1	;	;	PUNCT
cblr-10944	66	2	pirani	pirani	PROPN
cblr-10944	66	3	v.	v.	PROPN
cblr-10944	66	4	slack	slack	PROPN
cblr-10944	66	5	technologies	technologies	PROPN
cblr-10944	66	6	,	,	PUNCT
cblr-10944	66	7	inc	inc	PROPN
cblr-10944	66	8	.	.	PROPN
cblr-10944	66	9	,	,	PUNCT
cblr-10944	66	10	13	13	NUM
cblr-10944	66	11	f.4th	f.4th	NOUN
cblr-10944	66	12	940	940	NUM
cblr-10944	66	13	,	,	PUNCT
cblr-10944	66	14	946–49	946–49	NUM
cblr-10944	66	15	(	(	PUNCT
cblr-10944	66	16	9th	9th	ADJ
cblr-10944	66	17	cir	cir	NOUN
cblr-10944	66	18	.	.	PROPN
cblr-10944	66	19	2021	2021	NUM
cblr-10944	66	20	)	)	PUNCT
cblr-10944	66	21	.	.	PUNCT
cblr-10944	67	1	16	16	NUM
cblr-10944	67	2	see	see	VERB
cblr-10944	67	3	feldman	feldman	PROPN
cblr-10944	67	4	et	et	PROPN
cblr-10944	67	5	al	al	PROPN
cblr-10944	67	6	.	.	PROPN
cblr-10944	67	7	,	,	PUNCT
cblr-10944	67	8	supra	supra	PROPN
cblr-10944	67	9	note	note	NOUN
cblr-10944	67	10	12	12	NUM
cblr-10944	67	11	.	.	PUNCT
cblr-10944	67	12	17	17	NUM
cblr-10944	68	1	i	i	PRON
cblr-10944	68	2	d.	d.	PROPN
cblr-10944	68	3	(	(	PUNCT
cblr-10944	68	4	“	"	PUNCT
cblr-10944	68	5	slack	slack	NOUN
cblr-10944	68	6	represents	represent	VERB
cblr-10944	68	7	a	a	DET
cblr-10944	68	8	significant	significant	ADJ
cblr-10944	68	9	departure	departure	NOUN
cblr-10944	68	10	in	in	ADP
cblr-10944	68	11	the	the	DET
cblr-10944	68	12	imposition	imposition	NOUN
cblr-10944	68	13	of	of	ADP
cblr-10944	68	14	strict	strict	ADJ
cblr-10944	68	15	liability	liability	NOUN
cblr-10944	68	16	in	in	ADP
cblr-10944	68	17	securities	security	NOUN
cblr-10944	68	18	regulation	regulation	NOUN
cblr-10944	68	19	.	.	PUNCT
cblr-10944	68	20	.	.	PUNCT
cblr-10944	68	21	.	.	PUNCT
cblr-10944	69	1	we	we	PRON
cblr-10944	69	2	believe	believe	VERB
cblr-10944	69	3	this	this	DET
cblr-10944	69	4	decision	decision	NOUN
cblr-10944	69	5	warrants	warrant	NOUN
cblr-10944	69	6	reversal	reversal	NOUN
cblr-10944	69	7	by	by	ADP
cblr-10944	69	8	the	the	DET
cblr-10944	69	9	supreme	supreme	PROPN
cblr-10944	69	10	court	court	PROPN
cblr-10944	69	11	”	"	PUNCT
cblr-10944	69	12	)	)	PUNCT
cblr-10944	69	13	.	.	PUNCT
cblr-10944	70	1	18	18	NUM
cblr-10944	70	2	jody	jody	PROPN
cblr-10944	70	3	godoy	godoy	PROPN
cblr-10944	70	4	,	,	PUNCT
cblr-10944	70	5	u.s	u.s	PROPN
cblr-10944	70	6	.	.	PROPN
cblr-10944	70	7	supreme	supreme	PROPN
cblr-10944	70	8	court	court	PROPN
cblr-10944	70	9	to	to	PART
cblr-10944	70	10	hear	hear	VERB
cblr-10944	70	11	dispute	dispute	NOUN
cblr-10944	70	12	over	over	ADP
cblr-10944	70	13	slack	slack	NOUN
cblr-10944	70	14	’s	’s	PART
cblr-10944	70	15	direct	direct	ADJ
cblr-10944	70	16	stock	stock	NOUN
cblr-10944	70	17	listing	listing	NOUN
cblr-10944	70	18	,	,	PUNCT
cblr-10944	70	19	reuters	reuters	PROPN
cblr-10944	70	20	(	(	PUNCT
cblr-10944	70	21	dec	dec	PROPN
cblr-10944	70	22	.	.	PROPN
cblr-10944	70	23	13	13	NUM
cblr-10944	70	24	,	,	PUNCT
cblr-10944	70	25	2022	2022	NUM
cblr-10944	70	26	)	)	PUNCT
cblr-10944	70	27	,	,	PUNCT
cblr-10944	70	28	https://www.reuters.com/legal/ussupreme-court-hear-dispute-case-over-slacks-direct-stock-listing-2022-1213/	https://www.reuters.com/legal/ussupreme-court-hear-dispute-case-over-slacks-direct-stock-listing-2022-1213/	PROPN
cblr-10944	70	29	[	[	X
cblr-10944	70	30	https://perma.cc/2wuc-67je	https://perma.cc/2wuc-67je	ADV
cblr-10944	70	31	]	]	X
cblr-10944	70	32	.	.	PUNCT
cblr-10944	71	1	no	no	INTJ
cblr-10944	71	2	.	.	PUNCT
cblr-10944	72	1	2:1026	2:1026	NUM
cblr-10944	72	2	]	]	X
cblr-10944	72	3	direct	direct	ADJ
cblr-10944	72	4	listings	listing	NOUN
cblr-10944	72	5	and	and	CCONJ
cblr-10944	72	6	the	the	DET
cblr-10944	72	7	tracing	trace	VERB
cblr-10944	72	8	doctrine	doctrine	NOUN
cblr-10944	72	9	1031	1031	NUM
cblr-10944	72	10	the	the	DET
cblr-10944	72	11	two	two	NUM
cblr-10944	72	12	worlds	world	NOUN
cblr-10944	72	13	where	where	SCONJ
cblr-10944	72	14	the	the	DET
cblr-10944	72	15	supreme	supreme	PROPN
cblr-10944	72	16	court	court	PROPN
cblr-10944	72	17	upholds	uphold	VERB
cblr-10944	72	18	or	or	CCONJ
cblr-10944	72	19	reverses	reverse	VERB
cblr-10944	72	20	the	the	DET
cblr-10944	72	21	slack	slack	NOUN
cblr-10944	72	22	decision	decision	NOUN
cblr-10944	72	23	are	be	AUX
cblr-10944	72	24	undesirable	undesirable	ADJ
cblr-10944	72	25	for	for	ADP
cblr-10944	72	26	investors	investor	NOUN
cblr-10944	72	27	,	,	PUNCT
cblr-10944	72	28	companies	company	NOUN
cblr-10944	72	29	,	,	PUNCT
cblr-10944	72	30	and	and	CCONJ
cblr-10944	72	31	the	the	DET
cblr-10944	72	32	legal	legal	ADJ
cblr-10944	72	33	system	system	NOUN
cblr-10944	72	34	.	.	PUNCT
cblr-10944	73	1	ii	ii	PROPN
cblr-10944	73	2	.	.	PUNCT
cblr-10944	74	1	background	background	NOUN
cblr-10944	74	2	on	on	ADP
cblr-10944	74	3	direct	direct	ADJ
cblr-10944	74	4	listings	listing	NOUN
cblr-10944	74	5	this	this	DET
cblr-10944	74	6	section	section	NOUN
cblr-10944	74	7	begins	begin	VERB
cblr-10944	74	8	by	by	ADP
cblr-10944	74	9	comparing	compare	VERB
cblr-10944	74	10	the	the	DET
cblr-10944	74	11	purpose	purpose	NOUN
cblr-10944	74	12	and	and	CCONJ
cblr-10944	74	13	features	feature	NOUN
cblr-10944	74	14	of	of	ADP
cblr-10944	74	15	an	an	DET
cblr-10944	74	16	ipo	ipo	NOUN
cblr-10944	74	17	and	and	CCONJ
cblr-10944	74	18	a	a	DET
cblr-10944	74	19	direct	direct	ADJ
cblr-10944	74	20	listing	listing	NOUN
cblr-10944	74	21	.	.	PUNCT
cblr-10944	75	1	it	it	PRON
cblr-10944	75	2	concludes	conclude	VERB
cblr-10944	75	3	by	by	ADP
cblr-10944	75	4	detailing	detail	VERB
cblr-10944	75	5	the	the	DET
cblr-10944	75	6	mechanics	mechanic	NOUN
cblr-10944	75	7	of	of	ADP
cblr-10944	75	8	a	a	DET
cblr-10944	75	9	direct	direct	ADJ
cblr-10944	75	10	listing	listing	NOUN
cblr-10944	75	11	and	and	CCONJ
cblr-10944	75	12	the	the	DET
cblr-10944	75	13	regulatory	regulatory	ADJ
cblr-10944	75	14	developments	development	NOUN
cblr-10944	75	15	that	that	PRON
cblr-10944	75	16	allowed	allow	VERB
cblr-10944	75	17	companies	company	NOUN
cblr-10944	75	18	to	to	PART
cblr-10944	75	19	utilize	utilize	VERB
cblr-10944	75	20	a	a	DET
cblr-10944	75	21	direct	direct	ADJ
cblr-10944	75	22	listing	listing	NOUN
cblr-10944	75	23	on	on	ADP
cblr-10944	75	24	a	a	DET
cblr-10944	75	25	public	public	ADJ
cblr-10944	75	26	exchange	exchange	NOUN
cblr-10944	75	27	.	.	PUNCT
cblr-10944	76	1	a.	a.	NOUN
cblr-10944	76	2	ipos	ipos	PROPN
cblr-10944	76	3	and	and	CCONJ
cblr-10944	76	4	direct	direct	ADJ
cblr-10944	76	5	listings	listing	NOUN
cblr-10944	76	6	generally	generally	ADV
cblr-10944	76	7	a	a	DET
cblr-10944	76	8	company	company	NOUN
cblr-10944	76	9	that	that	PRON
cblr-10944	76	10	goes	go	VERB
cblr-10944	76	11	public	public	ADJ
cblr-10944	76	12	via	via	ADP
cblr-10944	76	13	an	an	DET
cblr-10944	76	14	ipo	ipo	NOUN
cblr-10944	76	15	does	do	AUX
cblr-10944	76	16	so	so	ADV
cblr-10944	76	17	primarily	primarily	ADV
cblr-10944	76	18	because	because	SCONJ
cblr-10944	76	19	it	it	PRON
cblr-10944	76	20	wants	want	VERB
cblr-10944	76	21	to	to	PART
cblr-10944	76	22	raise	raise	VERB
cblr-10944	76	23	capital,19	capital,19	NOUN
cblr-10944	76	24	which	which	PRON
cblr-10944	76	25	inevitably	inevitably	ADV
cblr-10944	76	26	dilutes	dilute	VERB
cblr-10944	76	27	the	the	DET
cblr-10944	76	28	positions	position	NOUN
cblr-10944	76	29	of	of	ADP
cblr-10944	76	30	existing	exist	VERB
cblr-10944	76	31	shareholders.20	shareholders.20	NOUN
cblr-10944	76	32	the	the	DET
cblr-10944	76	33	availability	availability	NOUN
cblr-10944	76	34	of	of	ADP
cblr-10944	76	35	a	a	DET
cblr-10944	76	36	public	public	ADJ
cblr-10944	76	37	marketplace	marketplace	NOUN
cblr-10944	76	38	easily	easily	ADV
cblr-10944	76	39	outweighs	outweigh	VERB
cblr-10944	76	40	the	the	DET
cblr-10944	76	41	loss	loss	NOUN
cblr-10944	76	42	in	in	ADP
cblr-10944	76	43	share	share	NOUN
cblr-10944	76	44	value	value	NOUN
cblr-10944	76	45	since	since	SCONJ
cblr-10944	76	46	investors	investor	NOUN
cblr-10944	76	47	can	can	AUX
cblr-10944	76	48	quickly	quickly	ADV
cblr-10944	76	49	sell	sell	VERB
cblr-10944	76	50	their	their	PRON
cblr-10944	76	51	shares	share	NOUN
cblr-10944	76	52	due	due	ADJ
cblr-10944	76	53	to	to	ADP
cblr-10944	76	54	shares	share	NOUN
cblr-10944	76	55	being	be	AUX
cblr-10944	76	56	more	more	ADV
cblr-10944	76	57	liquid	liquid	ADJ
cblr-10944	76	58	,	,	PUNCT
cblr-10944	76	59	meaning	mean	VERB
cblr-10944	76	60	the	the	DET
cblr-10944	76	61	shares	share	NOUN
cblr-10944	76	62	can	can	AUX
cblr-10944	76	63	be	be	AUX
cblr-10944	76	64	converted	convert	VERB
cblr-10944	76	65	into	into	ADP
cblr-10944	76	66	cash	cash	NOUN
cblr-10944	76	67	without	without	ADP
cblr-10944	76	68	giving	give	VERB
cblr-10944	76	69	up	up	ADP
cblr-10944	76	70	time	time	NOUN
cblr-10944	76	71	or	or	CCONJ
cblr-10944	76	72	selling	sell	VERB
cblr-10944	76	73	them	they	PRON
cblr-10944	76	74	at	at	ADP
cblr-10944	76	75	a	a	DET
cblr-10944	76	76	lower	low	ADJ
cblr-10944	76	77	price.21	price.21	ADJ
cblr-10944	76	78	companies	company	NOUN
cblr-10944	76	79	conducting	conduct	VERB
cblr-10944	76	80	ipos	ipos	NOUN
cblr-10944	76	81	face	face	VERB
cblr-10944	76	82	large	large	ADJ
cblr-10944	76	83	costs	cost	NOUN
cblr-10944	76	84	because	because	SCONJ
cblr-10944	76	85	they	they	PRON
cblr-10944	76	86	must	must	AUX
cblr-10944	76	87	hire	hire	VERB
cblr-10944	76	88	investment	investment	NOUN
cblr-10944	76	89	banks	bank	NOUN
cblr-10944	76	90	to	to	PART
cblr-10944	76	91	be	be	AUX
cblr-10944	76	92	underwriters.22	underwriters.22	ADJ
cblr-10944	76	93	underwriters	underwriter	NOUN
cblr-10944	76	94	perform	perform	VERB
cblr-10944	76	95	vital	vital	ADJ
cblr-10944	76	96	functions	function	NOUN
cblr-10944	76	97	including	include	VERB
cblr-10944	76	98	“	"	PUNCT
cblr-10944	76	99	underwriting,”23	underwriting,”23	NOUN
cblr-10944	76	100	conducting	conduct	VERB
cblr-10944	76	101	“	"	PUNCT
cblr-10944	76	102	book	book	NOUN
cblr-10944	76	103	building	building	NOUN
cblr-10944	76	104	”	"	PUNCT
cblr-10944	76	105	by	by	ADP
cblr-10944	76	106	19	19	NUM
cblr-10944	76	107	brent	brent	PROPN
cblr-10944	76	108	j.	j.	PROPN
cblr-10944	76	109	horton	horton	PROPN
cblr-10944	76	110	,	,	PUNCT
cblr-10944	76	111	spotify	spotify	VERB
cblr-10944	76	112	’s	’s	ADV
cblr-10944	76	113	direct	direct	ADJ
cblr-10944	76	114	listing	listing	NOUN
cblr-10944	76	115	:	:	PUNCT
cblr-10944	76	116	is	be	AUX
cblr-10944	76	117	it	it	PRON
cblr-10944	76	118	a	a	DET
cblr-10944	76	119	recipe	recipe	NOUN
cblr-10944	76	120	for	for	ADP
cblr-10944	76	121	gatekeeper	gatekeeper	NOUN
cblr-10944	76	122	failure	failure	NOUN
cblr-10944	76	123	?	?	PUNCT
cblr-10944	76	124	,	,	PUNCT
cblr-10944	76	125	72	72	NUM
cblr-10944	76	126	smu	smu	PROPN
cblr-10944	76	127	l.	l.	PROPN
cblr-10944	76	128	rev	rev	PROPN
cblr-10944	76	129	.	.	PROPN
cblr-10944	76	130	178	178	NUM
cblr-10944	76	131	,	,	PUNCT
cblr-10944	76	132	182–83	182–83	NUM
cblr-10944	76	133	(	(	PUNCT
cblr-10944	76	134	2019	2019	NUM
cblr-10944	76	135	)	)	PUNCT
cblr-10944	76	136	.	.	PUNCT
cblr-10944	77	1	an	an	DET
cblr-10944	77	2	average	average	ADJ
cblr-10944	77	3	company	company	NOUN
cblr-10944	77	4	can	can	AUX
cblr-10944	77	5	raise	raise	VERB
cblr-10944	77	6	$	$	SYM
cblr-10944	77	7	100	100	NUM
cblr-10944	77	8	million	million	NUM
cblr-10944	77	9	,	,	PUNCT
cblr-10944	77	10	but	but	CCONJ
cblr-10944	77	11	some	some	DET
cblr-10944	77	12	companies	company	NOUN
cblr-10944	77	13	raise	raise	VERB
cblr-10944	77	14	more	more	ADJ
cblr-10944	77	15	—	—	PUNCT
cblr-10944	77	16	like	like	ADJ
cblr-10944	77	17	snap	snap	PROPN
cblr-10944	77	18	,	,	PUNCT
cblr-10944	77	19	inc	inc	PROPN
cblr-10944	77	20	.	.	PROPN
cblr-10944	77	21	,	,	PUNCT
cblr-10944	77	22	which	which	PRON
cblr-10944	77	23	raised	raise	VERB
cblr-10944	77	24	$	$	SYM
cblr-10944	77	25	3.4	3.4	NUM
cblr-10944	77	26	billion	billion	NUM
cblr-10944	77	27	in	in	ADP
cblr-10944	77	28	its	its	PRON
cblr-10944	77	29	ipo	ipo	NOUN
cblr-10944	77	30	.	.	PUNCT
cblr-10944	78	1	i	i	PRON
cblr-10944	78	2	d.	d.	PROPN
cblr-10944	78	3	at	at	ADP
cblr-10944	78	4	183	183	NUM
cblr-10944	78	5	.	.	PROPN
cblr-10944	78	6	20	20	NUM
cblr-10944	78	7	nickerson	nickerson	PROPN
cblr-10944	78	8	,	,	PUNCT
cblr-10944	78	9	supra	supra	PROPN
cblr-10944	78	10	note	note	PROPN
cblr-10944	78	11	6	6	NUM
cblr-10944	78	12	,	,	PUNCT
cblr-10944	78	13	at	at	ADP
cblr-10944	78	14	990	990	NUM
cblr-10944	78	15	.	.	PUNCT
cblr-10944	78	16	21	21	NUM
cblr-10944	78	17	see	see	VERB
cblr-10944	78	18	adam	adam	PROPN
cblr-10944	78	19	hayes	hayes	PROPN
cblr-10944	78	20	,	,	PUNCT
cblr-10944	78	21	understanding	understand	VERB
cblr-10944	78	22	liquidity	liquidity	NOUN
cblr-10944	78	23	and	and	CCONJ
cblr-10944	78	24	how	how	SCONJ
cblr-10944	78	25	to	to	PART
cblr-10944	78	26	measure	measure	VERB
cblr-10944	78	27	it	it	PRON
cblr-10944	78	28	,	,	PUNCT
cblr-10944	78	29	investopedia	investopedia	PROPN
cblr-10944	78	30	,	,	PUNCT
cblr-10944	78	31	https://www.investopedia.com/terms/l/liquidity.asp	https://www.investopedia.com/terms/l/liquidity.asp	PROPN
cblr-10944	78	32	[	[	X
cblr-10944	78	33	https://perma.cc/4udg-6e66	https://perma.cc/4udg-6e66	X
cblr-10944	78	34	]	]	X
cblr-10944	78	35	(	(	PUNCT
cblr-10944	78	36	last	last	ADJ
cblr-10944	78	37	updated	update	VERB
cblr-10944	78	38	mar	mar	PROPN
cblr-10944	78	39	.	.	PROPN
cblr-10944	78	40	29	29	NUM
cblr-10944	78	41	,	,	PUNCT
cblr-10944	78	42	2022	2022	NUM
cblr-10944	78	43	)	)	PUNCT
cblr-10944	78	44	.	.	PUNCT
cblr-10944	79	1	22	22	NUM
cblr-10944	79	2	see	see	VERB
cblr-10944	79	3	horton	horton	PROPN
cblr-10944	79	4	,	,	PUNCT
cblr-10944	79	5	supra	supra	PROPN
cblr-10944	79	6	note	note	PROPN
cblr-10944	79	7	19	19	NUM
cblr-10944	79	8	,	,	PUNCT
cblr-10944	79	9	at	at	ADP
cblr-10944	79	10	185	185	NUM
cblr-10944	79	11	.	.	PUNCT
cblr-10944	80	1	23	23	NUM
cblr-10944	80	2	see	see	VERB
cblr-10944	80	3	nickerson	nickerson	PROPN
cblr-10944	80	4	,	,	PUNCT
cblr-10944	80	5	supra	supra	PROPN
cblr-10944	80	6	note	note	PROPN
cblr-10944	80	7	6	6	NUM
cblr-10944	80	8	,	,	PUNCT
cblr-10944	80	9	at	at	ADP
cblr-10944	80	10	992–93	992–93	PROPN
cblr-10944	80	11	.	.	PUNCT
cblr-10944	81	1	underwriters	underwriter	NOUN
cblr-10944	81	2	facilitate	facilitate	VERB
cblr-10944	81	3	the	the	DET
cblr-10944	81	4	sale	sale	NOUN
cblr-10944	81	5	of	of	ADP
cblr-10944	81	6	securities	security	NOUN
cblr-10944	81	7	to	to	ADP
cblr-10944	81	8	interested	interested	ADJ
cblr-10944	81	9	investors	investor	NOUN
cblr-10944	81	10	through	through	ADP
cblr-10944	81	11	two	two	NUM
cblr-10944	81	12	ways	way	NOUN
cblr-10944	81	13	of	of	ADP
cblr-10944	81	14	underwriting	underwriting	NOUN
cblr-10944	81	15	.	.	PUNCT
cblr-10944	82	1	the	the	DET
cblr-10944	82	2	first	first	ADJ
cblr-10944	82	3	is	be	AUX
cblr-10944	82	4	known	know	VERB
cblr-10944	82	5	as	as	ADP
cblr-10944	82	6	“	"	PUNCT
cblr-10944	82	7	firm	firm	ADJ
cblr-10944	82	8	commitment	commitment	NOUN
cblr-10944	82	9	underwriting	underwriting	NOUN
cblr-10944	82	10	,	,	PUNCT
cblr-10944	82	11	”	"	PUNCT
cblr-10944	82	12	in	in	ADP
cblr-10944	82	13	which	which	PRON
cblr-10944	82	14	the	the	DET
cblr-10944	82	15	underwriter	underwriter	NOUN
cblr-10944	82	16	purchases	purchase	VERB
cblr-10944	82	17	securities	security	NOUN
cblr-10944	82	18	from	from	ADP
cblr-10944	82	19	the	the	DET
cblr-10944	82	20	issuer	issuer	NOUN
cblr-10944	82	21	at	at	ADP
cblr-10944	82	22	a	a	DET
cblr-10944	82	23	discounted	discount	VERB
cblr-10944	82	24	price	price	NOUN
cblr-10944	82	25	,	,	PUNCT
cblr-10944	82	26	and	and	CCONJ
cblr-10944	82	27	then	then	ADV
cblr-10944	82	28	later	later	ADV
cblr-10944	82	29	resells	resell	VERB
cblr-10944	82	30	them	they	PRON
cblr-10944	82	31	to	to	ADP
cblr-10944	82	32	buyers	buyer	NOUN
cblr-10944	82	33	at	at	ADP
cblr-10944	82	34	the	the	DET
cblr-10944	82	35	public	public	ADJ
cblr-10944	82	36	offering	offering	NOUN
cblr-10944	82	37	price	price	NOUN
cblr-10944	82	38	.	.	PUNCT
cblr-10944	83	1	i	i	PRON
cblr-10944	83	2	d.	d.	PROPN
cblr-10944	83	3	at	at	ADP
cblr-10944	83	4	922	922	NUM
cblr-10944	83	5	.	.	PUNCT
cblr-10944	84	1	the	the	DET
cblr-10944	84	2	other	other	ADJ
cblr-10944	84	3	way	way	NOUN
cblr-10944	84	4	is	be	AUX
cblr-10944	84	5	called	call	VERB
cblr-10944	84	6	“	"	PUNCT
cblr-10944	84	7	best	good	ADJ
cblr-10944	84	8	efforts	effort	NOUN
cblr-10944	84	9	”	"	PUNCT
cblr-10944	84	10	underwriting	underwriting	NOUN
cblr-10944	84	11	,	,	PUNCT
cblr-10944	84	12	in	in	ADP
cblr-10944	84	13	which	which	PRON
cblr-10944	84	14	the	the	DET
cblr-10944	84	15	underwriter	underwriter	NOUN
cblr-10944	84	16	does	do	AUX
cblr-10944	84	17	not	not	PART
cblr-10944	84	18	purchase	purchase	VERB
cblr-10944	84	19	securities	security	NOUN
cblr-10944	84	20	from	from	ADP
cblr-10944	84	21	the	the	DET
cblr-10944	84	22	issuer	issuer	NOUN
cblr-10944	84	23	but	but	CCONJ
cblr-10944	84	24	instead	instead	ADV
cblr-10944	84	25	contractually	contractually	ADV
cblr-10944	84	26	1032	1032	NUM
cblr-10944	84	27	columbia	columbia	PROPN
cblr-10944	84	28	business	business	NOUN
cblr-10944	84	29	law	law	PROPN
cblr-10944	84	30	review	review	NOUN
cblr-10944	85	1	[	[	X
cblr-10944	85	2	vol	vol	NOUN
cblr-10944	85	3	.	.	PUNCT
cblr-10944	85	4	2022	2022	NUM
cblr-10944	85	5	communicating	communicate	VERB
cblr-10944	85	6	with	with	ADP
cblr-10944	85	7	prospective	prospective	ADJ
cblr-10944	85	8	investors	investor	NOUN
cblr-10944	85	9	to	to	PART
cblr-10944	85	10	gauge	gauge	VERB
cblr-10944	85	11	interest	interest	NOUN
cblr-10944	85	12	and	and	CCONJ
cblr-10944	85	13	set	set	VERB
cblr-10944	85	14	the	the	DET
cblr-10944	85	15	offering	offering	NOUN
cblr-10944	85	16	price,24	price,24	NOUN
cblr-10944	85	17	actively	actively	ADV
cblr-10944	85	18	marketing	market	VERB
cblr-10944	85	19	the	the	DET
cblr-10944	85	20	issuer	issuer	NOUN
cblr-10944	85	21	’s	’s	PART
cblr-10944	85	22	shares	share	NOUN
cblr-10944	85	23	in	in	ADP
cblr-10944	85	24	meetings	meeting	NOUN
cblr-10944	85	25	with	with	ADP
cblr-10944	85	26	large	large	ADJ
cblr-10944	85	27	institutional	institutional	ADJ
cblr-10944	85	28	investors,25	investors,25	NOUN
cblr-10944	85	29	and	and	CCONJ
cblr-10944	85	30	assisting	assist	VERB
cblr-10944	85	31	with	with	ADP
cblr-10944	85	32	the	the	DET
cblr-10944	85	33	required	require	VERB
cblr-10944	85	34	filings.26	filings.26	NOUN
cblr-10944	85	35	given	give	VERB
cblr-10944	85	36	that	that	SCONJ
cblr-10944	85	37	an	an	DET
cblr-10944	85	38	underwriter	underwriter	NOUN
cblr-10944	85	39	’s	’s	PART
cblr-10944	85	40	work	work	NOUN
cblr-10944	85	41	is	be	AUX
cblr-10944	85	42	both	both	DET
cblr-10944	85	43	time	time	NOUN
cblr-10944	85	44	-	-	PUNCT
cblr-10944	85	45	consuming	consume	VERB
cblr-10944	85	46	and	and	CCONJ
cblr-10944	85	47	risky	risky	ADJ
cblr-10944	85	48	,	,	PUNCT
cblr-10944	85	49	an	an	DET
cblr-10944	85	50	issuer	issuer	NOUN
cblr-10944	85	51	pays	pay	VERB
cblr-10944	85	52	them	they	PRON
cblr-10944	85	53	a	a	DET
cblr-10944	85	54	fee	fee	NOUN
cblr-10944	85	55	,	,	PUNCT
cblr-10944	85	56	which	which	PRON
cblr-10944	85	57	is	be	AUX
cblr-10944	85	58	referred	refer	VERB
cblr-10944	85	59	to	to	ADP
cblr-10944	85	60	as	as	ADP
cblr-10944	85	61	the	the	DET
cblr-10944	85	62	spread	spread	NOUN
cblr-10944	85	63	,	,	PUNCT
cblr-10944	85	64	or	or	CCONJ
cblr-10944	85	65	“	"	PUNCT
cblr-10944	85	66	the	the	DET
cblr-10944	85	67	difference	difference	NOUN
cblr-10944	85	68	between	between	ADP
cblr-10944	85	69	the	the	DET
cblr-10944	85	70	price	price	NOUN
cblr-10944	85	71	that	that	PRON
cblr-10944	85	72	the	the	DET
cblr-10944	85	73	dealer	dealer	NOUN
cblr-10944	85	74	(	(	PUNCT
cblr-10944	85	75	underwriter	underwriter	NOUN
cblr-10944	85	76	)	)	PUNCT
cblr-10944	85	77	acquired	acquire	VERB
cblr-10944	85	78	the	the	DET
cblr-10944	85	79	stock	stock	NOUN
cblr-10944	85	80	from	from	ADP
cblr-10944	85	81	the	the	DET
cblr-10944	85	82	issuer	issuer	NOUN
cblr-10944	85	83	[	[	X
cblr-10944	85	84	at	at	ADP
cblr-10944	85	85	]	]	PUNCT
cblr-10944	85	86	and	and	CCONJ
cblr-10944	85	87	the	the	DET
cblr-10944	85	88	amount	amount	NOUN
cblr-10944	85	89	it	it	PRON
cblr-10944	85	90	receives	receive	VERB
cblr-10944	85	91	when	when	SCONJ
cblr-10944	85	92	selling	sell	VERB
cblr-10944	85	93	that	that	DET
cblr-10944	85	94	same	same	ADJ
cblr-10944	85	95	stock	stock	NOUN
cblr-10944	85	96	to	to	ADP
cblr-10944	85	97	the	the	DET
cblr-10944	85	98	public	public	NOUN
cblr-10944	85	99	.	.	PUNCT
cblr-10944	86	1	”27	”27	ADV
cblr-10944	86	2	the	the	DET
cblr-10944	86	3	spread	spread	NOUN
cblr-10944	86	4	is	be	AUX
cblr-10944	86	5	normally	normally	ADV
cblr-10944	86	6	around	around	ADV
cblr-10944	86	7	seven	seven	NUM
cblr-10944	86	8	percent,28	percent,28	NOUN
cblr-10944	86	9	and	and	CCONJ
cblr-10944	86	10	it	it	PRON
cblr-10944	86	11	is	be	AUX
cblr-10944	86	12	normally	normally	ADV
cblr-10944	86	13	the	the	DET
cblr-10944	86	14	single	single	ADJ
cblr-10944	86	15	largest	large	ADJ
cblr-10944	86	16	cost	cost	NOUN
cblr-10944	86	17	for	for	ADP
cblr-10944	86	18	companies	company	NOUN
cblr-10944	86	19	going	go	VERB
cblr-10944	86	20	public	public	ADJ
cblr-10944	86	21	through	through	ADP
cblr-10944	86	22	an	an	DET
cblr-10944	86	23	ipo.29	ipo.29	NOUN
cblr-10944	86	24	another	another	DET
cblr-10944	86	25	important	important	ADJ
cblr-10944	86	26	feature	feature	NOUN
cblr-10944	86	27	of	of	ADP
cblr-10944	86	28	ipos	ipos	NOUN
cblr-10944	86	29	is	be	AUX
cblr-10944	86	30	the	the	DET
cblr-10944	86	31	lock	lock	NOUN
cblr-10944	86	32	-	-	PUNCT
cblr-10944	86	33	up	up	ADP
cblr-10944	86	34	period	period	NOUN
cblr-10944	86	35	.	.	PUNCT
cblr-10944	87	1	in	in	ADP
cblr-10944	87	2	ipos	ipos	PROPN
cblr-10944	87	3	,	,	PUNCT
cblr-10944	87	4	underwriters	underwriter	NOUN
cblr-10944	87	5	require	require	VERB
cblr-10944	87	6	pre	pre	ADJ
cblr-10944	87	7	-	-	ADJ
cblr-10944	87	8	ipo	ipo	ADJ
cblr-10944	87	9	investors	investor	NOUN
cblr-10944	87	10	to	to	PART
cblr-10944	87	11	agree	agree	VERB
cblr-10944	87	12	not	not	PART
cblr-10944	87	13	to	to	PART
cblr-10944	87	14	sell	sell	VERB
cblr-10944	87	15	their	their	PRON
cblr-10944	87	16	shares	share	NOUN
cblr-10944	87	17	for	for	ADP
cblr-10944	87	18	a	a	DET
cblr-10944	87	19	specified	specified	ADJ
cblr-10944	87	20	period	period	NOUN
cblr-10944	87	21	following	follow	VERB
cblr-10944	87	22	the	the	DET
cblr-10944	87	23	ipo.30	ipo.30	PROPN
cblr-10944	87	24	underwriters	underwriter	NOUN
cblr-10944	87	25	use	use	VERB
cblr-10944	87	26	lock	lock	NOUN
cblr-10944	87	27	-	-	PUNCT
cblr-10944	87	28	up	up	ADP
cblr-10944	87	29	periods	period	NOUN
cblr-10944	87	30	to	to	PART
cblr-10944	87	31	stabilize	stabilize	VERB
cblr-10944	87	32	the	the	DET
cblr-10944	87	33	stock	stock	NOUN
cblr-10944	87	34	’s	’s	PART
cblr-10944	87	35	price	price	NOUN
cblr-10944	87	36	immediately	immediately	ADV
cblr-10944	87	37	after	after	ADP
cblr-10944	87	38	the	the	DET
cblr-10944	87	39	ipo	ipo	PROPN
cblr-10944	87	40	.	.	PUNCT
cblr-10944	88	1	without	without	ADP
cblr-10944	88	2	a	a	DET
cblr-10944	88	3	lock	lock	NOUN
cblr-10944	88	4	-	-	PUNCT
cblr-10944	88	5	up	up	NOUN
cblr-10944	88	6	,	,	PUNCT
cblr-10944	88	7	there	there	PRON
cblr-10944	88	8	is	be	VERB
cblr-10944	88	9	a	a	DET
cblr-10944	88	10	risk	risk	NOUN
cblr-10944	88	11	that	that	SCONJ
cblr-10944	88	12	a	a	DET
cblr-10944	88	13	company	company	NOUN
cblr-10944	88	14	’s	’s	PART
cblr-10944	88	15	shares	share	NOUN
cblr-10944	88	16	would	would	AUX
cblr-10944	88	17	flood	flood	VERB
cblr-10944	88	18	the	the	DET
cblr-10944	88	19	market	market	NOUN
cblr-10944	88	20	,	,	PUNCT
cblr-10944	88	21	lower	lower	VERB
cblr-10944	88	22	the	the	DET
cblr-10944	88	23	price	price	NOUN
cblr-10944	88	24	,	,	PUNCT
cblr-10944	88	25	and	and	CCONJ
cblr-10944	88	26	harm	harm	VERB
cblr-10944	88	27	the	the	DET
cblr-10944	88	28	investors	investor	NOUN
cblr-10944	88	29	who	who	PRON
cblr-10944	88	30	bought	buy	VERB
cblr-10944	88	31	shares	share	NOUN
cblr-10944	88	32	during	during	ADP
cblr-10944	88	33	the	the	DET
cblr-10944	88	34	ipo.31	ipo.31	NOUN
cblr-10944	88	35	unlike	unlike	ADP
cblr-10944	88	36	in	in	ADP
cblr-10944	88	37	the	the	DET
cblr-10944	88	38	ipo	ipo	NOUN
cblr-10944	88	39	process	process	NOUN
cblr-10944	88	40	,	,	PUNCT
cblr-10944	88	41	a	a	DET
cblr-10944	88	42	company	company	NOUN
cblr-10944	88	43	that	that	PRON
cblr-10944	88	44	goes	go	VERB
cblr-10944	88	45	public	public	ADJ
cblr-10944	88	46	through	through	ADP
cblr-10944	88	47	a	a	DET
cblr-10944	88	48	direct	direct	ADJ
cblr-10944	88	49	listing	listing	NOUN
cblr-10944	88	50	does	do	AUX
cblr-10944	88	51	not	not	PART
cblr-10944	88	52	raise	raise	VERB
cblr-10944	88	53	capital	capital	NOUN
cblr-10944	88	54	.	.	PUNCT
cblr-10944	89	1	direct	direct	ADJ
cblr-10944	89	2	listings	listing	NOUN
cblr-10944	89	3	are	be	AUX
cblr-10944	89	4	used	use	VERB
cblr-10944	89	5	primarily	primarily	ADV
cblr-10944	89	6	for	for	ADP
cblr-10944	89	7	efficiency	efficiency	NOUN
cblr-10944	89	8	in	in	ADP
cblr-10944	89	9	both	both	DET
cblr-10944	89	10	“	"	PUNCT
cblr-10944	89	11	market	market	NOUN
cblr-10944	89	12	creation	creation	NOUN
cblr-10944	89	13	”	"	PUNCT
cblr-10944	89	14	and	and	CCONJ
cblr-10944	89	15	“	"	PUNCT
cblr-10944	89	16	financing	financing	NOUN
cblr-10944	89	17	flexibility	flexibility	NOUN
cblr-10944	89	18	.	.	PUNCT
cblr-10944	90	1	”32	”32	ADJ
cblr-10944	90	2	direct	direct	ADJ
cblr-10944	90	3	listings	listing	NOUN
cblr-10944	90	4	allow	allow	VERB
cblr-10944	90	5	a	a	DET
cblr-10944	90	6	company	company	NOUN
cblr-10944	90	7	to	to	PART
cblr-10944	90	8	create	create	VERB
cblr-10944	90	9	a	a	DET
cblr-10944	90	10	market	market	NOUN
cblr-10944	90	11	for	for	ADP
cblr-10944	90	12	existing	exist	VERB
cblr-10944	90	13	shareholders	shareholder	NOUN
cblr-10944	90	14	to	to	PART
cblr-10944	90	15	immediately	immediately	ADV
cblr-10944	90	16	sell	sell	VERB
cblr-10944	90	17	agrees	agree	VERB
cblr-10944	90	18	to	to	PART
cblr-10944	90	19	use	use	VERB
cblr-10944	90	20	its	its	PRON
cblr-10944	90	21	best	good	ADJ
cblr-10944	90	22	efforts	effort	NOUN
cblr-10944	90	23	to	to	PART
cblr-10944	90	24	sell	sell	VERB
cblr-10944	90	25	as	as	ADV
cblr-10944	90	26	many	many	ADJ
cblr-10944	90	27	securities	security	NOUN
cblr-10944	90	28	as	as	ADP
cblr-10944	90	29	possible	possible	ADJ
cblr-10944	90	30	at	at	ADP
cblr-10944	90	31	the	the	DET
cblr-10944	90	32	market	market	NOUN
cblr-10944	90	33	price	price	NOUN
cblr-10944	90	34	.	.	PUNCT
cblr-10944	91	1	i	i	PRON
cblr-10944	91	2	d.	d.	PROPN
cblr-10944	91	3	at	at	ADP
cblr-10944	91	4	992–93	992–93	PROPN
cblr-10944	91	5	.	.	PROPN
cblr-10944	92	1	24	24	NUM
cblr-10944	92	2	horton	horton	PROPN
cblr-10944	92	3	,	,	PUNCT
cblr-10944	92	4	supra	supra	PROPN
cblr-10944	92	5	note	note	PROPN
cblr-10944	92	6	19	19	NUM
cblr-10944	92	7	,	,	PUNCT
cblr-10944	92	8	at	at	ADP
cblr-10944	92	9	184	184	NUM
cblr-10944	92	10	.	.	PUNCT
cblr-10944	92	11	25	25	NUM
cblr-10944	93	1	i	i	PRON
cblr-10944	93	2	d.	d.	PROPN
cblr-10944	93	3	26	26	NUM
cblr-10944	94	1	i	i	PRON
cblr-10944	94	2	d.	d.	PROPN
cblr-10944	94	3	27	27	NUM
cblr-10944	94	4	robert	robert	PROPN
cblr-10944	94	5	b.	b.	PROPN
cblr-10944	94	6	thompson	thompson	PROPN
cblr-10944	94	7	,	,	PUNCT
cblr-10944	94	8	market	market	NOUN
cblr-10944	94	9	makers	maker	NOUN
cblr-10944	94	10	and	and	CCONJ
cblr-10944	94	11	vampire	vampire	ADJ
cblr-10944	94	12	squid	squid	NOUN
cblr-10944	94	13	:	:	PUNCT
cblr-10944	94	14	regulating	regulate	VERB
cblr-10944	94	15	securities	security	NOUN
cblr-10944	94	16	markets	market	NOUN
cblr-10944	94	17	after	after	ADP
cblr-10944	94	18	the	the	DET
cblr-10944	94	19	financial	financial	ADJ
cblr-10944	94	20	meltdown	meltdown	NOUN
cblr-10944	94	21	,	,	PUNCT
cblr-10944	94	22	89	89	NUM
cblr-10944	94	23	wash	wash	NOUN
cblr-10944	94	24	.	.	PUNCT
cblr-10944	95	1	u.	u.	PROPN
cblr-10944	95	2	l.	l.	PROPN
cblr-10944	95	3	rev	rev	PROPN
cblr-10944	95	4	.	.	PROPN
cblr-10944	95	5	323	323	NUM
cblr-10944	95	6	,	,	PUNCT
cblr-10944	95	7	335–36	335–36	NUM
cblr-10944	95	8	(	(	PUNCT
cblr-10944	95	9	2011	2011	NUM
cblr-10944	95	10	)	)	PUNCT
cblr-10944	95	11	.	.	PUNCT
cblr-10944	96	1	28	28	NUM
cblr-10944	96	2	ben	ben	PROPN
cblr-10944	96	3	-	-	PUNCT
cblr-10944	96	4	tzur	tzur	PROPN
cblr-10944	96	5	&	&	CCONJ
cblr-10944	96	6	evans	evans	PROPN
cblr-10944	96	7	,	,	PUNCT
cblr-10944	96	8	supra	supra	PROPN
cblr-10944	96	9	note	note	NOUN
cblr-10944	96	10	3	3	NUM
cblr-10944	96	11	.	.	PROPN
cblr-10944	96	12	29	29	NUM
cblr-10944	96	13	horton	horton	PROPN
cblr-10944	96	14	,	,	PUNCT
cblr-10944	96	15	supra	supra	PROPN
cblr-10944	96	16	note	note	PROPN
cblr-10944	96	17	19	19	NUM
cblr-10944	96	18	,	,	PUNCT
cblr-10944	96	19	at	at	ADP
cblr-10944	96	20	185	185	NUM
cblr-10944	96	21	(	(	PUNCT
cblr-10944	96	22	showing	show	VERB
cblr-10944	96	23	that	that	SCONJ
cblr-10944	96	24	in	in	ADP
cblr-10944	96	25	average	average	ADJ
cblr-10944	96	26	large	large	ADJ
cblr-10944	96	27	ipos	ipos	NOUN
cblr-10944	96	28	,	,	PUNCT
cblr-10944	96	29	the	the	DET
cblr-10944	96	30	underwriter	underwriter	NOUN
cblr-10944	96	31	fee	fee	NOUN
cblr-10944	96	32	was	be	AUX
cblr-10944	96	33	$	$	SYM
cblr-10944	96	34	37,000,000	37,000,000	NUM
cblr-10944	96	35	,	,	PUNCT
cblr-10944	96	36	or	or	CCONJ
cblr-10944	96	37	83	83	NUM
cblr-10944	96	38	%	%	NOUN
cblr-10944	96	39	of	of	ADP
cblr-10944	96	40	the	the	DET
cblr-10944	96	41	total	total	ADJ
cblr-10944	96	42	$	$	SYM
cblr-10944	96	43	44,350,000	44,350,000	NUM
cblr-10944	96	44	cost	cost	NOUN
cblr-10944	96	45	)	)	PUNCT
cblr-10944	96	46	.	.	PUNCT
cblr-10944	97	1	30	30	NUM
cblr-10944	97	2	ben	ben	PROPN
cblr-10944	97	3	-	-	PUNCT
cblr-10944	97	4	tzur	tzur	PROPN
cblr-10944	97	5	&	&	CCONJ
cblr-10944	97	6	evans	evans	PROPN
cblr-10944	97	7	,	,	PUNCT
cblr-10944	97	8	supra	supra	PROPN
cblr-10944	97	9	note	note	NOUN
cblr-10944	97	10	3	3	NUM
cblr-10944	97	11	.	.	SYM
cblr-10944	97	12	31	31	NUM
cblr-10944	97	13	nickerson	nickerson	PROPN
cblr-10944	97	14	,	,	PUNCT
cblr-10944	97	15	supra	supra	PROPN
cblr-10944	97	16	note	note	PROPN
cblr-10944	97	17	6	6	NUM
cblr-10944	97	18	,	,	PUNCT
cblr-10944	97	19	at	at	ADP
cblr-10944	97	20	993	993	NUM
cblr-10944	97	21	.	.	PUNCT
cblr-10944	98	1	32	32	NUM
cblr-10944	98	2	see	see	VERB
cblr-10944	98	3	i	i	PRON
cblr-10944	98	4	d.	d.	PROPN
cblr-10944	98	5	at	at	ADP
cblr-10944	98	6	995	995	NUM
cblr-10944	98	7	.	.	PUNCT
cblr-10944	99	1	no	no	INTJ
cblr-10944	99	2	.	.	PUNCT
cblr-10944	100	1	2:1026	2:1026	NUM
cblr-10944	100	2	]	]	X
cblr-10944	100	3	direct	direct	ADJ
cblr-10944	100	4	listings	listing	NOUN
cblr-10944	100	5	and	and	CCONJ
cblr-10944	100	6	the	the	DET
cblr-10944	100	7	tracing	trace	VERB
cblr-10944	100	8	doctrine	doctrine	NOUN
cblr-10944	100	9	1033	1033	NUM
cblr-10944	100	10	their	their	PRON
cblr-10944	100	11	shares,33	shares,33	NOUN
cblr-10944	100	12	allowing	allow	VERB
cblr-10944	100	13	shareholders	shareholder	NOUN
cblr-10944	100	14	to	to	PART
cblr-10944	100	15	avoid	avoid	VERB
cblr-10944	100	16	lock	lock	NOUN
cblr-10944	100	17	-	-	PUNCT
cblr-10944	100	18	up	up	ADP
cblr-10944	100	19	periods	period	NOUN
cblr-10944	100	20	and	and	CCONJ
cblr-10944	100	21	the	the	DET
cblr-10944	100	22	dilution	dilution	NOUN
cblr-10944	100	23	of	of	ADP
cblr-10944	100	24	their	their	PRON
cblr-10944	100	25	shares.34	shares.34	NOUN
cblr-10944	100	26	in	in	ADP
cblr-10944	100	27	addition	addition	NOUN
cblr-10944	100	28	,	,	PUNCT
cblr-10944	100	29	the	the	DET
cblr-10944	100	30	costs	cost	NOUN
cblr-10944	100	31	of	of	ADP
cblr-10944	100	32	going	go	VERB
cblr-10944	100	33	public	public	ADJ
cblr-10944	100	34	via	via	ADP
cblr-10944	100	35	a	a	DET
cblr-10944	100	36	direct	direct	ADJ
cblr-10944	100	37	listing	listing	NOUN
cblr-10944	100	38	are	be	AUX
cblr-10944	100	39	considerably	considerably	ADV
cblr-10944	100	40	lower	low	ADJ
cblr-10944	100	41	than	than	ADP
cblr-10944	100	42	via	via	ADP
cblr-10944	100	43	an	an	DET
cblr-10944	100	44	ipo	ipo	NOUN
cblr-10944	100	45	,	,	PUNCT
cblr-10944	100	46	as	as	SCONJ
cblr-10944	100	47	“	"	PUNCT
cblr-10944	100	48	there	there	PRON
cblr-10944	100	49	are	be	VERB
cblr-10944	100	50	no	no	DET
cblr-10944	100	51	underwriters	underwriter	NOUN
cblr-10944	100	52	and	and	CCONJ
cblr-10944	100	53	consequently	consequently	ADV
cblr-10944	100	54	no	no	DET
cblr-10944	100	55	underwriting	underwriting	NOUN
cblr-10944	100	56	fees	fee	NOUN
cblr-10944	100	57	in	in	ADP
cblr-10944	100	58	a	a	DET
cblr-10944	100	59	direct	direct	ADJ
cblr-10944	100	60	listing	listing	NOUN
cblr-10944	100	61	.	.	PUNCT
cblr-10944	101	1	”35	”35	NOUN
cblr-10944	101	2	for	for	ADP
cblr-10944	101	3	example	example	NOUN
cblr-10944	101	4	,	,	PUNCT
cblr-10944	101	5	spotify	spotify	VERB
cblr-10944	101	6	’s	’s	ADV
cblr-10944	101	7	direct	direct	ADJ
cblr-10944	101	8	listing	listing	NOUN
cblr-10944	101	9	still	still	ADV
cblr-10944	101	10	utilized	utilize	VERB
cblr-10944	101	11	investment	investment	NOUN
cblr-10944	101	12	banks	bank	NOUN
cblr-10944	101	13	to	to	PART
cblr-10944	101	14	assist	assist	VERB
cblr-10944	101	15	in	in	ADP
cblr-10944	101	16	the	the	DET
cblr-10944	101	17	process	process	NOUN
cblr-10944	101	18	,	,	PUNCT
cblr-10944	101	19	but	but	CCONJ
cblr-10944	101	20	,	,	PUNCT
cblr-10944	101	21	because	because	SCONJ
cblr-10944	101	22	a	a	DET
cblr-10944	101	23	direct	direct	ADJ
cblr-10944	101	24	listing	listing	NOUN
cblr-10944	101	25	requires	require	VERB
cblr-10944	101	26	less	less	ADJ
cblr-10944	101	27	work	work	NOUN
cblr-10944	101	28	from	from	ADP
cblr-10944	101	29	investment	investment	NOUN
cblr-10944	101	30	banks	bank	NOUN
cblr-10944	101	31	,	,	PUNCT
cblr-10944	101	32	the	the	DET
cblr-10944	101	33	fee	fee	NOUN
cblr-10944	101	34	was	be	AUX
cblr-10944	101	35	less	less	ADJ
cblr-10944	101	36	than	than	ADP
cblr-10944	101	37	half	half	NOUN
cblr-10944	101	38	what	what	PRON
cblr-10944	101	39	it	it	PRON
cblr-10944	101	40	would	would	AUX
cblr-10944	101	41	have	have	AUX
cblr-10944	101	42	been	be	AUX
cblr-10944	101	43	with	with	ADP
cblr-10944	101	44	an	an	DET
cblr-10944	101	45	ipo.36	ipo.36	NOUN
cblr-10944	101	46	lastly	lastly	ADV
cblr-10944	101	47	,	,	PUNCT
cblr-10944	101	48	direct	direct	ADJ
cblr-10944	101	49	listings	listing	NOUN
cblr-10944	101	50	allow	allow	VERB
cblr-10944	101	51	a	a	DET
cblr-10944	101	52	company	company	NOUN
cblr-10944	101	53	to	to	PART
cblr-10944	101	54	reap	reap	VERB
cblr-10944	101	55	the	the	DET
cblr-10944	101	56	benefits	benefit	NOUN
cblr-10944	101	57	from	from	ADP
cblr-10944	101	58	having	have	VERB
cblr-10944	101	59	access	access	NOUN
cblr-10944	101	60	to	to	ADP
cblr-10944	101	61	a	a	DET
cblr-10944	101	62	public	public	ADJ
cblr-10944	101	63	exchange	exchange	NOUN
cblr-10944	101	64	.	.	PUNCT
cblr-10944	102	1	by	by	ADP
cblr-10944	102	2	being	be	AUX
cblr-10944	102	3	public	public	ADJ
cblr-10944	102	4	,	,	PUNCT
cblr-10944	102	5	the	the	DET
cblr-10944	102	6	company	company	NOUN
cblr-10944	102	7	can	can	AUX
cblr-10944	102	8	raise	raise	VERB
cblr-10944	102	9	capital	capital	NOUN
cblr-10944	102	10	on	on	ADP
cblr-10944	102	11	more	more	ADV
cblr-10944	102	12	favorable	favorable	ADJ
cblr-10944	102	13	terms	term	NOUN
cblr-10944	102	14	than	than	ADP
cblr-10944	102	15	an	an	DET
cblr-10944	102	16	ipo	ipo	NOUN
cblr-10944	102	17	because	because	SCONJ
cblr-10944	102	18	it	it	PRON
cblr-10944	102	19	does	do	AUX
cblr-10944	102	20	not	not	PART
cblr-10944	102	21	need	need	VERB
cblr-10944	102	22	to	to	PART
cblr-10944	102	23	underprice	underprice	VERB
cblr-10944	102	24	its	its	PRON
cblr-10944	102	25	stock,37	stock,37	NOUN
cblr-10944	102	26	and	and	CCONJ
cblr-10944	102	27	it	it	PRON
cblr-10944	102	28	can	can	AUX
cblr-10944	102	29	buy	buy	VERB
cblr-10944	102	30	back	back	ADV
cblr-10944	102	31	its	its	PRON
cblr-10944	102	32	stock	stock	NOUN
cblr-10944	102	33	“	"	PUNCT
cblr-10944	102	34	at	at	ADP
cblr-10944	102	35	the	the	DET
cblr-10944	102	36	market	market	NOUN
cblr-10944	102	37	price	price	NOUN
cblr-10944	102	38	,	,	PUNCT
cblr-10944	102	39	without	without	ADP
cblr-10944	102	40	negotiating	negotiate	VERB
cblr-10944	102	41	privately	privately	ADV
cblr-10944	102	42	with	with	ADP
cblr-10944	102	43	its	its	PRON
cblr-10944	102	44	investors	investor	NOUN
cblr-10944	102	45	.	.	PUNCT
cblr-10944	103	1	”38	”38	NOUN
cblr-10944	103	2	ultimately	ultimately	ADV
cblr-10944	103	3	,	,	PUNCT
cblr-10944	103	4	the	the	DET
cblr-10944	103	5	primary	primary	ADJ
cblr-10944	103	6	motivation	motivation	NOUN
cblr-10944	103	7	for	for	ADP
cblr-10944	103	8	conducting	conduct	VERB
cblr-10944	103	9	a	a	DET
cblr-10944	103	10	direct	direct	ADJ
cblr-10944	103	11	listing	listing	NOUN
cblr-10944	103	12	is	be	AUX
cblr-10944	103	13	increased	increase	VERB
cblr-10944	103	14	liquidity	liquidity	NOUN
cblr-10944	103	15	of	of	ADP
cblr-10944	103	16	existing	exist	VERB
cblr-10944	103	17	shares	share	NOUN
cblr-10944	103	18	.	.	PUNCT
cblr-10944	104	1	the	the	DET
cblr-10944	104	2	companies	company	NOUN
cblr-10944	104	3	best	well	ADV
cblr-10944	104	4	suited	suit	VERB
cblr-10944	104	5	for	for	ADP
cblr-10944	104	6	direct	direct	ADJ
cblr-10944	104	7	listings	listing	NOUN
cblr-10944	104	8	are	be	AUX
cblr-10944	104	9	tech	tech	ADJ
cblr-10944	104	10	“	"	PUNCT
cblr-10944	104	11	unicorns”39	unicorns”39	PROPN
cblr-10944	104	12	that	that	PRON
cblr-10944	104	13	do	do	AUX
cblr-10944	104	14	not	not	PART
cblr-10944	104	15	need	need	VERB
cblr-10944	104	16	to	to	PART
cblr-10944	104	17	raise	raise	VERB
cblr-10944	104	18	capital	capital	NOUN
cblr-10944	104	19	and	and	CCONJ
cblr-10944	104	20	want	want	VERB
cblr-10944	104	21	to	to	PART
cblr-10944	104	22	provide	provide	VERB
cblr-10944	104	23	a	a	DET
cblr-10944	104	24	market	market	NOUN
cblr-10944	104	25	for	for	ADP
cblr-10944	104	26	their	their	PRON
cblr-10944	104	27	investors.40	investors.40	NOUN
cblr-10944	104	28	slack	slack	NOUN
cblr-10944	104	29	conducted	conduct	VERB
cblr-10944	104	30	its	its	PRON
cblr-10944	104	31	direct	direct	ADJ
cblr-10944	104	32	listing	listing	NOUN
cblr-10944	104	33	for	for	ADP
cblr-10944	104	34	this	this	DET
cblr-10944	104	35	exact	exact	ADJ
cblr-10944	104	36	33	33	NUM
cblr-10944	104	37	rupa	rupa	NOUN
cblr-10944	104	38	briggs	briggs	NOUN
cblr-10944	104	39	,	,	PUNCT
cblr-10944	104	40	direct	direct	ADJ
cblr-10944	104	41	listings	listing	NOUN
cblr-10944	104	42	:	:	PUNCT
cblr-10944	104	43	the	the	DET
cblr-10944	104	44	ipos	ipos	NOUN
cblr-10944	104	45	of	of	ADP
cblr-10944	104	46	the	the	DET
cblr-10944	104	47	new	new	ADJ
cblr-10944	104	48	decade	decade	NOUN
cblr-10944	104	49	or	or	CCONJ
cblr-10944	104	50	a	a	DET
cblr-10944	104	51	passing	pass	VERB
cblr-10944	104	52	phase	phase	NOUN
cblr-10944	104	53	?	?	PUNCT
cblr-10944	104	54	,	,	PUNCT
cblr-10944	104	55	white	white	PROPN
cblr-10944	104	56	&	&	CCONJ
cblr-10944	104	57	case	case	PROPN
cblr-10944	104	58	(	(	PUNCT
cblr-10944	104	59	feb	feb	PROPN
cblr-10944	104	60	.	.	PROPN
cblr-10944	104	61	1	1	NUM
cblr-10944	104	62	,	,	PUNCT
cblr-10944	104	63	2020	2020	NUM
cblr-10944	104	64	)	)	PUNCT
cblr-10944	104	65	,	,	PUNCT
cblr-10944	104	66	https://www.whitecase.com/sites/default/files/2020-03/direct-listings-iposnew-decade-or-passing-phase.pdf	https://www.whitecase.com/sites/default/files/2020-03/direct-listings-iposnew-decade-or-passing-phase.pdf	NOUN
cblr-10944	105	1	[	[	X
cblr-10944	105	2	perma.cc/99wh-rvk8	perma.cc/99wh-rvk8	X
cblr-10944	105	3	]	]	X
cblr-10944	105	4	.	.	PUNCT
cblr-10944	106	1	34	34	NUM
cblr-10944	107	1	i	i	PRON
cblr-10944	107	2	d.	d.	PROPN
cblr-10944	107	3	35	35	NUM
cblr-10944	108	1	i	i	PRON
cblr-10944	108	2	d.	d.	PROPN
cblr-10944	108	3	36	36	NUM
cblr-10944	108	4	see	see	VERB
cblr-10944	108	5	nickerson	nickerson	PROPN
cblr-10944	108	6	,	,	PUNCT
cblr-10944	108	7	supra	supra	PROPN
cblr-10944	108	8	note	note	PROPN
cblr-10944	108	9	6	6	NUM
cblr-10944	108	10	,	,	PUNCT
cblr-10944	108	11	at	at	ADP
cblr-10944	108	12	998	998	NUM
cblr-10944	108	13	(	(	PUNCT
cblr-10944	108	14	stating	state	VERB
cblr-10944	108	15	that	that	DET
cblr-10944	108	16	spotify	spotify	NOUN
cblr-10944	108	17	paid	pay	VERB
cblr-10944	108	18	$	$	SYM
cblr-10944	108	19	35	35	NUM
cblr-10944	108	20	million	million	NUM
cblr-10944	108	21	for	for	ADP
cblr-10944	108	22	the	the	DET
cblr-10944	108	23	financial	financial	ADJ
cblr-10944	108	24	advisors	advisor	NOUN
cblr-10944	108	25	’	'	PUNCT
cblr-10944	108	26	fees	fee	NOUN
cblr-10944	108	27	,	,	PUNCT
cblr-10944	108	28	and	and	CCONJ
cblr-10944	108	29	that	that	SCONJ
cblr-10944	108	30	a	a	DET
cblr-10944	108	31	j.p	j.p	PROPN
cblr-10944	108	32	.	.	PROPN
cblr-10944	108	33	morgan	morgan	PROPN
cblr-10944	108	34	capital	capital	PROPN
cblr-10944	108	35	markets	market	NOUN
cblr-10944	108	36	report	report	NOUN
cblr-10944	108	37	found	find	VERB
cblr-10944	108	38	that	that	SCONJ
cblr-10944	108	39	spotify	spotify	NOUN
cblr-10944	108	40	would	would	AUX
cblr-10944	108	41	have	have	AUX
cblr-10944	108	42	had	have	VERB
cblr-10944	108	43	to	to	PART
cblr-10944	108	44	pay	pay	VERB
cblr-10944	108	45	underwriters	underwriter	NOUN
cblr-10944	108	46	between	between	ADP
cblr-10944	108	47	$	$	SYM
cblr-10944	108	48	80	80	NUM
cblr-10944	108	49	and	and	CCONJ
cblr-10944	108	50	$	$	SYM
cblr-10944	108	51	120	120	NUM
cblr-10944	108	52	million	million	NUM
cblr-10944	108	53	if	if	SCONJ
cblr-10944	108	54	it	it	PRON
cblr-10944	108	55	went	go	VERB
cblr-10944	108	56	public	public	ADJ
cblr-10944	108	57	through	through	ADP
cblr-10944	108	58	an	an	DET
cblr-10944	108	59	ipo	ipo	NOUN
cblr-10944	108	60	)	)	PUNCT
cblr-10944	108	61	.	.	PUNCT
cblr-10944	109	1	37	37	NUM
cblr-10944	109	2	horton	horton	PROPN
cblr-10944	109	3	,	,	PUNCT
cblr-10944	109	4	supra	supra	PROPN
cblr-10944	109	5	note	note	PROPN
cblr-10944	109	6	19	19	NUM
cblr-10944	109	7	,	,	PUNCT
cblr-10944	109	8	at	at	ADP
cblr-10944	109	9	189	189	NUM
cblr-10944	109	10	.	.	PUNCT
cblr-10944	109	11	38	38	NUM
cblr-10944	109	12	matt	matt	PROPN
cblr-10944	109	13	levine	levine	PROPN
cblr-10944	109	14	,	,	PUNCT
cblr-10944	109	15	going	go	VERB
cblr-10944	109	16	public	public	ADJ
cblr-10944	109	17	to	to	PART
cblr-10944	109	18	buy	buy	VERB
cblr-10944	109	19	back	back	ADP
cblr-10944	109	20	stock	stock	NOUN
cblr-10944	109	21	,	,	PUNCT
cblr-10944	109	22	bloomberg	bloomberg	PROPN
cblr-10944	109	23	(	(	PUNCT
cblr-10944	109	24	nov	nov	PROPN
cblr-10944	109	25	.	.	PROPN
cblr-10944	109	26	6	6	NUM
cblr-10944	109	27	,	,	PUNCT
cblr-10944	109	28	2018	2018	NUM
cblr-10944	109	29	)	)	PUNCT
cblr-10944	109	30	,	,	PUNCT
cblr-10944	109	31	https://www.bloomberg.com/opinion/articles/2018-11-06/goingpublic-to-buy-back-stock	https://www.bloomberg.com/opinion/articles/2018-11-06/goingpublic-to-buy-back-stock	PROPN
cblr-10944	109	32	[	[	X
cblr-10944	109	33	https://perma.cc/7sf7-d84w	https://perma.cc/7sf7-d84w	X
cblr-10944	109	34	]	]	X
cblr-10944	109	35	.	.	PUNCT
cblr-10944	110	1	39	39	NUM
cblr-10944	110	2	a	a	DET
cblr-10944	110	3	“	"	PUNCT
cblr-10944	110	4	unicorn	unicorn	NOUN
cblr-10944	110	5	”	"	PUNCT
cblr-10944	110	6	is	be	AUX
cblr-10944	110	7	“	"	PUNCT
cblr-10944	110	8	a	a	DET
cblr-10944	110	9	term	term	NOUN
cblr-10944	110	10	used	use	VERB
cblr-10944	110	11	in	in	ADP
cblr-10944	110	12	the	the	DET
cblr-10944	110	13	venture	venture	NOUN
cblr-10944	110	14	capital	capital	NOUN
cblr-10944	110	15	industry	industry	NOUN
cblr-10944	110	16	to	to	PART
cblr-10944	110	17	describe	describe	VERB
cblr-10944	110	18	a	a	DET
cblr-10944	110	19	privately	privately	ADV
cblr-10944	110	20	held	hold	VERB
cblr-10944	110	21	startup	startup	ADJ
cblr-10944	110	22	company	company	NOUN
cblr-10944	110	23	with	with	ADP
cblr-10944	110	24	a	a	DET
cblr-10944	110	25	value	value	NOUN
cblr-10944	110	26	of	of	ADP
cblr-10944	110	27	over	over	ADP
cblr-10944	110	28	$	$	SYM
cblr-10944	110	29	1	1	NUM
cblr-10944	110	30	billion	billion	NUM
cblr-10944	110	31	.	.	PUNCT
cblr-10944	110	32	”	"	PUNCT
cblr-10944	111	1	james	james	PROPN
cblr-10944	111	2	chen	chen	PROPN
cblr-10944	111	3	,	,	PUNCT
cblr-10944	111	4	unicorn	unicorn	PROPN
cblr-10944	111	5	,	,	PUNCT
cblr-10944	111	6	investopedia	investopedia	PROPN
cblr-10944	111	7	,	,	PUNCT
cblr-10944	111	8	https://www.investopedia.com/terms/u/unicorn.asp	https://www.investopedia.com/terms/u/unicorn.asp	NOUN
cblr-10944	112	1	[	[	X
cblr-10944	112	2	perma.cc/my9n59gw	perma.cc/my9n59gw	VERB
cblr-10944	112	3	]	]	X
cblr-10944	112	4	(	(	PUNCT
cblr-10944	112	5	last	last	ADJ
cblr-10944	112	6	updated	update	VERB
cblr-10944	112	7	mar	mar	PROPN
cblr-10944	112	8	.	.	PROPN
cblr-10944	112	9	29	29	NUM
cblr-10944	112	10	,	,	PUNCT
cblr-10944	112	11	2021	2021	NUM
cblr-10944	112	12	)	)	PUNCT
cblr-10944	112	13	.	.	PUNCT
cblr-10944	113	1	40	40	NUM
cblr-10944	113	2	horton	horton	PROPN
cblr-10944	113	3	,	,	PUNCT
cblr-10944	113	4	supra	supra	PROPN
cblr-10944	113	5	note	note	PROPN
cblr-10944	113	6	19	19	NUM
cblr-10944	113	7	,	,	PUNCT
cblr-10944	113	8	at	at	ADP
cblr-10944	113	9	189	189	NUM
cblr-10944	113	10	.	.	NOUN
cblr-10944	113	11	1034	1034	NUM
cblr-10944	113	12	columbia	columbia	PROPN
cblr-10944	113	13	business	business	PROPN
cblr-10944	113	14	law	law	PROPN
cblr-10944	113	15	review	review	NOUN
cblr-10944	113	16	[	[	X
cblr-10944	113	17	vol	vol	NOUN
cblr-10944	113	18	.	.	PUNCT
cblr-10944	113	19	2022	2022	NUM
cblr-10944	113	20	purpose	purpose	NOUN
cblr-10944	113	21	;	;	PUNCT
cblr-10944	113	22	in	in	ADP
cblr-10944	113	23	an	an	DET
cblr-10944	113	24	interview	interview	NOUN
cblr-10944	113	25	with	with	ADP
cblr-10944	113	26	cnbc	cnbc	PROPN
cblr-10944	113	27	,	,	PUNCT
cblr-10944	113	28	slack	slack	VERB
cblr-10944	113	29	ceo	ceo	PROPN
cblr-10944	113	30	stewart	stewart	PROPN
cblr-10944	113	31	butterfield	butterfield	PROPN
cblr-10944	113	32	said	say	VERB
cblr-10944	113	33	:	:	PUNCT
cblr-10944	113	34	the	the	DET
cblr-10944	113	35	big	big	ADJ
cblr-10944	113	36	thing	thing	NOUN
cblr-10944	113	37	for	for	ADP
cblr-10944	113	38	us	we	PRON
cblr-10944	113	39	was	be	AUX
cblr-10944	113	40	—	—	PUNCT
cblr-10944	113	41	in	in	ADP
cblr-10944	113	42	a	a	DET
cblr-10944	113	43	traditional	traditional	ADJ
cblr-10944	113	44	ipo	ipo	NOUN
cblr-10944	114	1	it	it	PRON
cblr-10944	114	2	’s	’	VERB
cblr-10944	114	3	the	the	DET
cblr-10944	114	4	company	company	NOUN
cblr-10944	114	5	that	that	PRON
cblr-10944	114	6	’s	’s	AUX
cblr-10944	114	7	offering	offer	VERB
cblr-10944	114	8	shares	share	NOUN
cblr-10944	114	9	.	.	PUNCT
cblr-10944	115	1	you	you	PRON
cblr-10944	115	2	might	might	AUX
cblr-10944	115	3	raise	raise	VERB
cblr-10944	115	4	,	,	PUNCT
cblr-10944	115	5	you	you	PRON
cblr-10944	115	6	know	know	VERB
cblr-10944	115	7	,	,	PUNCT
cblr-10944	115	8	a	a	DET
cblr-10944	115	9	billion	billion	NUM
cblr-10944	115	10	dollars	dollar	NOUN
cblr-10944	115	11	or	or	CCONJ
cblr-10944	115	12	something	something	PRON
cblr-10944	115	13	like	like	ADP
cblr-10944	115	14	that	that	PRON
cblr-10944	115	15	.	.	PUNCT
cblr-10944	116	1	when	when	SCONJ
cblr-10944	116	2	you	you	PRON
cblr-10944	116	3	raise	raise	VERB
cblr-10944	116	4	a	a	DET
cblr-10944	116	5	billion	billion	NUM
cblr-10944	116	6	dollars	dollar	NOUN
cblr-10944	116	7	,	,	PUNCT
cblr-10944	116	8	you	you	PRON
cblr-10944	116	9	dilute	dilute	VERB
cblr-10944	116	10	existing	exist	VERB
cblr-10944	116	11	shareholders	shareholder	NOUN
cblr-10944	116	12	by	by	ADP
cblr-10944	116	13	issuing	issue	VERB
cblr-10944	116	14	new	new	ADJ
cblr-10944	116	15	shares	share	NOUN
cblr-10944	116	16	.	.	PUNCT
cblr-10944	117	1	so	so	ADV
cblr-10944	117	2	,	,	PUNCT
cblr-10944	117	3	we	we	PRON
cblr-10944	117	4	’re	’re	AUX
cblr-10944	117	5	not	not	PART
cblr-10944	117	6	doing	do	VERB
cblr-10944	117	7	that	that	PRON
cblr-10944	117	8	.	.	PUNCT
cblr-10944	118	1	we	we	PRON
cblr-10944	118	2	are	be	AUX
cblr-10944	118	3	just	just	ADV
cblr-10944	118	4	opening	open	VERB
cblr-10944	118	5	it	it	PRON
cblr-10944	118	6	up	up	ADP
cblr-10944	118	7	for	for	ADP
cblr-10944	118	8	trading.41	trading.41	PROPN
cblr-10944	118	9	b.	b.	PROPN
cblr-10944	118	10	mechanics	mechanic	NOUN
cblr-10944	118	11	and	and	CCONJ
cblr-10944	118	12	regulation	regulation	NOUN
cblr-10944	118	13	of	of	ADP
cblr-10944	118	14	direct	direct	ADJ
cblr-10944	118	15	listings	listing	NOUN
cblr-10944	118	16	1	1	NUM
cblr-10944	118	17	.	.	PUNCT
cblr-10944	118	18	registration	registration	NOUN
cblr-10944	118	19	statement	statement	NOUN
cblr-10944	118	20	overview	overview	NOUN
cblr-10944	118	21	when	when	SCONJ
cblr-10944	118	22	going	go	VERB
cblr-10944	118	23	public	public	ADJ
cblr-10944	118	24	,	,	PUNCT
cblr-10944	118	25	a	a	DET
cblr-10944	118	26	company	company	NOUN
cblr-10944	118	27	is	be	AUX
cblr-10944	118	28	required	require	VERB
cblr-10944	118	29	to	to	PART
cblr-10944	118	30	provide	provide	VERB
cblr-10944	118	31	certain	certain	ADJ
cblr-10944	118	32	registration	registration	NOUN
cblr-10944	118	33	statements	statement	NOUN
cblr-10944	118	34	under	under	ADP
cblr-10944	118	35	the	the	DET
cblr-10944	118	36	securities	security	NOUN
cblr-10944	118	37	act	act	NOUN
cblr-10944	118	38	and	and	CCONJ
cblr-10944	118	39	the	the	DET
cblr-10944	118	40	exchange	exchange	NOUN
cblr-10944	118	41	act	act	PROPN
cblr-10944	118	42	.	.	PUNCT
cblr-10944	119	1	first	first	ADV
cblr-10944	119	2	,	,	PUNCT
cblr-10944	119	3	when	when	SCONJ
cblr-10944	119	4	a	a	DET
cblr-10944	119	5	company	company	NOUN
cblr-10944	119	6	performs	perform	VERB
cblr-10944	119	7	an	an	DET
cblr-10944	119	8	ipo	ipo	NOUN
cblr-10944	119	9	,	,	PUNCT
cblr-10944	119	10	it	it	PRON
cblr-10944	119	11	is	be	AUX
cblr-10944	119	12	required	require	VERB
cblr-10944	119	13	to	to	PART
cblr-10944	119	14	file	file	VERB
cblr-10944	119	15	a	a	DET
cblr-10944	119	16	form	form	NOUN
cblr-10944	119	17	s-1	s-1	NOUN
cblr-10944	119	18	pursuant	pursuant	ADJ
cblr-10944	119	19	to	to	ADP
cblr-10944	119	20	the	the	DET
cblr-10944	119	21	securities	security	NOUN
cblr-10944	119	22	act.42	act.42	NOUN
cblr-10944	119	23	second	second	ADJ
cblr-10944	119	24	,	,	PUNCT
cblr-10944	119	25	when	when	SCONJ
cblr-10944	119	26	a	a	DET
cblr-10944	119	27	company	company	NOUN
cblr-10944	119	28	lists	list	VERB
cblr-10944	119	29	shares	share	NOUN
cblr-10944	119	30	on	on	ADP
cblr-10944	119	31	a	a	DET
cblr-10944	119	32	public	public	ADJ
cblr-10944	119	33	exchange	exchange	NOUN
cblr-10944	119	34	pursuant	pursuant	ADJ
cblr-10944	119	35	to	to	ADP
cblr-10944	119	36	section	section	NOUN
cblr-10944	119	37	12(b	12(b	NUM
cblr-10944	119	38	)	)	PUNCT
cblr-10944	119	39	of	of	ADP
cblr-10944	119	40	the	the	DET
cblr-10944	119	41	exchange	exchange	NOUN
cblr-10944	119	42	act	act	PROPN
cblr-10944	119	43	,	,	PUNCT
cblr-10944	119	44	it	it	PRON
cblr-10944	119	45	must	must	AUX
cblr-10944	119	46	file	file	VERB
cblr-10944	119	47	a	a	DET
cblr-10944	119	48	form	form	NOUN
cblr-10944	119	49	10.43	10.43	NUM
cblr-10944	119	50	lastly	lastly	ADV
cblr-10944	119	51	,	,	PUNCT
cblr-10944	119	52	if	if	SCONJ
cblr-10944	119	53	a	a	DET
cblr-10944	119	54	company	company	NOUN
cblr-10944	119	55	has	have	AUX
cblr-10944	119	56	already	already	ADV
cblr-10944	119	57	filed	file	VERB
cblr-10944	119	58	a	a	DET
cblr-10944	119	59	form	form	NOUN
cblr-10944	119	60	s-1	s-1	NOUN
cblr-10944	119	61	,	,	PUNCT
cblr-10944	119	62	it	it	PRON
cblr-10944	119	63	can	can	AUX
cblr-10944	119	64	file	file	VERB
cblr-10944	119	65	a	a	DET
cblr-10944	119	66	shortened	shorten	VERB
cblr-10944	119	67	exchange	exchange	NOUN
cblr-10944	119	68	act	act	NOUN
cblr-10944	119	69	registration	registration	NOUN
cblr-10944	119	70	statement	statement	NOUN
cblr-10944	119	71	known	know	VERB
cblr-10944	119	72	as	as	ADP
cblr-10944	119	73	a	a	DET
cblr-10944	119	74	form	form	NOUN
cblr-10944	119	75	8	8	NUM
cblr-10944	119	76	-	-	SYM
cblr-10944	119	77	a.44	a.44	NOUN
cblr-10944	119	78	here	here	ADV
cblr-10944	119	79	it	it	PRON
cblr-10944	119	80	is	be	AUX
cblr-10944	119	81	important	important	ADJ
cblr-10944	119	82	to	to	PART
cblr-10944	119	83	distinguish	distinguish	VERB
cblr-10944	119	84	between	between	ADP
cblr-10944	119	85	a	a	DET
cblr-10944	119	86	“	"	PUNCT
cblr-10944	119	87	pure	pure	ADJ
cblr-10944	119	88	”	"	PUNCT
cblr-10944	119	89	direct	direct	ADJ
cblr-10944	119	90	listing	listing	NOUN
cblr-10944	119	91	and	and	CCONJ
cblr-10944	119	92	the	the	DET
cblr-10944	119	93	kinds	kind	NOUN
cblr-10944	119	94	of	of	ADP
cblr-10944	119	95	direct	direct	ADJ
cblr-10944	119	96	listings	listing	NOUN
cblr-10944	119	97	spotify	spotify	VERB
cblr-10944	119	98	and	and	CCONJ
cblr-10944	119	99	slack	slack	NOUN
cblr-10944	119	100	used	use	VERB
cblr-10944	119	101	.	.	PUNCT
cblr-10944	120	1	in	in	ADP
cblr-10944	120	2	a	a	DET
cblr-10944	120	3	“	"	PUNCT
cblr-10944	120	4	pure	pure	ADJ
cblr-10944	120	5	”	"	PUNCT
cblr-10944	120	6	direct	direct	ADJ
cblr-10944	120	7	listing	listing	NOUN
cblr-10944	120	8	,	,	PUNCT
cblr-10944	120	9	a	a	DET
cblr-10944	120	10	company	company	NOUN
cblr-10944	120	11	is	be	AUX
cblr-10944	120	12	only	only	ADV
cblr-10944	120	13	required	require	VERB
cblr-10944	120	14	to	to	PART
cblr-10944	120	15	file	file	VERB
cblr-10944	120	16	a	a	DET
cblr-10944	120	17	form	form	NOUN
cblr-10944	120	18	10	10	NUM
cblr-10944	120	19	pursuant	pursuant	ADJ
cblr-10944	120	20	to	to	ADP
cblr-10944	120	21	the	the	DET
cblr-10944	120	22	exchange	exchange	NOUN
cblr-10944	120	23	act.45	act.45	ADJ
cblr-10944	120	24	this	this	PRON
cblr-10944	120	25	is	be	AUX
cblr-10944	120	26	because	because	SCONJ
cblr-10944	120	27	there	there	PRON
cblr-10944	120	28	is	be	VERB
cblr-10944	120	29	“	"	PUNCT
cblr-10944	120	30	no	no	DET
cblr-10944	120	31	inherent	inherent	ADJ
cblr-10944	120	32	statutory	statutory	ADJ
cblr-10944	120	33	obligation	obligation	NOUN
cblr-10944	120	34	to	to	PART
cblr-10944	120	35	register	register	VERB
cblr-10944	120	36	these	these	DET
cblr-10944	120	37	shares	share	NOUN
cblr-10944	120	38	under	under	ADP
cblr-10944	120	39	the	the	DET
cblr-10944	120	40	securities	security	NOUN
cblr-10944	120	41	act	act	NOUN
cblr-10944	120	42	of	of	ADP
cblr-10944	120	43	1933	1933	NUM
cblr-10944	121	1	[	[	X
cblr-10944	121	2	through	through	ADP
cblr-10944	121	3	a	a	DET
cblr-10944	121	4	form	form	NOUN
cblr-10944	121	5	s-1	s-1	NOUN
cblr-10944	121	6	]	]	PUNCT
cblr-10944	121	7	,	,	PUNCT
cblr-10944	121	8	41	41	NUM
cblr-10944	121	9	cnbc	cnbc	NOUN
cblr-10944	121	10	,	,	PUNCT
cblr-10944	121	11	slack	slack	VERB
cblr-10944	121	12	ceo	ceo	NOUN
cblr-10944	121	13	explains	explain	VERB
cblr-10944	121	14	why	why	SCONJ
cblr-10944	121	15	the	the	DET
cblr-10944	121	16	company	company	NOUN
cblr-10944	121	17	chose	choose	VERB
cblr-10944	121	18	direct	direct	ADJ
cblr-10944	121	19	listing	listing	NOUN
cblr-10944	121	20	over	over	ADP
cblr-10944	121	21	ipo	ipo	NOUN
cblr-10944	121	22	,	,	PUNCT
cblr-10944	121	23	cnbc	cnbc	PROPN
cblr-10944	121	24	(	(	PUNCT
cblr-10944	121	25	jun	jun	PROPN
cblr-10944	121	26	.	.	PROPN
cblr-10944	121	27	19	19	NUM
cblr-10944	121	28	,	,	PUNCT
cblr-10944	121	29	2019	2019	NUM
cblr-10944	121	30	)	)	PUNCT
cblr-10944	121	31	,	,	PUNCT
cblr-10944	121	32	https://www.cnbc.com/video/2019/06/20/slack-ceo-explains-why-thecompany-chose-direct-listing-over-ipo.html	https://www.cnbc.com/video/2019/06/20/slack-ceo-explains-why-thecompany-chose-direct-listing-over-ipo.html	VERB
cblr-10944	122	1	[	[	X
cblr-10944	122	2	https://perma.cc/7r63-bv63	https://perma.cc/7r63-bv63	X
cblr-10944	122	3	]	]	X
cblr-10944	122	4	.	.	PUNCT
cblr-10944	123	1	42	42	NUM
cblr-10944	123	2	horton	horton	PROPN
cblr-10944	123	3	,	,	PUNCT
cblr-10944	123	4	supra	supra	PROPN
cblr-10944	123	5	note	note	PROPN
cblr-10944	123	6	19	19	NUM
cblr-10944	123	7	,	,	PUNCT
cblr-10944	123	8	at	at	ADP
cblr-10944	123	9	190	190	NUM
cblr-10944	123	10	.	.	PUNCT
cblr-10944	123	11	43	43	NUM
cblr-10944	124	1	i	i	PRON
cblr-10944	124	2	d.	d.	PROPN
cblr-10944	124	3	44	44	NUM
cblr-10944	125	1	i	i	PRON
cblr-10944	125	2	d.	d.	PROPN
cblr-10944	125	3	45	45	NUM
cblr-10944	125	4	john	john	PROPN
cblr-10944	125	5	c.	c.	PROPN
cblr-10944	125	6	coffee	coffee	PROPN
cblr-10944	125	7	,	,	PUNCT
cblr-10944	125	8	jr	jr	PROPN
cblr-10944	125	9	.	.	PROPN
cblr-10944	125	10	,	,	PUNCT
cblr-10944	125	11	the	the	DET
cblr-10944	125	12	spotify	spotify	NOUN
cblr-10944	125	13	listing	list	VERB
cblr-10944	125	14	:	:	PUNCT
cblr-10944	125	15	can	can	AUX
cblr-10944	125	16	an	an	DET
cblr-10944	125	17	“	"	PUNCT
cblr-10944	125	18	underwriter	underwriter	NOUN
cblr-10944	125	19	-	-	PUNCT
cblr-10944	125	20	less	less	ADJ
cblr-10944	125	21	”	"	PUNCT
cblr-10944	125	22	ipo	ipo	NOUN
cblr-10944	125	23	attract	attract	VERB
cblr-10944	125	24	other	other	ADJ
cblr-10944	125	25	unicorns	unicorn	NOUN
cblr-10944	125	26	?	?	PUNCT
cblr-10944	125	27	,	,	PUNCT
cblr-10944	125	28	the	the	DET
cblr-10944	125	29	cls	cls	NOUN
cblr-10944	125	30	blue	blue	ADJ
cblr-10944	125	31	sky	sky	NOUN
cblr-10944	125	32	blog	blog	NOUN
cblr-10944	125	33	(	(	PUNCT
cblr-10944	125	34	jan	jan	PROPN
cblr-10944	125	35	.	.	PROPN
cblr-10944	125	36	16	16	NUM
cblr-10944	125	37	,	,	PUNCT
cblr-10944	125	38	2018	2018	NUM
cblr-10944	125	39	)	)	PUNCT
cblr-10944	125	40	,	,	PUNCT
cblr-10944	125	41	https://clsbluesky.law.columbia.edu/2018/01/16/the-spotify-listing-can-anunderwriter-less-ipo-attract-other-unicorns/	https://clsbluesky.law.columbia.edu/2018/01/16/the-spotify-listing-can-anunderwriter-less-ipo-attract-other-unicorns/	X
cblr-10944	126	1	[	[	X
cblr-10944	126	2	https://perma.cc/q7l3gugn	https://perma.cc/q7l3gugn	X
cblr-10944	126	3	]	]	X
cblr-10944	126	4	.	.	PUNCT
cblr-10944	127	1	no	no	INTJ
cblr-10944	127	2	.	.	PUNCT
cblr-10944	128	1	2:1026	2:1026	NUM
cblr-10944	128	2	]	]	X
cblr-10944	128	3	direct	direct	ADJ
cblr-10944	128	4	listings	listing	NOUN
cblr-10944	128	5	and	and	CCONJ
cblr-10944	128	6	the	the	DET
cblr-10944	128	7	tracing	trace	VERB
cblr-10944	128	8	doctrine	doctrine	NOUN
cblr-10944	128	9	1035	1035	NUM
cblr-10944	128	10	because	because	SCONJ
cblr-10944	128	11	the	the	DET
cblr-10944	128	12	issuer	issuer	NOUN
cblr-10944	128	13	is	be	AUX
cblr-10944	128	14	not	not	PART
cblr-10944	128	15	making	make	VERB
cblr-10944	128	16	any	any	DET
cblr-10944	128	17	sale	sale	NOUN
cblr-10944	128	18	.	.	PUNCT
cblr-10944	129	1	”46	”46	VERB
cblr-10944	129	2	thus	thus	ADV
cblr-10944	129	3	,	,	PUNCT
cblr-10944	129	4	a	a	DET
cblr-10944	129	5	company	company	NOUN
cblr-10944	129	6	’s	’s	PART
cblr-10944	129	7	existing	exist	VERB
cblr-10944	129	8	shares	share	NOUN
cblr-10944	129	9	could	could	AUX
cblr-10944	129	10	begin	begin	VERB
cblr-10944	129	11	trading	trade	VERB
cblr-10944	129	12	immediately	immediately	ADV
cblr-10944	129	13	after	after	SCONJ
cblr-10944	129	14	the	the	DET
cblr-10944	129	15	form	form	NOUN
cblr-10944	129	16	10	10	NUM
cblr-10944	129	17	becomes	become	VERB
cblr-10944	129	18	effective.47	effective.47	NOUN
cblr-10944	129	19	as	as	SCONJ
cblr-10944	129	20	the	the	DET
cblr-10944	129	21	next	next	ADJ
cblr-10944	129	22	section	section	NOUN
cblr-10944	129	23	will	will	AUX
cblr-10944	129	24	cover	cover	VERB
cblr-10944	129	25	,	,	PUNCT
cblr-10944	129	26	spotify	spotify	VERB
cblr-10944	129	27	’s	’s	PART
cblr-10944	129	28	and	and	CCONJ
cblr-10944	129	29	slack	slack	VERB
cblr-10944	129	30	’s	’s	PART
cblr-10944	129	31	direct	direct	ADJ
cblr-10944	129	32	listings	listing	NOUN
cblr-10944	129	33	were	be	AUX
cblr-10944	129	34	not	not	PART
cblr-10944	129	35	“	"	PUNCT
cblr-10944	129	36	pure	pure	ADJ
cblr-10944	129	37	”	"	PUNCT
cblr-10944	129	38	ones	one	NOUN
cblr-10944	129	39	because	because	SCONJ
cblr-10944	129	40	they	they	PRON
cblr-10944	129	41	were	be	AUX
cblr-10944	129	42	required	require	VERB
cblr-10944	129	43	to	to	PART
cblr-10944	129	44	do	do	VERB
cblr-10944	129	45	more	more	ADJ
cblr-10944	129	46	than	than	SCONJ
cblr-10944	129	47	simply	simply	ADV
cblr-10944	129	48	file	file	VERB
cblr-10944	129	49	a	a	DET
cblr-10944	129	50	form	form	NOUN
cblr-10944	129	51	10	10	NUM
cblr-10944	129	52	by	by	ADP
cblr-10944	129	53	the	the	DET
cblr-10944	129	54	sec	sec	PROPN
cblr-10944	129	55	and	and	CCONJ
cblr-10944	129	56	nyse.48	nyse.48	PROPN
cblr-10944	129	57	2	2	NUM
cblr-10944	129	58	.	.	PUNCT
cblr-10944	129	59	nyse	nyse	NOUN
cblr-10944	129	60	rule	rule	NOUN
cblr-10944	129	61	changes	change	NOUN
cblr-10944	129	62	in	in	ADP
cblr-10944	129	63	june	june	PROPN
cblr-10944	129	64	2017	2017	NUM
cblr-10944	129	65	,	,	PUNCT
cblr-10944	129	66	the	the	DET
cblr-10944	129	67	nyse	nyse	PROPN
cblr-10944	129	68	proposed	propose	VERB
cblr-10944	129	69	changes	change	NOUN
cblr-10944	129	70	to	to	ADP
cblr-10944	129	71	its	its	PRON
cblr-10944	129	72	listing	list	VERB
cblr-10944	129	73	requirement	requirement	NOUN
cblr-10944	129	74	rules	rule	NOUN
cblr-10944	129	75	to	to	PART
cblr-10944	129	76	allow	allow	VERB
cblr-10944	129	77	companies	company	NOUN
cblr-10944	129	78	to	to	PART
cblr-10944	129	79	conduct	conduct	VERB
cblr-10944	129	80	a	a	DET
cblr-10944	129	81	direct	direct	ADJ
cblr-10944	129	82	listing	listing	NOUN
cblr-10944	129	83	on	on	ADP
cblr-10944	129	84	its	its	PRON
cblr-10944	129	85	exchange.49	exchange.49	NOUN
cblr-10944	129	86	prior	prior	ADV
cblr-10944	129	87	to	to	ADP
cblr-10944	129	88	the	the	DET
cblr-10944	129	89	changes	change	NOUN
cblr-10944	129	90	,	,	PUNCT
cblr-10944	129	91	the	the	DET
cblr-10944	129	92	nyse	nyse	PROPN
cblr-10944	129	93	,	,	PUNCT
cblr-10944	129	94	pursuant	pursuant	ADJ
cblr-10944	129	95	to	to	ADP
cblr-10944	129	96	section	section	NOUN
cblr-10944	129	97	102.01b	102.01b	NUM
cblr-10944	129	98	,	,	PUNCT
cblr-10944	129	99	could	could	AUX
cblr-10944	129	100	list	list	VERB
cblr-10944	129	101	companies	company	NOUN
cblr-10944	129	102	on	on	ADP
cblr-10944	129	103	a	a	DET
cblr-10944	129	104	caseby	caseby	ADJ
cblr-10944	129	105	-	-	PUNCT
cblr-10944	129	106	case	case	NOUN
cblr-10944	129	107	basis	basis	NOUN
cblr-10944	129	108	if	if	SCONJ
cblr-10944	129	109	the	the	DET
cblr-10944	129	110	company	company	NOUN
cblr-10944	129	111	had	have	VERB
cblr-10944	129	112	a	a	DET
cblr-10944	129	113	$	$	SYM
cblr-10944	129	114	100	100	NUM
cblr-10944	129	115	million	million	NUM
cblr-10944	129	116	valuation	valuation	NOUN
cblr-10944	129	117	and	and	CCONJ
cblr-10944	129	118	months	month	NOUN
cblr-10944	129	119	of	of	ADP
cblr-10944	129	120	documented	document	VERB
cblr-10944	129	121	trading	trading	NOUN
cblr-10944	129	122	history	history	NOUN
cblr-10944	129	123	in	in	ADP
cblr-10944	129	124	private	private	ADJ
cblr-10944	129	125	markets.50	markets.50	PROPN
cblr-10944	129	126	the	the	DET
cblr-10944	129	127	nyse	nyse	PROPN
cblr-10944	129	128	proposal	proposal	NOUN
cblr-10944	129	129	sought	seek	VERB
cblr-10944	129	130	to	to	PART
cblr-10944	129	131	include	include	VERB
cblr-10944	129	132	the	the	DET
cblr-10944	129	133	below	below	ADV
cblr-10944	129	134	italicized	italicize	VERB
cblr-10944	129	135	language	language	NOUN
cblr-10944	129	136	to	to	ADP
cblr-10944	129	137	the	the	DET
cblr-10944	129	138	text	text	NOUN
cblr-10944	129	139	of	of	ADP
cblr-10944	129	140	footnote	footnote	NOUN
cblr-10944	129	141	(	(	PUNCT
cblr-10944	129	142	e	e	NOUN
cblr-10944	129	143	)	)	PUNCT
cblr-10944	129	144	to	to	PART
cblr-10944	129	145	section	section	NOUN
cblr-10944	129	146	102.01b	102.01b	NUM
cblr-10944	129	147	:	:	PUNCT
cblr-10944	129	148	(	(	PUNCT
cblr-10944	129	149	e	e	X
cblr-10944	129	150	)	)	PUNCT
cblr-10944	129	151	generally	generally	ADV
cblr-10944	129	152	,	,	PUNCT
cblr-10944	129	153	the	the	DET
cblr-10944	129	154	exchange	exchange	NOUN
cblr-10944	129	155	expects	expect	VERB
cblr-10944	129	156	to	to	PART
cblr-10944	129	157	list	list	VERB
cblr-10944	129	158	companies	company	NOUN
cblr-10944	129	159	in	in	ADP
cblr-10944	129	160	connection	connection	NOUN
cblr-10944	129	161	with	with	ADP
cblr-10944	129	162	a	a	DET
cblr-10944	129	163	firm	firm	ADJ
cblr-10944	129	164	commitment	commitment	NOUN
cblr-10944	129	165	underwritten	underwritten	ADJ
cblr-10944	129	166	ipo	ipo	PROPN
cblr-10944	129	167	.	.	PUNCT
cblr-10944	129	168	.	.	PUNCT
cblr-10944	129	169	.	.	PUNCT
cblr-10944	130	1	however	however	ADV
cblr-10944	130	2	,	,	PUNCT
cblr-10944	130	3	the	the	DET
cblr-10944	130	4	exchange	exchange	NOUN
cblr-10944	130	5	recognizes	recognize	VERB
cblr-10944	130	6	that	that	SCONJ
cblr-10944	130	7	some	some	DET
cblr-10944	130	8	companies	company	NOUN
cblr-10944	130	9	that	that	PRON
cblr-10944	130	10	have	have	AUX
cblr-10944	130	11	not	not	PART
cblr-10944	130	12	previously	previously	ADV
cblr-10944	130	13	had	have	VERB
cblr-10944	130	14	their	their	PRON
cblr-10944	130	15	common	common	ADJ
cblr-10944	130	16	equity	equity	NOUN
cblr-10944	130	17	securities	security	NOUN
cblr-10944	130	18	registered	register	VERB
cblr-10944	130	19	under	under	ADP
cblr-10944	130	20	the	the	DET
cblr-10944	130	21	exchange	exchange	NOUN
cblr-10944	130	22	act	act	NOUN
cblr-10944	130	23	,	,	PUNCT
cblr-10944	130	24	but	but	CCONJ
cblr-10944	130	25	which	which	PRON
cblr-10944	130	26	have	have	AUX
cblr-10944	130	27	sold	sell	VERB
cblr-10944	130	28	common	common	ADJ
cblr-10944	130	29	equity	equity	NOUN
cblr-10944	130	30	securities	security	NOUN
cblr-10944	130	31	in	in	ADP
cblr-10944	130	32	a	a	DET
cblr-10944	130	33	private	private	ADJ
cblr-10944	130	34	placement	placement	NOUN
cblr-10944	130	35	,	,	PUNCT
cblr-10944	130	36	may	may	AUX
cblr-10944	130	37	wish	wish	VERB
cblr-10944	130	38	to	to	PART
cblr-10944	130	39	list	list	VERB
cblr-10944	130	40	their	their	PRON
cblr-10944	130	41	common	common	ADJ
cblr-10944	130	42	equity	equity	NOUN
cblr-10944	130	43	securities	security	NOUN
cblr-10944	130	44	on	on	ADP
cblr-10944	130	45	the	the	DET
cblr-10944	130	46	exchange	exchange	NOUN
cblr-10944	130	47	at	at	ADP
cblr-10944	130	48	the	the	DET
cblr-10944	130	49	time	time	NOUN
cblr-10944	130	50	of	of	ADP
cblr-10944	130	51	effectiveness	effectiveness	NOUN
cblr-10944	130	52	of	of	ADP
cblr-10944	130	53	a	a	DET
cblr-10944	130	54	registration	registration	NOUN
cblr-10944	130	55	statement	statement	NOUN
cblr-10944	130	56	filed	file	VERB
cblr-10944	130	57	solely	solely	ADV
cblr-10944	130	58	for	for	ADP
cblr-10944	130	59	the	the	DET
cblr-10944	130	60	purpose	purpose	NOUN
cblr-10944	130	61	of	of	ADP
cblr-10944	130	62	allowing	allow	VERB
cblr-10944	130	63	existing	exist	VERB
cblr-10944	130	64	shareholders	shareholder	NOUN
cblr-10944	130	65	to	to	PART
cblr-10944	130	66	sell	sell	VERB
cblr-10944	130	67	their	their	PRON
cblr-10944	130	68	shares	share	NOUN
cblr-10944	130	69	.	.	PUNCT
cblr-10944	131	1	similarly	similarly	ADV
cblr-10944	131	2	,	,	PUNCT
cblr-10944	131	3	some	some	DET
cblr-10944	131	4	companies	company	NOUN
cblr-10944	131	5	that	that	PRON
cblr-10944	131	6	have	have	AUX
cblr-10944	131	7	not	not	PART
cblr-10944	131	8	previously	previously	ADV
cblr-10944	131	9	had	have	VERB
cblr-10944	131	10	their	their	PRON
cblr-10944	131	11	common	common	ADJ
cblr-10944	131	12	equity	equity	NOUN
cblr-10944	131	13	securities	security	NOUN
cblr-10944	131	14	registered	register	VERB
cblr-10944	131	15	under	under	ADP
cblr-10944	131	16	the	the	DET
cblr-10944	131	17	exchange	exchange	NOUN
cblr-10944	131	18	act	act	NOUN
cblr-10944	131	19	may	may	AUX
cblr-10944	131	20	wish	wish	VERB
cblr-10944	131	21	to	to	PART
cblr-10944	131	22	list	list	VERB
cblr-10944	131	23	immediately	immediately	ADV
cblr-10944	131	24	upon	upon	SCONJ
cblr-10944	131	25	effectiveness	effectiveness	NOUN
cblr-10944	131	26	of	of	ADP
cblr-10944	131	27	an	an	DET
cblr-10944	131	28	exchange	exchange	NOUN
cblr-10944	131	29	act	act	NOUN
cblr-10944	131	30	registration	registration	NOUN
cblr-10944	131	31	statement	statement	NOUN
cblr-10944	131	32	without	without	ADP
cblr-10944	131	33	any	any	DET
cblr-10944	131	34	concurrent	concurrent	ADJ
cblr-10944	131	35	ipo	ipo	NOUN
cblr-10944	131	36	or	or	CCONJ
cblr-10944	131	37	securities	securities	PROPN
cblr-10944	131	38	act	act	NOUN
cblr-10944	131	39	registration	registration	NOUN
cblr-10944	131	40	.	.	PUNCT
cblr-10944	132	1	consequently	consequently	ADV
cblr-10944	132	2	,	,	PUNCT
cblr-10944	132	3	the	the	DET
cblr-10944	132	4	exchange	exchange	NOUN
cblr-10944	132	5	will	will	AUX
cblr-10944	132	6	,	,	PUNCT
cblr-10944	132	7	on	on	ADP
cblr-10944	132	8	a	a	DET
cblr-10944	132	9	case	case	NOUN
cblr-10944	132	10	by	by	ADP
cblr-10944	132	11	case	case	NOUN
cblr-10944	132	12	basis	basis	NOUN
cblr-10944	132	13	,	,	PUNCT
cblr-10944	132	14	exercise	exercise	VERB
cblr-10944	132	15	46	46	NUM
cblr-10944	133	1	i	i	PRON
cblr-10944	133	2	d.	d.	PROPN
cblr-10944	133	3	47	47	NUM
cblr-10944	133	4	horton	horton	PROPN
cblr-10944	133	5	,	,	PUNCT
cblr-10944	133	6	supra	supra	PROPN
cblr-10944	133	7	note	note	PROPN
cblr-10944	133	8	19	19	NUM
cblr-10944	133	9	,	,	PUNCT
cblr-10944	133	10	at	at	ADP
cblr-10944	133	11	191	191	NUM
cblr-10944	133	12	.	.	PUNCT
cblr-10944	134	1	48	48	NUM
cblr-10944	135	1	i	i	PRON
cblr-10944	135	2	d.	d.	PROPN
cblr-10944	135	3	49	49	NUM
cblr-10944	135	4	see	see	VERB
cblr-10944	135	5	securities	security	NOUN
cblr-10944	135	6	act	act	PROPN
cblr-10944	135	7	release	release	VERB
cblr-10944	135	8	no	no	NOUN
cblr-10944	135	9	.	.	NOUN
cblr-10944	135	10	34	34	NUM
cblr-10944	135	11	-	-	SYM
cblr-10944	135	12	80933	80933	NUM
cblr-10944	135	13	,	,	PUNCT
cblr-10944	135	14	82	82	NUM
cblr-10944	135	15	fed	fed	PROPN
cblr-10944	135	16	.	.	PUNCT
cblr-10944	136	1	reg	reg	PROPN
cblr-10944	136	2	28200	28200	NUM
cblr-10944	136	3	.	.	PUNCT
cblr-10944	137	1	(	(	PUNCT
cblr-10944	137	2	june	june	PROPN
cblr-10944	137	3	15	15	NUM
cblr-10944	137	4	,	,	PUNCT
cblr-10944	137	5	2017	2017	NUM
cblr-10944	137	6	)	)	PUNCT
cblr-10944	137	7	.	.	PUNCT
cblr-10944	138	1	50	50	NUM
cblr-10944	138	2	nickerson	nickerson	NOUN
cblr-10944	138	3	,	,	PUNCT
cblr-10944	138	4	supra	supra	PROPN
cblr-10944	138	5	note	note	PROPN
cblr-10944	138	6	6	6	NUM
cblr-10944	138	7	,	,	PUNCT
cblr-10944	138	8	at	at	ADP
cblr-10944	138	9	1001	1001	NUM
cblr-10944	138	10	.	.	PUNCT
cblr-10944	139	1	1036	1036	NUM
cblr-10944	139	2	columbia	columbia	PROPN
cblr-10944	139	3	business	business	PROPN
cblr-10944	139	4	law	law	PROPN
cblr-10944	139	5	review	review	NOUN
cblr-10944	139	6	[	[	X
cblr-10944	139	7	vol	vol	NOUN
cblr-10944	139	8	.	.	PUNCT
cblr-10944	140	1	2022	2022	NUM
cblr-10944	140	2	discretion	discretion	NOUN
cblr-10944	140	3	to	to	PART
cblr-10944	140	4	list	list	VERB
cblr-10944	140	5	companies	company	NOUN
cblr-10944	140	6	whose	whose	DET
cblr-10944	140	7	stock	stock	NOUN
cblr-10944	140	8	is	be	AUX
cblr-10944	140	9	not	not	PART
cblr-10944	140	10	previously	previously	ADV
cblr-10944	140	11	registered	register	VERB
cblr-10944	140	12	under	under	ADP
cblr-10944	140	13	the	the	DET
cblr-10944	140	14	exchange	exchange	NOUN
cblr-10944	140	15	act	act	NOUN
cblr-10944	140	16	,	,	PUNCT
cblr-10944	140	17	where	where	SCONJ
cblr-10944	140	18	such	such	DET
cblr-10944	140	19	a	a	DET
cblr-10944	140	20	company	company	NOUN
cblr-10944	140	21	is	be	AUX
cblr-10944	140	22	listing	list	VERB
cblr-10944	140	23	without	without	ADP
cblr-10944	140	24	a	a	DET
cblr-10944	140	25	related	relate	VERB
cblr-10944	140	26	underwritten	underwritten	ADJ
cblr-10944	140	27	offering	offering	NOUN
cblr-10944	140	28	(	(	PUNCT
cblr-10944	140	29	i	i	NOUN
cblr-10944	140	30	)	)	PUNCT
cblr-10944	140	31	upon	upon	SCONJ
cblr-10944	140	32	effectiveness	effectiveness	NOUN
cblr-10944	140	33	of	of	ADP
cblr-10944	140	34	a	a	DET
cblr-10944	140	35	registration	registration	NOUN
cblr-10944	140	36	statement	statement	NOUN
cblr-10944	140	37	registering	register	VERB
cblr-10944	140	38	only	only	ADV
cblr-10944	140	39	the	the	DET
cblr-10944	140	40	resale	resale	NOUN
cblr-10944	140	41	of	of	ADP
cblr-10944	140	42	shares	share	NOUN
cblr-10944	140	43	sold	sell	VERB
cblr-10944	140	44	by	by	ADP
cblr-10944	140	45	the	the	DET
cblr-10944	140	46	company	company	NOUN
cblr-10944	140	47	in	in	ADP
cblr-10944	140	48	earlier	early	ADJ
cblr-10944	140	49	private	private	ADJ
cblr-10944	140	50	placements	placement	NOUN
cblr-10944	140	51	or	or	CCONJ
cblr-10944	140	52	(	(	PUNCT
cblr-10944	140	53	ii	ii	NOUN
cblr-10944	140	54	)	)	PUNCT
cblr-10944	140	55	upon	upon	SCONJ
cblr-10944	140	56	effectiveness	effectiveness	NOUN
cblr-10944	140	57	of	of	ADP
cblr-10944	140	58	an	an	DET
cblr-10944	140	59	exchange	exchange	NOUN
cblr-10944	140	60	act	act	NOUN
cblr-10944	140	61	registration	registration	NOUN
cblr-10944	140	62	statement	statement	NOUN
cblr-10944	140	63	without	without	ADP
cblr-10944	140	64	any	any	DET
cblr-10944	140	65	concurrent	concurrent	ADJ
cblr-10944	140	66	ipo	ipo	NOUN
cblr-10944	140	67	or	or	CCONJ
cblr-10944	140	68	securities	securities	PROPN
cblr-10944	140	69	act	act	VERB
cblr-10944	140	70	registration.51	registration.51	PROPN
cblr-10944	140	71	the	the	DET
cblr-10944	140	72	italicized	italicize	VERB
cblr-10944	140	73	portions	portion	NOUN
cblr-10944	140	74	would	would	AUX
cblr-10944	140	75	have	have	AUX
cblr-10944	140	76	authorized	authorize	VERB
cblr-10944	140	77	a	a	DET
cblr-10944	140	78	“	"	PUNCT
cblr-10944	140	79	pure	pure	ADJ
cblr-10944	140	80	”	"	PUNCT
cblr-10944	140	81	direct	direct	ADJ
cblr-10944	140	82	listing	listing	NOUN
cblr-10944	140	83	in	in	ADP
cblr-10944	140	84	which	which	PRON
cblr-10944	140	85	a	a	DET
cblr-10944	140	86	company	company	NOUN
cblr-10944	140	87	could	could	AUX
cblr-10944	140	88	begin	begin	VERB
cblr-10944	140	89	trading	trade	VERB
cblr-10944	140	90	its	its	PRON
cblr-10944	140	91	shares	share	NOUN
cblr-10944	140	92	on	on	ADP
cblr-10944	140	93	the	the	DET
cblr-10944	140	94	exchange	exchange	NOUN
cblr-10944	140	95	after	after	ADP
cblr-10944	140	96	approval	approval	NOUN
cblr-10944	140	97	of	of	ADP
cblr-10944	140	98	a	a	DET
cblr-10944	140	99	form	form	NOUN
cblr-10944	140	100	10	10	NUM
cblr-10944	140	101	.	.	PUNCT
cblr-10944	141	1	ultimately	ultimately	ADV
cblr-10944	141	2	,	,	PUNCT
cblr-10944	141	3	the	the	DET
cblr-10944	141	4	sec	sec	PROPN
cblr-10944	141	5	rejected	reject	VERB
cblr-10944	141	6	this	this	DET
cblr-10944	141	7	change	change	NOUN
cblr-10944	141	8	to	to	PART
cblr-10944	141	9	provide	provide	VERB
cblr-10944	141	10	investors	investor	NOUN
cblr-10944	141	11	more	more	ADJ
cblr-10944	141	12	protections	protection	NOUN
cblr-10944	141	13	.	.	PUNCT
cblr-10944	142	1	instead	instead	ADV
cblr-10944	142	2	,	,	PUNCT
cblr-10944	142	3	the	the	DET
cblr-10944	142	4	sec	sec	PROPN
cblr-10944	142	5	required	require	VERB
cblr-10944	142	6	a	a	DET
cblr-10944	142	7	company	company	NOUN
cblr-10944	142	8	to	to	PART
cblr-10944	142	9	file	file	VERB
cblr-10944	142	10	a	a	DET
cblr-10944	142	11	securities	security	NOUN
cblr-10944	142	12	act	act	NOUN
cblr-10944	142	13	registration	registration	NOUN
cblr-10944	142	14	statement,52	statement,52	NOUN
cblr-10944	142	15	which	which	PRON
cblr-10944	142	16	subjects	subject	VERB
cblr-10944	142	17	the	the	DET
cblr-10944	142	18	issuer	issuer	NOUN
cblr-10944	142	19	to	to	PART
cblr-10944	142	20	section	section	VERB
cblr-10944	142	21	11	11	NUM
cblr-10944	142	22	liability	liability	NOUN
cblr-10944	142	23	for	for	ADP
cblr-10944	142	24	material	material	NOUN
cblr-10944	142	25	misstatements	misstatement	NOUN
cblr-10944	142	26	and	and	CCONJ
cblr-10944	142	27	omissions.53	omissions.53	NOUN
cblr-10944	142	28	in	in	ADP
cblr-10944	142	29	their	their	PRON
cblr-10944	142	30	direct	direct	ADJ
cblr-10944	142	31	listings	listing	NOUN
cblr-10944	142	32	,	,	PUNCT
cblr-10944	142	33	spotify	spotify	VERB
cblr-10944	142	34	and	and	CCONJ
cblr-10944	142	35	slack	slack	VERB
cblr-10944	142	36	both	both	PRON
cblr-10944	142	37	filed	file	VERB
cblr-10944	142	38	securities	security	NOUN
cblr-10944	142	39	act	act	VERB
cblr-10944	142	40	registrations,54	registrations,54	PROPN
cblr-10944	142	41	subjecting	subject	VERB
cblr-10944	142	42	them	they	PRON
cblr-10944	142	43	to	to	PART
cblr-10944	142	44	section	section	VERB
cblr-10944	142	45	11	11	NUM
cblr-10944	142	46	liability	liability	NOUN
cblr-10944	142	47	and	and	CCONJ
cblr-10944	142	48	setting	set	VERB
cblr-10944	142	49	the	the	DET
cblr-10944	142	50	stage	stage	NOUN
cblr-10944	142	51	for	for	ADP
cblr-10944	142	52	slack	slack	NOUN
cblr-10944	142	53	.	.	PUNCT
cblr-10944	143	1	3	3	X
cblr-10944	143	2	.	.	X
cblr-10944	143	3	securities	security	NOUN
cblr-10944	143	4	act	act	PROPN
cblr-10944	143	5	rule	rule	VERB
cblr-10944	143	6	144	144	NUM
cblr-10944	143	7	after	after	ADP
cblr-10944	143	8	slack	slack	NOUN
cblr-10944	143	9	and	and	CCONJ
cblr-10944	143	10	spotify	spotify	NOUN
cblr-10944	143	11	filed	file	VERB
cblr-10944	143	12	the	the	DET
cblr-10944	143	13	relevant	relevant	ADJ
cblr-10944	143	14	registration	registration	NOUN
cblr-10944	143	15	statements	statement	NOUN
cblr-10944	143	16	,	,	PUNCT
cblr-10944	143	17	their	their	PRON
cblr-10944	143	18	shareholders	shareholder	NOUN
cblr-10944	143	19	could	could	AUX
cblr-10944	143	20	sell	sell	VERB
cblr-10944	143	21	their	their	PRON
cblr-10944	143	22	securities	security	NOUN
cblr-10944	143	23	immediately	immediately	ADV
cblr-10944	143	24	.	.	PUNCT
cblr-10944	144	1	this	this	PRON
cblr-10944	144	2	aligns	align	VERB
cblr-10944	144	3	with	with	ADP
cblr-10944	144	4	the	the	DET
cblr-10944	144	5	general	general	ADJ
cblr-10944	144	6	rule	rule	NOUN
cblr-10944	144	7	that	that	SCONJ
cblr-10944	144	8	,	,	PUNCT
cblr-10944	144	9	for	for	ADP
cblr-10944	144	10	a	a	DET
cblr-10944	144	11	51	51	NUM
cblr-10944	144	12	e	e	NOUN
cblr-10944	144	13	-	-	NOUN
cblr-10944	144	14	mail	mail	NOUN
cblr-10944	144	15	from	from	ADP
cblr-10944	144	16	martha	martha	PROPN
cblr-10944	144	17	redding	redding	PROPN
cblr-10944	144	18	,	,	PUNCT
cblr-10944	144	19	assoc	assoc	PROPN
cblr-10944	144	20	.	.	PUNCT
cblr-10944	145	1	gen	gen	PROPN
cblr-10944	145	2	.	.	PROPN
cblr-10944	145	3	couns	couns	PROPN
cblr-10944	145	4	.	.	PUNCT
cblr-10944	145	5	,	,	PUNCT
cblr-10944	145	6	nyse	nyse	PROPN
cblr-10944	145	7	,	,	PUNCT
cblr-10944	145	8	to	to	ADP
cblr-10944	145	9	brent	brent	PROPN
cblr-10944	145	10	j.	j.	PROPN
cblr-10944	145	11	fields	fields	PROPN
cblr-10944	145	12	,	,	PUNCT
cblr-10944	145	13	sec’y	sec’y	NUM
cblr-10944	145	14	,	,	PUNCT
cblr-10944	145	15	sec	sec	PROPN
cblr-10944	145	16	,	,	PUNCT
cblr-10944	145	17	at	at	ADP
cblr-10944	145	18	exhibit	exhibit	NOUN
cblr-10944	145	19	5	5	NUM
cblr-10944	145	20	(	(	PUNCT
cblr-10944	145	21	aug	aug	PROPN
cblr-10944	145	22	.	.	PROPN
cblr-10944	145	23	1	1	NUM
cblr-10944	145	24	,	,	PUNCT
cblr-10944	145	25	2017	2017	NUM
cblr-10944	145	26	)	)	PUNCT
cblr-10944	145	27	,	,	PUNCT
cblr-10944	145	28	https://www.sec.gov/comments/sr-nyse-2017-30/nyse201730-2161992157779.pdf	https://www.sec.gov/comments/sr-nyse-2017-30/nyse201730-2161992157779.pdf	X
cblr-10944	146	1	[	[	X
cblr-10944	146	2	https://perma.cc/3zwb-fkuj	https://perma.cc/3zwb-fkuj	X
cblr-10944	146	3	]	]	X
cblr-10944	146	4	(	(	PUNCT
cblr-10944	146	5	emphasis	emphasis	NOUN
cblr-10944	146	6	added	add	VERB
cblr-10944	146	7	)	)	PUNCT
cblr-10944	146	8	.	.	PUNCT
cblr-10944	147	1	52	52	NUM
cblr-10944	147	2	notice	notice	NOUN
cblr-10944	147	3	of	of	ADP
cblr-10944	147	4	filing	filing	NOUN
cblr-10944	147	5	of	of	ADP
cblr-10944	147	6	amendment	amendment	NOUN
cblr-10944	147	7	no	no	INTJ
cblr-10944	147	8	.	.	NOUN
cblr-10944	147	9	3	3	NUM
cblr-10944	147	10	and	and	CCONJ
cblr-10944	147	11	order	order	NOUN
cblr-10944	147	12	granting	grant	VERB
cblr-10944	147	13	accelerated	accelerate	VERB
cblr-10944	147	14	approval	approval	NOUN
cblr-10944	147	15	of	of	ADP
cblr-10944	147	16	proposed	propose	VERB
cblr-10944	147	17	rule	rule	NOUN
cblr-10944	147	18	change	change	NOUN
cblr-10944	147	19	,	,	PUNCT
cblr-10944	147	20	exchange	exchange	NOUN
cblr-10944	147	21	act	act	NOUN
cblr-10944	147	22	release	release	VERB
cblr-10944	147	23	no	no	NOUN
cblr-10944	147	24	.	.	NOUN
cblr-10944	147	25	34	34	NUM
cblr-10944	147	26	-	-	SYM
cblr-10944	147	27	82627	82627	NUM
cblr-10944	147	28	,	,	PUNCT
cblr-10944	147	29	83	83	NUM
cblr-10944	147	30	fed	feed	VERB
cblr-10944	147	31	.	.	PUNCT
cblr-10944	148	1	reg	reg	PROPN
cblr-10944	148	2	.	.	PUNCT
cblr-10944	149	1	5650	5650	NUM
cblr-10944	149	2	(	(	PUNCT
cblr-10944	149	3	feb	feb	PROPN
cblr-10944	149	4	.	.	PROPN
cblr-10944	149	5	2	2	NUM
cblr-10944	149	6	,	,	PUNCT
cblr-10944	149	7	2018	2018	NUM
cblr-10944	149	8	)	)	PUNCT
cblr-10944	149	9	(	(	PUNCT
cblr-10944	149	10	“	"	PUNCT
cblr-10944	149	11	amendment	amendment	NOUN
cblr-10944	149	12	no	no	NOUN
cblr-10944	149	13	.	.	PROPN
cblr-10944	149	14	3	3	NUM
cblr-10944	149	15	revised	revise	VERB
cblr-10944	149	16	the	the	DET
cblr-10944	149	17	proposal	proposal	NOUN
cblr-10944	149	18	to	to	PART
cblr-10944	149	19	eliminate	eliminate	VERB
cblr-10944	149	20	the	the	DET
cblr-10944	149	21	proposed	propose	VERB
cblr-10944	149	22	changes	change	NOUN
cblr-10944	149	23	to	to	PART
cblr-10944	149	24	footnote	footnote	VERB
cblr-10944	149	25	(	(	PUNCT
cblr-10944	149	26	e	e	NOUN
cblr-10944	149	27	)	)	PUNCT
cblr-10944	149	28	that	that	PRON
cblr-10944	149	29	would	would	AUX
cblr-10944	149	30	have	have	AUX
cblr-10944	149	31	allowed	allow	VERB
cblr-10944	149	32	a	a	DET
cblr-10944	149	33	company	company	NOUN
cblr-10944	149	34	to	to	PART
cblr-10944	149	35	list	list	VERB
cblr-10944	149	36	immediately	immediately	ADV
cblr-10944	149	37	upon	upon	SCONJ
cblr-10944	149	38	effectiveness	effectiveness	NOUN
cblr-10944	149	39	of	of	ADP
cblr-10944	149	40	an	an	DET
cblr-10944	149	41	exchange	exchange	NOUN
cblr-10944	149	42	registration	registration	NOUN
cblr-10944	149	43	statement	statement	NOUN
cblr-10944	149	44	only	only	ADV
cblr-10944	149	45	,	,	PUNCT
cblr-10944	149	46	without	without	ADP
cblr-10944	149	47	any	any	DET
cblr-10944	149	48	concurrent	concurrent	ADJ
cblr-10944	149	49	ipo	ipo	NOUN
cblr-10944	149	50	or	or	CCONJ
cblr-10944	149	51	securities	securities	PROPN
cblr-10944	149	52	act	act	NOUN
cblr-10944	149	53	of	of	ADP
cblr-10944	149	54	1933	1933	NUM
cblr-10944	149	55	(	(	PUNCT
cblr-10944	149	56	‘	'	PUNCT
cblr-10944	149	57	securities	security	NOUN
cblr-10944	149	58	act	act	NOUN
cblr-10944	149	59	’	'	PUNCT
cblr-10944	149	60	)	)	PUNCT
cblr-10944	149	61	registration	registration	NOUN
cblr-10944	149	62	.	.	PUNCT
cblr-10944	149	63	”	"	PUNCT
cblr-10944	149	64	)	)	PUNCT
cblr-10944	149	65	.	.	PUNCT
cblr-10944	150	1	53	53	NUM
cblr-10944	150	2	horton	horton	PROPN
cblr-10944	150	3	,	,	PUNCT
cblr-10944	150	4	supra	supra	PROPN
cblr-10944	150	5	note	note	PROPN
cblr-10944	150	6	19	19	NUM
cblr-10944	150	7	,	,	PUNCT
cblr-10944	150	8	at	at	ADP
cblr-10944	150	9	193	193	NUM
cblr-10944	150	10	.	.	PUNCT
cblr-10944	150	11	54	54	NUM
cblr-10944	150	12	spotify	spotify	NOUN
cblr-10944	150	13	technology	technology	PROPN
cblr-10944	150	14	s.a	s.a	PROPN
cblr-10944	150	15	.	.	PROPN
cblr-10944	150	16	,	,	PUNCT
cblr-10944	150	17	amendment	amendment	PROPN
cblr-10944	150	18	no	no	INTJ
cblr-10944	150	19	.	.	NOUN
cblr-10944	150	20	3	3	NUM
cblr-10944	150	21	to	to	PART
cblr-10944	150	22	form	form	VERB
cblr-10944	150	23	f-1	f-1	NOUN
cblr-10944	150	24	registration	registration	NOUN
cblr-10944	150	25	statement	statement	NOUN
cblr-10944	150	26	(	(	PUNCT
cblr-10944	150	27	form	form	NOUN
cblr-10944	150	28	f-1	f-1	NOUN
cblr-10944	150	29	)	)	PUNCT
cblr-10944	150	30	(	(	PUNCT
cblr-10944	150	31	mar	mar	PROPN
cblr-10944	150	32	.	.	PROPN
cblr-10944	150	33	23	23	NUM
cblr-10944	150	34	,	,	PUNCT
cblr-10944	150	35	2018	2018	NUM
cblr-10944	150	36	)	)	PUNCT
cblr-10944	150	37	;	;	PUNCT
cblr-10944	150	38	slack	slack	VERB
cblr-10944	150	39	technologies	technology	NOUN
cblr-10944	150	40	,	,	PUNCT
cblr-10944	150	41	inc	inc	PROPN
cblr-10944	150	42	.	.	PROPN
cblr-10944	150	43	,	,	PUNCT
cblr-10944	150	44	form	form	VERB
cblr-10944	150	45	s-1	s-1	NOUN
cblr-10944	150	46	registration	registration	NOUN
cblr-10944	150	47	statement	statement	NOUN
cblr-10944	150	48	(	(	PUNCT
cblr-10944	150	49	form	form	NOUN
cblr-10944	150	50	s-1	s-1	NOUN
cblr-10944	150	51	)	)	PUNCT
cblr-10944	150	52	(	(	PUNCT
cblr-10944	150	53	apr	apr	PROPN
cblr-10944	150	54	.	.	PROPN
cblr-10944	150	55	26	26	NUM
cblr-10944	150	56	,	,	PUNCT
cblr-10944	150	57	2019	2019	NUM
cblr-10944	150	58	)	)	PUNCT
cblr-10944	150	59	.	.	PUNCT
cblr-10944	151	1	no	no	INTJ
cblr-10944	151	2	.	.	PUNCT
cblr-10944	152	1	2:1026	2:1026	NUM
cblr-10944	152	2	]	]	X
cblr-10944	152	3	direct	direct	ADJ
cblr-10944	152	4	listings	listing	NOUN
cblr-10944	152	5	and	and	CCONJ
cblr-10944	152	6	the	the	DET
cblr-10944	152	7	tracing	tracing	ADJ
cblr-10944	152	8	doctrine	doctrine	NOUN
cblr-10944	152	9	1037	1037	NUM
cblr-10944	152	10	shareholder	shareholder	NOUN
cblr-10944	152	11	to	to	PART
cblr-10944	152	12	sell	sell	VERB
cblr-10944	152	13	securities	security	NOUN
cblr-10944	152	14	on	on	ADP
cblr-10944	152	15	a	a	DET
cblr-10944	152	16	public	public	ADJ
cblr-10944	152	17	market	market	NOUN
cblr-10944	152	18	,	,	PUNCT
cblr-10944	152	19	those	those	DET
cblr-10944	152	20	securities	security	NOUN
cblr-10944	152	21	must	must	AUX
cblr-10944	152	22	be	be	AUX
cblr-10944	152	23	registered	register	VERB
cblr-10944	152	24	with	with	ADP
cblr-10944	152	25	the	the	DET
cblr-10944	152	26	sec.55	sec.55	ADJ
cblr-10944	152	27	however	however	ADV
cblr-10944	152	28	,	,	PUNCT
cblr-10944	152	29	securities	security	NOUN
cblr-10944	152	30	act	act	NOUN
cblr-10944	152	31	rule	rule	VERB
cblr-10944	152	32	144	144	NUM
cblr-10944	152	33	provides	provide	VERB
cblr-10944	152	34	exemptions	exemption	NOUN
cblr-10944	152	35	to	to	ADP
cblr-10944	152	36	this	this	DET
cblr-10944	152	37	general	general	ADJ
cblr-10944	152	38	rule	rule	NOUN
cblr-10944	152	39	.	.	PUNCT
cblr-10944	153	1	it	it	PRON
cblr-10944	153	2	allows	allow	VERB
cblr-10944	153	3	the	the	DET
cblr-10944	153	4	sale	sale	NOUN
cblr-10944	153	5	of	of	ADP
cblr-10944	153	6	unregistered	unregistered	ADJ
cblr-10944	153	7	,	,	PUNCT
cblr-10944	153	8	restricted	restrict	VERB
cblr-10944	153	9	,	,	PUNCT
cblr-10944	153	10	and	and	CCONJ
cblr-10944	153	11	control	control	NOUN
cblr-10944	153	12	securities	security	NOUN
cblr-10944	153	13	if	if	SCONJ
cblr-10944	153	14	five	five	NUM
cblr-10944	153	15	conditions	condition	NOUN
cblr-10944	153	16	are	be	AUX
cblr-10944	153	17	met.56	met.56	NOUN
cblr-10944	153	18	rule	rule	NOUN
cblr-10944	153	19	144	144	NUM
cblr-10944	153	20	is	be	AUX
cblr-10944	153	21	usually	usually	ADV
cblr-10944	153	22	used	use	VERB
cblr-10944	153	23	by	by	ADP
cblr-10944	153	24	private	private	ADJ
cblr-10944	153	25	shareholders	shareholder	NOUN
cblr-10944	153	26	who	who	PRON
cblr-10944	153	27	receive	receive	VERB
cblr-10944	153	28	securities	security	NOUN
cblr-10944	153	29	as	as	ADP
cblr-10944	153	30	part	part	NOUN
cblr-10944	153	31	of	of	ADP
cblr-10944	153	32	an	an	DET
cblr-10944	153	33	employee	employee	NOUN
cblr-10944	153	34	benefits	benefit	VERB
cblr-10944	153	35	package	package	NOUN
cblr-10944	153	36	as	as	ADP
cblr-10944	153	37	compensation	compensation	NOUN
cblr-10944	153	38	in	in	ADP
cblr-10944	153	39	exchange	exchange	NOUN
cblr-10944	153	40	for	for	ADP
cblr-10944	153	41	start	start	NOUN
cblr-10944	153	42	-	-	PUNCT
cblr-10944	153	43	up	up	ADP
cblr-10944	153	44	capital	capital	NOUN
cblr-10944	153	45	or	or	CCONJ
cblr-10944	153	46	as	as	ADP
cblr-10944	153	47	part	part	NOUN
cblr-10944	153	48	of	of	ADP
cblr-10944	153	49	an	an	DET
cblr-10944	153	50	m&a	m&a	PROPN
cblr-10944	153	51	transaction.57	transaction.57	PROPN
cblr-10944	153	52	rule	rule	VERB
cblr-10944	153	53	144	144	NUM
cblr-10944	153	54	plays	play	VERB
cblr-10944	153	55	a	a	DET
cblr-10944	153	56	critical	critical	ADJ
cblr-10944	153	57	role	role	NOUN
cblr-10944	153	58	in	in	ADP
cblr-10944	153	59	direct	direct	ADJ
cblr-10944	153	60	listings	listing	NOUN
cblr-10944	153	61	and	and	CCONJ
cblr-10944	153	62	in	in	ADP
cblr-10944	153	63	slack	slack	NOUN
cblr-10944	153	64	.	.	PUNCT
cblr-10944	154	1	in	in	ADP
cblr-10944	154	2	slack	slack	NOUN
cblr-10944	154	3	’s	’s	ADV
cblr-10944	154	4	direct	direct	ADJ
cblr-10944	154	5	listing	listing	NOUN
cblr-10944	154	6	,	,	PUNCT
cblr-10944	154	7	only	only	ADV
cblr-10944	154	8	about	about	ADV
cblr-10944	154	9	42	42	NUM
cblr-10944	154	10	%	%	NOUN
cblr-10944	154	11	of	of	ADP
cblr-10944	154	12	its	its	PRON
cblr-10944	154	13	outstanding	outstanding	ADJ
cblr-10944	154	14	shares	share	NOUN
cblr-10944	154	15	were	be	AUX
cblr-10944	154	16	registered	register	VERB
cblr-10944	154	17	pursuant	pursuant	ADV
cblr-10944	154	18	to	to	ADP
cblr-10944	154	19	a	a	DET
cblr-10944	154	20	registration	registration	NOUN
cblr-10944	154	21	statement	statement	NOUN
cblr-10944	154	22	,	,	PUNCT
cblr-10944	154	23	and	and	CCONJ
cblr-10944	154	24	the	the	DET
cblr-10944	154	25	remaining	remain	VERB
cblr-10944	154	26	58	58	NUM
cblr-10944	154	27	%	%	NOUN
cblr-10944	154	28	were	be	AUX
cblr-10944	154	29	exempt	exempt	ADJ
cblr-10944	154	30	from	from	ADP
cblr-10944	154	31	registration	registration	NOUN
cblr-10944	154	32	under	under	ADP
cblr-10944	154	33	rule	rule	NOUN
cblr-10944	154	34	144.58	144.58	NUM
cblr-10944	154	35	thus	thus	ADV
cblr-10944	154	36	,	,	PUNCT
cblr-10944	154	37	after	after	ADP
cblr-10944	154	38	its	its	PRON
cblr-10944	154	39	direct	direct	ADJ
cblr-10944	154	40	listing	listing	NOUN
cblr-10944	154	41	,	,	PUNCT
cblr-10944	154	42	the	the	DET
cblr-10944	154	43	market	market	NOUN
cblr-10944	154	44	for	for	ADP
cblr-10944	154	45	slack	slack	NOUN
cblr-10944	154	46	’s	’s	PART
cblr-10944	154	47	shares	share	NOUN
cblr-10944	154	48	included	include	VERB
cblr-10944	154	49	a	a	DET
cblr-10944	154	50	mix	mix	NOUN
cblr-10944	154	51	of	of	ADP
cblr-10944	154	52	both	both	CCONJ
cblr-10944	154	53	registered	register	VERB
cblr-10944	154	54	and	and	CCONJ
cblr-10944	154	55	unregistered	unregistered	ADJ
cblr-10944	154	56	shares.59	shares.59	PROPN
cblr-10944	154	57	as	as	SCONJ
cblr-10944	154	58	part	part	NOUN
cblr-10944	154	59	iii	iii	NUM
cblr-10944	154	60	will	will	AUX
cblr-10944	154	61	explain	explain	VERB
cblr-10944	154	62	,	,	PUNCT
cblr-10944	154	63	rule	rule	VERB
cblr-10944	154	64	144	144	NUM
cblr-10944	154	65	has	have	VERB
cblr-10944	154	66	a	a	DET
cblr-10944	154	67	direct	direct	ADJ
cblr-10944	154	68	impact	impact	NOUN
cblr-10944	154	69	on	on	ADP
cblr-10944	154	70	an	an	DET
cblr-10944	154	71	investor	investor	NOUN
cblr-10944	154	72	’s	’s	PART
cblr-10944	154	73	ability	ability	NOUN
cblr-10944	154	74	to	to	PART
cblr-10944	154	75	prove	prove	VERB
cblr-10944	154	76	the	the	DET
cblr-10944	154	77	tracing	trace	VERB
cblr-10944	154	78	requirement	requirement	NOUN
cblr-10944	154	79	under	under	ADP
cblr-10944	154	80	section	section	NOUN
cblr-10944	154	81	11	11	NUM
cblr-10944	154	82	.	.	PUNCT
cblr-10944	155	1	iii	iii	X
cblr-10944	155	2	.	.	NOUN
cblr-10944	155	3	analyzing	analyzing	NOUN
cblr-10944	155	4	section	section	NOUN
cblr-10944	155	5	11	11	NUM
cblr-10944	155	6	and	and	CCONJ
cblr-10944	155	7	the	the	DET
cblr-10944	155	8	slack	slack	NOUN
cblr-10944	155	9	decision	decision	NOUN
cblr-10944	155	10	a.	a.	NOUN
cblr-10944	155	11	section	section	NOUN
cblr-10944	155	12	11	11	NUM
cblr-10944	155	13	of	of	ADP
cblr-10944	155	14	the	the	DET
cblr-10944	155	15	securities	security	NOUN
cblr-10944	155	16	act	act	NOUN
cblr-10944	155	17	of	of	ADP
cblr-10944	155	18	1933	1933	NUM
cblr-10944	155	19	section	section	NOUN
cblr-10944	155	20	11	11	NUM
cblr-10944	155	21	establishes	establish	VERB
cblr-10944	155	22	a	a	DET
cblr-10944	155	23	private	private	ADJ
cblr-10944	155	24	cause	cause	NOUN
cblr-10944	155	25	of	of	ADP
cblr-10944	155	26	action	action	NOUN
cblr-10944	155	27	for	for	ADP
cblr-10944	155	28	persons	person	NOUN
cblr-10944	155	29	who	who	PRON
cblr-10944	155	30	acquired	acquire	VERB
cblr-10944	155	31	securities	security	NOUN
cblr-10944	155	32	through	through	ADP
cblr-10944	155	33	a	a	DET
cblr-10944	155	34	registration	registration	NOUN
cblr-10944	155	35	statement	statement	NOUN
cblr-10944	155	36	that	that	PRON
cblr-10944	155	37	contains	contain	VERB
cblr-10944	155	38	false	false	ADJ
cblr-10944	155	39	or	or	CCONJ
cblr-10944	155	40	misleading	misleading	ADJ
cblr-10944	155	41	information	information	NOUN
cblr-10944	155	42	.	.	PUNCT
cblr-10944	156	1	section	section	NOUN
cblr-10944	156	2	11	11	NUM
cblr-10944	156	3	provides	provide	VERB
cblr-10944	156	4	,	,	PUNCT
cblr-10944	156	5	in	in	ADP
cblr-10944	156	6	relevant	relevant	ADJ
cblr-10944	156	7	part	part	NOUN
cblr-10944	156	8	:	:	PUNCT
cblr-10944	156	9	55	55	NUM
cblr-10944	156	10	see	see	VERB
cblr-10944	156	11	rule	rule	NOUN
cblr-10944	156	12	144	144	NUM
cblr-10944	156	13	:	:	PUNCT
cblr-10944	156	14	everything	everything	PRON
cblr-10944	156	15	you	you	PRON
cblr-10944	156	16	need	need	VERB
cblr-10944	156	17	to	to	PART
cblr-10944	156	18	know	know	VERB
cblr-10944	156	19	,	,	PUNCT
cblr-10944	156	20	upcounsel	upcounsel	NOUN
cblr-10944	156	21	,	,	PUNCT
cblr-10944	156	22	https://www.upcounsel.com/rule-144	https://www.upcounsel.com/rule-144	X
cblr-10944	157	1	[	[	X
cblr-10944	157	2	https://perma.cc/g844-fazl	https://perma.cc/g844-fazl	X
cblr-10944	157	3	]	]	X
cblr-10944	157	4	(	(	PUNCT
cblr-10944	157	5	last	last	ADJ
cblr-10944	157	6	updated	update	VERB
cblr-10944	157	7	oct	oct	PROPN
cblr-10944	157	8	.	.	PROPN
cblr-10944	157	9	5	5	NUM
cblr-10944	157	10	,	,	PUNCT
cblr-10944	157	11	2020	2020	NUM
cblr-10944	157	12	)	)	PUNCT
cblr-10944	157	13	.	.	PUNCT
cblr-10944	158	1	56	56	NUM
cblr-10944	158	2	see	see	VERB
cblr-10944	158	3	i	i	PRON
cblr-10944	158	4	d.	d.	PROPN
cblr-10944	158	5	57	57	NUM
cblr-10944	159	1	i	i	PRON
cblr-10944	159	2	d.	d.	PROPN
cblr-10944	159	3	58	58	NUM
cblr-10944	159	4	francis	francis	PROPN
cblr-10944	159	5	mcconville	mcconville	PROPN
cblr-10944	159	6	,	,	PUNCT
cblr-10944	159	7	alec	alec	PROPN
cblr-10944	159	8	coquin	coquin	PROPN
cblr-10944	159	9	&	&	CCONJ
cblr-10944	159	10	charles	charles	PROPN
cblr-10944	159	11	wood	wood	PROPN
cblr-10944	159	12	,	,	PUNCT
cblr-10944	159	13	slack	slack	VERB
cblr-10944	159	14	’s	’s	ADV
cblr-10944	159	15	direct	direct	ADJ
cblr-10944	159	16	listing	listing	NOUN
cblr-10944	159	17	tests	test	NOUN
cblr-10944	159	18	limits	limit	NOUN
cblr-10944	159	19	of	of	ADP
cblr-10944	159	20	securities	security	NOUN
cblr-10944	159	21	act	act	PROPN
cblr-10944	159	22	,	,	PUNCT
cblr-10944	159	23	law360	law360	PROPN
cblr-10944	159	24	(	(	PUNCT
cblr-10944	159	25	dec	dec	PROPN
cblr-10944	159	26	.	.	PROPN
cblr-10944	159	27	10	10	NUM
cblr-10944	159	28	,	,	PUNCT
cblr-10944	159	29	2019	2019	NUM
cblr-10944	159	30	)	)	PUNCT
cblr-10944	159	31	,	,	PUNCT
cblr-10944	159	32	https://www.labaton.com/hubfs/law360%20%20slacks%20direct%20listing%20tests%20limits%20of%20securities	https://www.labaton.com/hubfs/law360%20%20slacks%20direct%20listing%20tests%20limits%20of%20securitie	NOUN
cblr-10944	160	1	%	%	NOUN
cblr-10944	160	2	20act.pdf	20act.pdf	NUM
cblr-10944	161	1	[	[	X
cblr-10944	161	2	https://perma.cc/nb6s-epce	https://perma.cc/nb6s-epce	X
cblr-10944	161	3	]	]	X
cblr-10944	161	4	.	.	PUNCT
cblr-10944	162	1	59	59	NUM
cblr-10944	163	1	i	i	PROPN
cblr-10944	163	2	d.	d.	PROPN
cblr-10944	163	3	1038	1038	NUM
cblr-10944	163	4	columbia	columbia	PROPN
cblr-10944	163	5	business	business	PROPN
cblr-10944	163	6	law	law	PROPN
cblr-10944	163	7	review	review	NOUN
cblr-10944	163	8	[	[	X
cblr-10944	163	9	vol	vol	NOUN
cblr-10944	163	10	.	.	PUNCT
cblr-10944	163	11	2022	2022	NUM
cblr-10944	163	12	in	in	ADP
cblr-10944	163	13	case	case	NOUN
cblr-10944	163	14	any	any	DET
cblr-10944	163	15	part	part	NOUN
cblr-10944	163	16	of	of	ADP
cblr-10944	163	17	the	the	DET
cblr-10944	163	18	registration	registration	NOUN
cblr-10944	163	19	statement	statement	NOUN
cblr-10944	163	20	,	,	PUNCT
cblr-10944	163	21	when	when	SCONJ
cblr-10944	163	22	such	such	ADJ
cblr-10944	163	23	part	part	NOUN
cblr-10944	163	24	became	become	VERB
cblr-10944	163	25	effective	effective	ADJ
cblr-10944	163	26	,	,	PUNCT
cblr-10944	163	27	contained	contain	VERB
cblr-10944	163	28	an	an	DET
cblr-10944	163	29	untrue	untrue	ADJ
cblr-10944	163	30	statement	statement	NOUN
cblr-10944	163	31	of	of	ADP
cblr-10944	163	32	a	a	DET
cblr-10944	163	33	material	material	ADJ
cblr-10944	163	34	fact	fact	NOUN
cblr-10944	163	35	or	or	CCONJ
cblr-10944	163	36	omitted	omit	VERB
cblr-10944	163	37	to	to	PART
cblr-10944	163	38	state	state	VERB
cblr-10944	163	39	a	a	DET
cblr-10944	163	40	material	material	ADJ
cblr-10944	163	41	fact	fact	NOUN
cblr-10944	163	42	required	require	VERB
cblr-10944	163	43	to	to	PART
cblr-10944	163	44	be	be	AUX
cblr-10944	163	45	stated	state	VERB
cblr-10944	163	46	therein	therein	ADV
cblr-10944	163	47	or	or	CCONJ
cblr-10944	163	48	necessary	necessary	ADJ
cblr-10944	163	49	to	to	PART
cblr-10944	163	50	make	make	VERB
cblr-10944	163	51	the	the	DET
cblr-10944	163	52	statements	statement	NOUN
cblr-10944	163	53	therein	therein	ADV
cblr-10944	163	54	not	not	PART
cblr-10944	163	55	misleading	misleading	ADJ
cblr-10944	163	56	,	,	PUNCT
cblr-10944	163	57	any	any	DET
cblr-10944	163	58	person	person	NOUN
cblr-10944	163	59	acquiring	acquire	VERB
cblr-10944	163	60	such	such	ADJ
cblr-10944	163	61	security	security	NOUN
cblr-10944	163	62	.	.	PUNCT
cblr-10944	163	63	.	.	PUNCT
cblr-10944	163	64	.	.	PUNCT
cblr-10944	164	1	may	may	AUX
cblr-10944	164	2	,	,	PUNCT
cblr-10944	164	3	either	either	CCONJ
cblr-10944	164	4	at	at	ADP
cblr-10944	164	5	law	law	NOUN
cblr-10944	164	6	or	or	CCONJ
cblr-10944	164	7	in	in	ADP
cblr-10944	164	8	equity	equity	NOUN
cblr-10944	164	9	,	,	PUNCT
cblr-10944	164	10	in	in	ADP
cblr-10944	164	11	any	any	DET
cblr-10944	164	12	court	court	NOUN
cblr-10944	164	13	of	of	ADP
cblr-10944	164	14	competent	competent	ADJ
cblr-10944	164	15	jurisdiction	jurisdiction	NOUN
cblr-10944	164	16	,	,	PUNCT
cblr-10944	164	17	sue	sue	NOUN
cblr-10944	164	18	—	—	PUNCT
cblr-10944	164	19	(	(	PUNCT
cblr-10944	164	20	1	1	X
cblr-10944	164	21	)	)	PUNCT
cblr-10944	164	22	every	every	DET
cblr-10944	164	23	person	person	NOUN
cblr-10944	164	24	who	who	PRON
cblr-10944	164	25	signed	sign	VERB
cblr-10944	164	26	the	the	DET
cblr-10944	164	27	registration	registration	NOUN
cblr-10944	164	28	statement.60	statement.60	NOUN
cblr-10944	164	29	to	to	PART
cblr-10944	164	30	prevail	prevail	VERB
cblr-10944	164	31	on	on	ADP
cblr-10944	164	32	a	a	DET
cblr-10944	164	33	section	section	NOUN
cblr-10944	164	34	11	11	NUM
cblr-10944	164	35	claim	claim	NOUN
cblr-10944	164	36	,	,	PUNCT
cblr-10944	164	37	prospective	prospective	ADJ
cblr-10944	164	38	plaintiffs	plaintiff	NOUN
cblr-10944	164	39	must	must	AUX
cblr-10944	164	40	show	show	VERB
cblr-10944	164	41	that	that	SCONJ
cblr-10944	164	42	they	they	PRON
cblr-10944	164	43	purchased	purchase	VERB
cblr-10944	164	44	the	the	DET
cblr-10944	164	45	registered	register	VERB
cblr-10944	164	46	securities	security	NOUN
cblr-10944	164	47	,	,	PUNCT
cblr-10944	164	48	that	that	SCONJ
cblr-10944	164	49	the	the	DET
cblr-10944	164	50	defendant	defendant	NOUN
cblr-10944	164	51	or	or	CCONJ
cblr-10944	164	52	defendants	defendant	NOUN
cblr-10944	164	53	signed	sign	VERB
cblr-10944	164	54	the	the	DET
cblr-10944	164	55	registration	registration	NOUN
cblr-10944	164	56	statement	statement	NOUN
cblr-10944	164	57	,	,	PUNCT
cblr-10944	164	58	and	and	CCONJ
cblr-10944	164	59	that	that	SCONJ
cblr-10944	164	60	a	a	DET
cblr-10944	164	61	“	"	PUNCT
cblr-10944	164	62	part	part	NOUN
cblr-10944	164	63	of	of	ADP
cblr-10944	164	64	the	the	DET
cblr-10944	164	65	registration	registration	NOUN
cblr-10944	164	66	statement	statement	NOUN
cblr-10944	164	67	for	for	ADP
cblr-10944	164	68	the	the	DET
cblr-10944	164	69	offering	offering	NOUN
cblr-10944	164	70	contained	contain	VERB
cblr-10944	164	71	an	an	DET
cblr-10944	164	72	untrue	untrue	ADJ
cblr-10944	164	73	statement	statement	NOUN
cblr-10944	164	74	of	of	ADP
cblr-10944	164	75	a	a	DET
cblr-10944	164	76	material	material	ADJ
cblr-10944	164	77	fact	fact	NOUN
cblr-10944	164	78	or	or	CCONJ
cblr-10944	164	79	omitted	omit	VERB
cblr-10944	164	80	a	a	DET
cblr-10944	164	81	material	material	ADJ
cblr-10944	164	82	fact	fact	NOUN
cblr-10944	164	83	necessary	necessary	ADJ
cblr-10944	164	84	to	to	PART
cblr-10944	164	85	make	make	VERB
cblr-10944	164	86	the	the	DET
cblr-10944	164	87	statements	statement	NOUN
cblr-10944	164	88	not	not	PART
cblr-10944	164	89	misleading	mislead	VERB
cblr-10944	164	90	.	.	PUNCT
cblr-10944	165	1	”61	”61	NOUN
cblr-10944	165	2	section	section	NOUN
cblr-10944	165	3	11	11	NUM
cblr-10944	165	4	provides	provide	VERB
cblr-10944	165	5	plaintiffs	plaintiff	NOUN
cblr-10944	165	6	with	with	ADP
cblr-10944	165	7	a	a	DET
cblr-10944	165	8	strict	strict	ADJ
cblr-10944	165	9	liability	liability	NOUN
cblr-10944	165	10	standard	standard	NOUN
cblr-10944	165	11	,	,	PUNCT
cblr-10944	165	12	meaning	mean	VERB
cblr-10944	165	13	there	there	PRON
cblr-10944	165	14	is	be	VERB
cblr-10944	165	15	no	no	DET
cblr-10944	165	16	requirement	requirement	NOUN
cblr-10944	165	17	to	to	PART
cblr-10944	165	18	prove	prove	VERB
cblr-10944	165	19	scienter	scienter	NOUN
cblr-10944	165	20	,	,	PUNCT
cblr-10944	165	21	reliance	reliance	NOUN
cblr-10944	165	22	,	,	PUNCT
cblr-10944	165	23	or	or	CCONJ
cblr-10944	165	24	causation.62	causation.62	VERB
cblr-10944	165	25	in	in	ADP
cblr-10944	165	26	the	the	DET
cblr-10944	165	27	house	house	NOUN
cblr-10944	165	28	report	report	NOUN
cblr-10944	165	29	on	on	ADP
cblr-10944	165	30	the	the	DET
cblr-10944	165	31	securities	security	NOUN
cblr-10944	165	32	act	act	PROPN
cblr-10944	165	33	,	,	PUNCT
cblr-10944	165	34	congress	congress	PROPN
cblr-10944	165	35	“	"	PUNCT
cblr-10944	165	36	explicitly	explicitly	ADV
cblr-10944	165	37	stated	state	VERB
cblr-10944	165	38	its	its	PRON
cblr-10944	165	39	intent	intent	NOUN
cblr-10944	165	40	to	to	PART
cblr-10944	165	41	impose	impose	VERB
cblr-10944	165	42	§	§	PROPN
cblr-10944	165	43	11	11	NUM
cblr-10944	165	44	liability	liability	NOUN
cblr-10944	165	45	on	on	ADP
cblr-10944	165	46	those	those	PRON
cblr-10944	165	47	who	who	PRON
cblr-10944	165	48	are	be	AUX
cblr-10944	165	49	‘	'	PUNCT
cblr-10944	165	50	responsible	responsible	ADJ
cblr-10944	165	51	for	for	ADP
cblr-10944	165	52	’	'	PUNCT
cblr-10944	165	53	the	the	DET
cblr-10944	165	54	disclosure	disclosure	NOUN
cblr-10944	165	55	in	in	ADP
cblr-10944	165	56	registration	registration	NOUN
cblr-10944	165	57	statements”63	statements”63	PROPN
cblr-10944	165	58	because	because	SCONJ
cblr-10944	165	59	it	it	PRON
cblr-10944	165	60	wanted	want	VERB
cblr-10944	165	61	to	to	PART
cblr-10944	165	62	ensure	ensure	VERB
cblr-10944	165	63	those	those	PRON
cblr-10944	165	64	who	who	PRON
cblr-10944	165	65	are	be	AUX
cblr-10944	165	66	responsible	responsible	ADJ
cblr-10944	165	67	for	for	ADP
cblr-10944	165	68	the	the	DET
cblr-10944	165	69	investment	investment	NOUN
cblr-10944	165	70	of	of	ADP
cblr-10944	165	71	other	other	ADJ
cblr-10944	165	72	’s	’s	PART
cblr-10944	165	73	people	people	NOUN
cblr-10944	165	74	money	money	NOUN
cblr-10944	165	75	are	be	AUX
cblr-10944	165	76	held	hold	VERB
cblr-10944	165	77	to	to	ADP
cblr-10944	165	78	high	high	ADJ
cblr-10944	165	79	standards	standard	NOUN
cblr-10944	165	80	of	of	ADP
cblr-10944	165	81	trusteeship	trusteeship	NOUN
cblr-10944	165	82	.	.	PUNCT
cblr-10944	166	1	64	64	NUM
cblr-10944	166	2	congress	congress	PROPN
cblr-10944	166	3	chose	choose	VERB
cblr-10944	166	4	a	a	DET
cblr-10944	166	5	strict	strict	ADJ
cblr-10944	166	6	liability	liability	NOUN
cblr-10944	166	7	standard	standard	NOUN
cblr-10944	166	8	because	because	SCONJ
cblr-10944	166	9	it	it	PRON
cblr-10944	166	10	believed	believe	VERB
cblr-10944	166	11	it	it	PRON
cblr-10944	166	12	was	be	AUX
cblr-10944	166	13	60	60	NUM
cblr-10944	166	14	15	15	NUM
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cblr-10944	167	1	§	§	PROPN
cblr-10944	167	2	77k	77k	NUM
cblr-10944	167	3	.	.	PUNCT
cblr-10944	168	1	61	61	NUM
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cblr-10944	168	3	a.	a.	NOUN
cblr-10944	168	4	dubow	dubow	PROPN
cblr-10944	168	5	,	,	PUNCT
cblr-10944	168	6	robert	robert	PROPN
cblr-10944	168	7	l.	l.	PROPN
cblr-10944	168	8	hickok	hickok	PROPN
cblr-10944	168	9	&	&	CCONJ
cblr-10944	168	10	biance	biance	PROPN
cblr-10944	168	11	debella	debella	PROPN
cblr-10944	168	12	,	,	PUNCT
cblr-10944	168	13	divided	divide	VERB
cblr-10944	168	14	ninth	ninth	ADJ
cblr-10944	168	15	circ	circ	NOUN
cblr-10944	168	16	.	.	PUNCT
cblr-10944	169	1	opens	open	VERB
cblr-10944	169	2	floodgates	floodgate	NOUN
cblr-10944	169	3	for	for	SCONJ
cblr-10944	169	4	direct	direct	ADJ
cblr-10944	169	5	listing	listing	NOUN
cblr-10944	169	6	investors	investor	NOUN
cblr-10944	169	7	to	to	PART
cblr-10944	169	8	assert	assert	VERB
cblr-10944	169	9	section	section	NOUN
cblr-10944	169	10	11	11	NUM
cblr-10944	169	11	claim	claim	NOUN
cblr-10944	169	12	,	,	PUNCT
cblr-10944	169	13	troutman	troutman	PROPN
cblr-10944	169	14	pepper	pepper	PROPN
cblr-10944	169	15	(	(	PUNCT
cblr-10944	169	16	dec	dec	PROPN
cblr-10944	169	17	.	.	PROPN
cblr-10944	169	18	1	1	NUM
cblr-10944	169	19	,	,	PUNCT
cblr-10944	169	20	2021	2021	NUM
cblr-10944	169	21	)	)	PUNCT
cblr-10944	169	22	,	,	PUNCT
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cblr-10944	170	1	[	[	X
cblr-10944	170	2	perma.cc/arp7-aqy3	perma.cc/arp7-aqy3	X
cblr-10944	170	3	]	]	X
cblr-10944	170	4	.	.	PUNCT
cblr-10944	171	1	62	62	NUM
cblr-10944	172	1	i	i	PRON
cblr-10944	172	2	d.	d.	PROPN
cblr-10944	172	3	63	63	NUM
cblr-10944	172	4	nickerson	nickerson	PROPN
cblr-10944	172	5	,	,	PUNCT
cblr-10944	172	6	supra	supra	PROPN
cblr-10944	172	7	note	note	PROPN
cblr-10944	172	8	6	6	NUM
cblr-10944	172	9	,	,	PUNCT
cblr-10944	172	10	at	at	ADP
cblr-10944	172	11	1021	1021	NUM
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cblr-10944	173	4	,	,	PUNCT
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cblr-10944	173	6	supervision	supervision	NOUN
cblr-10944	173	7	of	of	ADP
cblr-10944	173	8	traffic	traffic	NOUN
cblr-10944	173	9	in	in	ADP
cblr-10944	173	10	investment	investment	NOUN
cblr-10944	173	11	,	,	PUNCT
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cblr-10944	173	16	no	no	INTJ
cblr-10944	173	17	.	.	PUNCT
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cblr-10944	173	22	at	at	ADP
cblr-10944	173	23	5	5	NUM
cblr-10944	173	24	(	(	PUNCT
cblr-10944	173	25	1933	1933	NUM
cblr-10944	173	26	)	)	PUNCT
cblr-10944	173	27	(	(	PUNCT
cblr-10944	173	28	explaining	explain	VERB
cblr-10944	173	29	that	that	SCONJ
cblr-10944	173	30	the	the	DET
cblr-10944	173	31	“	"	PUNCT
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cblr-10944	173	33	characteristic	characteristic	NOUN
cblr-10944	173	34	[	[	X
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cblr-10944	173	36	§	§	ADJ
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cblr-10944	173	41	of	of	ADP
cblr-10944	173	42	a	a	DET
cblr-10944	173	43	requirement	requirement	NOUN
cblr-10944	173	44	that	that	SCONJ
cblr-10944	173	45	all	all	DET
cblr-10944	173	46	those	those	PRON
cblr-10944	173	47	responsible	responsible	ADJ
cblr-10944	173	48	for	for	ADP
cblr-10944	173	49	statements	statement	NOUN
cblr-10944	173	50	upon	upon	SCONJ
cblr-10944	173	51	the	the	DET
cblr-10944	173	52	face	face	NOUN
cblr-10944	173	53	of	of	ADP
cblr-10944	173	54	which	which	PRON
cblr-10944	173	55	the	the	DET
cblr-10944	173	56	public	public	NOUN
cblr-10944	173	57	is	be	AUX
cblr-10944	173	58	solicited	solicit	VERB
cblr-10944	173	59	to	to	PART
cblr-10944	173	60	invest	invest	VERB
cblr-10944	173	61	its	its	PRON
cblr-10944	173	62	money	money	NOUN
cblr-10944	173	63	shall	shall	AUX
cblr-10944	173	64	be	be	AUX
cblr-10944	173	65	held	hold	VERB
cblr-10944	173	66	to	to	ADP
cblr-10944	173	67	standards	standard	NOUN
cblr-10944	173	68	like	like	ADP
cblr-10944	173	69	those	those	PRON
cblr-10944	173	70	imposed	impose	VERB
cblr-10944	173	71	by	by	ADP
cblr-10944	173	72	law	law	NOUN
cblr-10944	173	73	upon	upon	SCONJ
cblr-10944	173	74	a	a	DET
cblr-10944	173	75	fiduciary	fiduciary	ADJ
cblr-10944	173	76	”	"	PUNCT
cblr-10944	173	77	)	)	PUNCT
cblr-10944	173	78	.	.	PUNCT
cblr-10944	174	1	no	no	INTJ
cblr-10944	174	2	.	.	PUNCT
cblr-10944	175	1	2:1026	2:1026	NUM
cblr-10944	175	2	]	]	X
cblr-10944	175	3	direct	direct	ADJ
cblr-10944	175	4	listings	listing	NOUN
cblr-10944	175	5	and	and	CCONJ
cblr-10944	175	6	the	the	DET
cblr-10944	175	7	tracing	trace	VERB
cblr-10944	175	8	doctrine	doctrine	NOUN
cblr-10944	175	9	1039	1039	NUM
cblr-10944	175	10	consistent	consistent	ADJ
cblr-10944	175	11	with	with	ADP
cblr-10944	175	12	the	the	DET
cblr-10944	175	13	securities	security	NOUN
cblr-10944	175	14	act	act	PROPN
cblr-10944	175	15	’s	’s	PART
cblr-10944	175	16	goal	goal	NOUN
cblr-10944	175	17	of	of	ADP
cblr-10944	175	18	creating	create	VERB
cblr-10944	175	19	a	a	DET
cblr-10944	175	20	mandatory	mandatory	ADJ
cblr-10944	175	21	disclosure	disclosure	NOUN
cblr-10944	175	22	regime	regime	NOUN
cblr-10944	175	23	.	.	PUNCT
cblr-10944	176	1	however	however	ADV
cblr-10944	176	2	,	,	PUNCT
cblr-10944	176	3	to	to	PART
cblr-10944	176	4	balance	balance	VERB
cblr-10944	176	5	section	section	NOUN
cblr-10944	176	6	11	11	NUM
cblr-10944	176	7	’s	’s	PART
cblr-10944	176	8	imposition	imposition	NOUN
cblr-10944	176	9	of	of	ADP
cblr-10944	176	10	strict	strict	ADJ
cblr-10944	176	11	liability	liability	NOUN
cblr-10944	176	12	,	,	PUNCT
cblr-10944	176	13	congress	congress	PROPN
cblr-10944	176	14	and	and	CCONJ
cblr-10944	176	15	the	the	DET
cblr-10944	176	16	courts	court	NOUN
cblr-10944	176	17	developed	develop	VERB
cblr-10944	176	18	the	the	DET
cblr-10944	176	19	tracing	tracing	ADJ
cblr-10944	176	20	requirement	requirement	NOUN
cblr-10944	176	21	,	,	PUNCT
cblr-10944	176	22	which	which	PRON
cblr-10944	176	23	forces	force	VERB
cblr-10944	176	24	plaintiffs	plaintiff	NOUN
cblr-10944	176	25	to	to	PART
cblr-10944	176	26	“	"	PUNCT
cblr-10944	176	27	establish	establish	VERB
cblr-10944	176	28	standing	stand	VERB
cblr-10944	176	29	by	by	ADP
cblr-10944	176	30	showing	show	VERB
cblr-10944	176	31	that	that	SCONJ
cblr-10944	176	32	their	their	PRON
cblr-10944	176	33	shares	share	NOUN
cblr-10944	176	34	were	be	AUX
cblr-10944	176	35	traceable	traceable	ADJ
cblr-10944	176	36	to	to	ADP
cblr-10944	176	37	the	the	DET
cblr-10944	176	38	challenged	challenge	VERB
cblr-10944	176	39	registration	registration	NOUN
cblr-10944	176	40	statement	statement	NOUN
cblr-10944	176	41	.	.	PUNCT
cblr-10944	177	1	”65	”65	VERB
cblr-10944	177	2	the	the	DET
cblr-10944	177	3	“	"	PUNCT
cblr-10944	177	4	tracing	tracing	ADJ
cblr-10944	177	5	”	"	PUNCT
cblr-10944	177	6	requirement	requirement	NOUN
cblr-10944	177	7	was	be	AUX
cblr-10944	177	8	created	create	VERB
cblr-10944	177	9	in	in	ADP
cblr-10944	177	10	barnes	barne	NOUN
cblr-10944	177	11	v.	v.	ADP
cblr-10944	177	12	osofsky	osofsky	ADJ
cblr-10944	177	13	,	,	PUNCT
cblr-10944	177	14	and	and	CCONJ
cblr-10944	177	15	it	it	PRON
cblr-10944	177	16	relies	rely	VERB
cblr-10944	177	17	on	on	ADP
cblr-10944	177	18	the	the	DET
cblr-10944	177	19	interpretation	interpretation	NOUN
cblr-10944	177	20	of	of	ADP
cblr-10944	177	21	the	the	DET
cblr-10944	177	22	phrase	phrase	NOUN
cblr-10944	177	23	“	"	PUNCT
cblr-10944	177	24	acquiring	acquire	VERB
cblr-10944	177	25	such	such	ADJ
cblr-10944	177	26	security	security	NOUN
cblr-10944	177	27	”	"	PUNCT
cblr-10944	177	28	within	within	ADP
cblr-10944	177	29	section	section	NOUN
cblr-10944	177	30	11.66	11.66	NUM
cblr-10944	177	31	in	in	ADP
cblr-10944	177	32	barnes	barne	NOUN
cblr-10944	177	33	,	,	PUNCT
cblr-10944	177	34	the	the	DET
cblr-10944	177	35	defendant	defendant	NOUN
cblr-10944	177	36	produced	produce	VERB
cblr-10944	177	37	a	a	DET
cblr-10944	177	38	public	public	ADJ
cblr-10944	177	39	offering	offering	NOUN
cblr-10944	177	40	of	of	ADP
cblr-10944	177	41	newly	newly	ADV
cblr-10944	177	42	issued	issue	VERB
cblr-10944	177	43	shares	share	NOUN
cblr-10944	177	44	,	,	PUNCT
cblr-10944	177	45	and	and	CCONJ
cblr-10944	177	46	the	the	DET
cblr-10944	177	47	plaintiffs	plaintiff	NOUN
cblr-10944	177	48	sought	seek	VERB
cblr-10944	177	49	the	the	DET
cblr-10944	177	50	approval	approval	NOUN
cblr-10944	177	51	of	of	ADP
cblr-10944	177	52	a	a	DET
cblr-10944	177	53	settlement	settlement	NOUN
cblr-10944	177	54	for	for	ADP
cblr-10944	177	55	all	all	DET
cblr-10944	177	56	shareholders	shareholder	NOUN
cblr-10944	177	57	,	,	PUNCT
cblr-10944	177	58	independent	independent	ADJ
cblr-10944	177	59	of	of	ADP
cblr-10944	177	60	whether	whether	SCONJ
cblr-10944	177	61	each	each	DET
cblr-10944	177	62	investor	investor	NOUN
cblr-10944	177	63	’s	’s	PART
cblr-10944	177	64	shares	share	NOUN
cblr-10944	177	65	were	be	AUX
cblr-10944	177	66	newly	newly	ADV
cblr-10944	177	67	issued	issue	VERB
cblr-10944	177	68	or	or	CCONJ
cblr-10944	177	69	previously	previously	ADV
cblr-10944	177	70	acquired.67	acquired.67	ADP
cblr-10944	177	71	the	the	DET
cblr-10944	177	72	district	district	NOUN
cblr-10944	177	73	court	court	NOUN
cblr-10944	177	74	reduced	reduce	VERB
cblr-10944	177	75	the	the	DET
cblr-10944	177	76	settlement	settlement	NOUN
cblr-10944	177	77	class	class	NOUN
cblr-10944	177	78	to	to	ADP
cblr-10944	177	79	only	only	ADV
cblr-10944	177	80	those	those	DET
cblr-10944	177	81	investors	investor	NOUN
cblr-10944	177	82	who	who	PRON
cblr-10944	177	83	acquired	acquire	VERB
cblr-10944	177	84	the	the	DET
cblr-10944	177	85	newly	newly	ADV
cblr-10944	177	86	issued	issue	VERB
cblr-10944	177	87	shares	share	NOUN
cblr-10944	177	88	because	because	SCONJ
cblr-10944	177	89	“	"	PUNCT
cblr-10944	177	90	section	section	NOUN
cblr-10944	177	91	11	11	NUM
cblr-10944	177	92	of	of	ADP
cblr-10944	177	93	the	the	DET
cblr-10944	177	94	securities	security	NOUN
cblr-10944	177	95	act	act	NOUN
cblr-10944	177	96	of	of	ADP
cblr-10944	177	97	1933	1933	NUM
cblr-10944	177	98	and	and	CCONJ
cblr-10944	177	99	its	its	PRON
cblr-10944	177	100	interpretation	interpretation	NOUN
cblr-10944	177	101	in	in	ADP
cblr-10944	177	102	this	this	DET
cblr-10944	177	103	circuit	circuit	NOUN
cblr-10944	177	104	,	,	PUNCT
cblr-10944	177	105	preclude	preclude	VERB
cblr-10944	177	106	participation	participation	NOUN
cblr-10944	177	107	,	,	PUNCT
cblr-10944	177	108	by	by	ADP
cblr-10944	177	109	shareholders	shareholder	NOUN
cblr-10944	177	110	whose	whose	DET
cblr-10944	177	111	shares	share	NOUN
cblr-10944	177	112	were	be	AUX
cblr-10944	177	113	not	not	PART
cblr-10944	177	114	part	part	NOUN
cblr-10944	177	115	of	of	ADP
cblr-10944	177	116	the	the	DET
cblr-10944	177	117	public	public	ADJ
cblr-10944	177	118	issue	issue	NOUN
cblr-10944	177	119	complained	complain	VERB
cblr-10944	177	120	of	of	ADP
cblr-10944	177	121	,	,	PUNCT
cblr-10944	177	122	in	in	ADP
cblr-10944	177	123	a	a	DET
cblr-10944	177	124	settlement	settlement	NOUN
cblr-10944	177	125	of	of	ADP
cblr-10944	177	126	action	action	NOUN
cblr-10944	177	127	maintained	maintain	VERB
cblr-10944	177	128	under	under	ADP
cblr-10944	177	129	that	that	DET
cblr-10944	177	130	section	section	NOUN
cblr-10944	177	131	.	.	PUNCT
cblr-10944	178	1	”68	”68	PROPN
cblr-10944	178	2	on	on	ADP
cblr-10944	178	3	appeal	appeal	NOUN
cblr-10944	178	4	,	,	PUNCT
cblr-10944	178	5	judge	judge	NOUN
cblr-10944	178	6	friendly	friendly	ADJ
cblr-10944	178	7	,	,	PUNCT
cblr-10944	178	8	writing	write	VERB
cblr-10944	178	9	for	for	ADP
cblr-10944	178	10	the	the	DET
cblr-10944	178	11	u.s	u.s	PROPN
cblr-10944	178	12	.	.	PROPN
cblr-10944	178	13	court	court	PROPN
cblr-10944	178	14	of	of	ADP
cblr-10944	178	15	appeals	appeal	NOUN
cblr-10944	178	16	for	for	ADP
cblr-10944	178	17	the	the	DET
cblr-10944	178	18	second	second	ADJ
cblr-10944	178	19	circuit	circuit	NOUN
cblr-10944	178	20	,	,	PUNCT
cblr-10944	178	21	identified	identify	VERB
cblr-10944	178	22	two	two	NUM
cblr-10944	178	23	readings	reading	NOUN
cblr-10944	178	24	—	—	PUNCT
cblr-10944	178	25	a	a	DET
cblr-10944	178	26	narrow	narrow	NOUN
cblr-10944	178	27	and	and	CCONJ
cblr-10944	178	28	a	a	DET
cblr-10944	178	29	broad	broad	ADJ
cblr-10944	178	30	view	view	NOUN
cblr-10944	178	31	—	—	PUNCT
cblr-10944	178	32	of	of	ADP
cblr-10944	178	33	the	the	DET
cblr-10944	178	34	phrase	phrase	NOUN
cblr-10944	178	35	“	"	PUNCT
cblr-10944	178	36	acquiring	acquire	VERB
cblr-10944	178	37	such	such	ADJ
cblr-10944	178	38	security	security	NOUN
cblr-10944	178	39	.	.	PUNCT
cblr-10944	179	1	”69	”69	VERB
cblr-10944	179	2	the	the	DET
cblr-10944	179	3	narrow	narrow	ADJ
cblr-10944	179	4	reading	reading	NOUN
cblr-10944	179	5	defined	define	VERB
cblr-10944	179	6	the	the	DET
cblr-10944	179	7	phrase	phrase	NOUN
cblr-10944	179	8	as	as	ADP
cblr-10944	179	9	“	"	PUNCT
cblr-10944	179	10	acquiring	acquire	VERB
cblr-10944	179	11	a	a	DET
cblr-10944	179	12	security	security	NOUN
cblr-10944	179	13	issued	issue	VERB
cblr-10944	179	14	pursuant	pursuant	ADV
cblr-10944	179	15	to	to	ADP
cblr-10944	179	16	the	the	DET
cblr-10944	179	17	registration	registration	NOUN
cblr-10944	179	18	statement	statement	NOUN
cblr-10944	179	19	,	,	PUNCT
cblr-10944	179	20	”	"	PUNCT
cblr-10944	179	21	while	while	SCONJ
cblr-10944	179	22	the	the	DET
cblr-10944	179	23	broad	broad	ADJ
cblr-10944	179	24	reading	reading	NOUN
cblr-10944	179	25	defined	define	VERB
cblr-10944	179	26	it	it	PRON
cblr-10944	179	27	as	as	ADP
cblr-10944	179	28	“	"	PUNCT
cblr-10944	179	29	acquiring	acquire	VERB
cblr-10944	179	30	a	a	DET
cblr-10944	179	31	security	security	NOUN
cblr-10944	179	32	of	of	ADP
cblr-10944	179	33	the	the	DET
cblr-10944	179	34	same	same	ADJ
cblr-10944	179	35	nature	nature	NOUN
cblr-10944	179	36	as	as	SCONJ
cblr-10944	179	37	that	that	PRON
cblr-10944	179	38	issued	issue	VERB
cblr-10944	179	39	pursuant	pursuant	NOUN
cblr-10944	179	40	to	to	ADP
cblr-10944	179	41	the	the	DET
cblr-10944	179	42	registration	registration	NOUN
cblr-10944	179	43	statement	statement	NOUN
cblr-10944	179	44	.	.	PUNCT
cblr-10944	180	1	”70	”70	PUNCT
cblr-10944	180	2	ultimately	ultimately	ADV
cblr-10944	180	3	,	,	PUNCT
cblr-10944	180	4	judge	judge	NOUN
cblr-10944	180	5	friendly	friendly	ADJ
cblr-10944	180	6	chose	choose	VERB
cblr-10944	180	7	to	to	PART
cblr-10944	180	8	adopt	adopt	VERB
cblr-10944	180	9	the	the	DET
cblr-10944	180	10	narrow	narrow	ADJ
cblr-10944	180	11	reading	reading	NOUN
cblr-10944	180	12	based	base	VERB
cblr-10944	180	13	on	on	ADP
cblr-10944	180	14	the	the	DET
cblr-10944	180	15	overall	overall	ADJ
cblr-10944	180	16	statutory	statutory	ADJ
cblr-10944	180	17	scheme	scheme	NOUN
cblr-10944	180	18	,	,	PUNCT
cblr-10944	180	19	language	language	NOUN
cblr-10944	180	20	from	from	ADP
cblr-10944	180	21	the	the	DET
cblr-10944	180	22	legislative	legislative	ADJ
cblr-10944	180	23	history	history	NOUN
cblr-10944	180	24	,	,	PUNCT
cblr-10944	180	25	dicta	dicta	ADV
cblr-10944	180	26	from	from	ADP
cblr-10944	180	27	within	within	ADP
cblr-10944	180	28	the	the	DET
cblr-10944	180	29	second	second	ADJ
cblr-10944	180	30	circuit	circuit	NOUN
cblr-10944	180	31	,	,	PUNCT
cblr-10944	180	32	and	and	CCONJ
cblr-10944	180	33	an	an	DET
cblr-10944	180	34	amicus	amicus	NOUN
cblr-10944	180	35	brief	brief	NOUN
cblr-10944	180	36	from	from	ADP
cblr-10944	180	37	the	the	DET
cblr-10944	180	38	65	65	NUM
cblr-10944	180	39	feldman	feldman	PROPN
cblr-10944	180	40	et	et	PROPN
cblr-10944	180	41	al	al	PROPN
cblr-10944	180	42	.	.	PROPN
cblr-10944	180	43	,	,	PUNCT
cblr-10944	180	44	supra	supra	PROPN
cblr-10944	180	45	note	note	NOUN
cblr-10944	180	46	12	12	NUM
cblr-10944	180	47	.	.	PUNCT
cblr-10944	181	1	66	66	NUM
cblr-10944	181	2	paul	paul	PROPN
cblr-10944	181	3	c.	c.	PROPN
cblr-10944	181	4	curnin	curnin	PROPN
cblr-10944	181	5	&	&	CCONJ
cblr-10944	181	6	christine	christine	PROPN
cblr-10944	181	7	m.	m.	PROPN
cblr-10944	181	8	ford	ford	PROPN
cblr-10944	181	9	,	,	PUNCT
cblr-10944	181	10	the	the	DET
cblr-10944	181	11	critical	critical	ADJ
cblr-10944	181	12	issue	issue	NOUN
cblr-10944	181	13	of	of	ADP
cblr-10944	181	14	standing	stand	VERB
cblr-10944	181	15	under	under	ADP
cblr-10944	181	16	section	section	NOUN
cblr-10944	181	17	11	11	NUM
cblr-10944	181	18	of	of	ADP
cblr-10944	181	19	the	the	DET
cblr-10944	181	20	securities	security	NOUN
cblr-10944	181	21	act	act	NOUN
cblr-10944	181	22	of	of	ADP
cblr-10944	181	23	1933	1933	NUM
cblr-10944	181	24	,	,	PUNCT
cblr-10944	181	25	6	6	NUM
cblr-10944	181	26	fordham	fordham	PROPN
cblr-10944	181	27	j.	j.	PROPN
cblr-10944	181	28	corp	corp	PROPN
cblr-10944	181	29	.	.	PROPN
cblr-10944	181	30	&	&	CCONJ
cblr-10944	181	31	fin	fin	PROPN
cblr-10944	181	32	.	.	PUNCT
cblr-10944	182	1	l.	l.	PROPN
cblr-10944	182	2	155	155	NUM
cblr-10944	182	3	,	,	PUNCT
cblr-10944	182	4	159	159	NUM
cblr-10944	182	5	(	(	PUNCT
cblr-10944	182	6	2001	2001	NUM
cblr-10944	182	7	)	)	PUNCT
cblr-10944	182	8	.	.	PUNCT
cblr-10944	183	1	67	67	NUM
cblr-10944	183	2	barnes	barne	NOUN
cblr-10944	183	3	v.	v.	ADP
cblr-10944	183	4	osofsky	osofsky	ADJ
cblr-10944	183	5	,	,	PUNCT
cblr-10944	183	6	254	254	NUM
cblr-10944	183	7	f.supp	f.supp	ADJ
cblr-10944	183	8	.	.	PROPN
cblr-10944	183	9	721	721	NUM
cblr-10944	183	10	,	,	PUNCT
cblr-10944	183	11	722	722	NUM
cblr-10944	183	12	(	(	PUNCT
cblr-10944	183	13	s.d.n.y	s.d.n.y	PROPN
cblr-10944	183	14	.	.	NOUN
cblr-10944	183	15	1966	1966	NUM
cblr-10944	183	16	)	)	PUNCT
cblr-10944	183	17	.	.	PUNCT
cblr-10944	184	1	68	68	NUM
cblr-10944	185	1	i	i	PRON
cblr-10944	185	2	d.	d.	NOUN
cblr-10944	185	3	at	at	ADP
cblr-10944	185	4	726	726	NUM
cblr-10944	185	5	(	(	PUNCT
cblr-10944	185	6	citing	cite	VERB
cblr-10944	185	7	fischman	fischman	NOUN
cblr-10944	185	8	v.	v.	ADP
cblr-10944	185	9	raytheon	raytheon	PROPN
cblr-10944	185	10	mfg	mfg	PROPN
cblr-10944	185	11	.	.	PROPN
cblr-10944	185	12	co.	co.	PROPN
cblr-10944	185	13	,	,	PUNCT
cblr-10944	185	14	188	188	NUM
cblr-10944	185	15	f.2d	f.2d	NUM
cblr-10944	185	16	783	783	NUM
cblr-10944	185	17	(	(	PUNCT
cblr-10944	185	18	2d	2d	NUM
cblr-10944	185	19	cir	cir	NOUN
cblr-10944	185	20	.	.	PUNCT
cblr-10944	185	21	1951	1951	NUM
cblr-10944	185	22	)	)	PUNCT
cblr-10944	185	23	)	)	PUNCT
cblr-10944	185	24	.	.	PUNCT
cblr-10944	186	1	69	69	NUM
cblr-10944	186	2	barnes	barne	NOUN
cblr-10944	186	3	v.	v.	ADP
cblr-10944	186	4	osofsky	osofsky	ADJ
cblr-10944	186	5	,	,	PUNCT
cblr-10944	186	6	373	373	NUM
cblr-10944	186	7	f.2d	f.2d	SYM
cblr-10944	186	8	269	269	NUM
cblr-10944	186	9	,	,	PUNCT
cblr-10944	186	10	271	271	NUM
cblr-10944	186	11	(	(	PUNCT
cblr-10944	186	12	2nd	2nd	ADJ
cblr-10944	186	13	cir	cir	NOUN
cblr-10944	186	14	.	.	PROPN
cblr-10944	186	15	1967	1967	NUM
cblr-10944	186	16	)	)	PUNCT
cblr-10944	186	17	.	.	PUNCT
cblr-10944	187	1	70	70	NUM
cblr-10944	188	1	i	i	PRON
cblr-10944	188	2	d.	d.	PROPN
cblr-10944	188	3	1040	1040	NUM
cblr-10944	188	4	columbia	columbia	PROPN
cblr-10944	188	5	business	business	NOUN
cblr-10944	188	6	law	law	PROPN
cblr-10944	188	7	review	review	NOUN
cblr-10944	188	8	[	[	X
cblr-10944	188	9	vol	vol	NOUN
cblr-10944	188	10	.	.	PUNCT
cblr-10944	188	11	2022	2022	NUM
cblr-10944	188	12	sec.71	sec.71	VERB
cblr-10944	188	13	however	however	ADV
cblr-10944	188	14	,	,	PUNCT
cblr-10944	188	15	judge	judge	NOUN
cblr-10944	188	16	friendly	friendly	ADJ
cblr-10944	188	17	did	do	AUX
cblr-10944	188	18	note	note	VERB
cblr-10944	188	19	that	that	SCONJ
cblr-10944	188	20	the	the	DET
cblr-10944	188	21	broad	broad	ADJ
cblr-10944	188	22	reading	reading	NOUN
cblr-10944	188	23	“	"	PUNCT
cblr-10944	188	24	would	would	AUX
cblr-10944	188	25	not	not	PART
cblr-10944	188	26	be	be	AUX
cblr-10944	188	27	such	such	DET
cblr-10944	188	28	a	a	DET
cblr-10944	188	29	violent	violent	ADJ
cblr-10944	188	30	departure	departure	NOUN
cblr-10944	188	31	”	"	PUNCT
cblr-10944	188	32	from	from	ADP
cblr-10944	188	33	section	section	NOUN
cblr-10944	188	34	11	11	NUM
cblr-10944	188	35	,	,	PUNCT
cblr-10944	188	36	and	and	CCONJ
cblr-10944	188	37	a	a	DET
cblr-10944	188	38	court	court	NOUN
cblr-10944	188	39	could	could	AUX
cblr-10944	188	40	adopt	adopt	VERB
cblr-10944	188	41	it	it	PRON
cblr-10944	188	42	“	"	PUNCT
cblr-10944	188	43	if	if	SCONJ
cblr-10944	188	44	there	there	PRON
cblr-10944	188	45	were	be	VERB
cblr-10944	188	46	good	good	ADJ
cblr-10944	188	47	reason	reason	NOUN
cblr-10944	188	48	for	for	ADP
cblr-10944	188	49	doing	do	VERB
cblr-10944	188	50	so	so	ADV
cblr-10944	188	51	.	.	PUNCT
cblr-10944	189	1	”72	”72	PROPN
cblr-10944	189	2	following	follow	VERB
cblr-10944	189	3	barnes	barnes	PROPN
cblr-10944	189	4	,	,	PUNCT
cblr-10944	189	5	the	the	DET
cblr-10944	189	6	ninth	ninth	ADJ
cblr-10944	189	7	circuit	circuit	NOUN
cblr-10944	189	8	also	also	ADV
cblr-10944	189	9	adopted	adopt	VERB
cblr-10944	189	10	the	the	DET
cblr-10944	189	11	narrow	narrow	ADJ
cblr-10944	189	12	reading	reading	NOUN
cblr-10944	189	13	of	of	ADP
cblr-10944	189	14	“	"	PUNCT
cblr-10944	189	15	acquiring	acquire	VERB
cblr-10944	189	16	such	such	ADJ
cblr-10944	189	17	security	security	NOUN
cblr-10944	189	18	”	"	PUNCT
cblr-10944	189	19	in	in	ADP
cblr-10944	189	20	hertzberg	hertzberg	PROPN
cblr-10944	189	21	v.	v.	ADP
cblr-10944	189	22	dignity	dignity	NOUN
cblr-10944	189	23	partners	partner	NOUN
cblr-10944	189	24	,	,	PUNCT
cblr-10944	189	25	inc	inc	PROPN
cblr-10944	189	26	.	.	PROPN
cblr-10944	189	27	,	,	PUNCT
cblr-10944	189	28	stating	state	VERB
cblr-10944	189	29	that	that	SCONJ
cblr-10944	189	30	a	a	DET
cblr-10944	189	31	plaintiff	plaintiff	NOUN
cblr-10944	189	32	“	"	PUNCT
cblr-10944	189	33	must	must	AUX
cblr-10944	189	34	have	have	AUX
cblr-10944	189	35	purchased	purchase	VERB
cblr-10944	189	36	a	a	DET
cblr-10944	189	37	security	security	NOUN
cblr-10944	189	38	issued	issue	VERB
cblr-10944	189	39	under	under	ADP
cblr-10944	189	40	that	that	PRON
cblr-10944	189	41	,	,	PUNCT
cblr-10944	189	42	rather	rather	ADV
cblr-10944	189	43	than	than	ADP
cblr-10944	189	44	some	some	DET
cblr-10944	189	45	other	other	ADJ
cblr-10944	189	46	,	,	PUNCT
cblr-10944	189	47	registration	registration	NOUN
cblr-10944	189	48	statement	statement	NOUN
cblr-10944	189	49	”	"	PUNCT
cblr-10944	189	50	to	to	PART
cblr-10944	189	51	have	have	AUX
cblr-10944	189	52	standing	stand	VERB
cblr-10944	189	53	under	under	ADP
cblr-10944	189	54	section	section	NOUN
cblr-10944	189	55	11.73	11.73	NUM
cblr-10944	189	56	thus	thus	ADV
cblr-10944	189	57	,	,	PUNCT
cblr-10944	189	58	the	the	DET
cblr-10944	189	59	narrow	narrow	ADJ
cblr-10944	189	60	reading	reading	NOUN
cblr-10944	189	61	became	become	VERB
cblr-10944	189	62	the	the	DET
cblr-10944	189	63	standard	standard	ADJ
cblr-10944	189	64	approach	approach	NOUN
cblr-10944	189	65	to	to	ADP
cblr-10944	189	66	section	section	NOUN
cblr-10944	189	67	11	11	NUM
cblr-10944	189	68	in	in	ADP
cblr-10944	189	69	the	the	DET
cblr-10944	189	70	ninth	ninth	ADJ
cblr-10944	189	71	circuit.74	circuit.74	VERB
cblr-10944	189	72	to	to	PART
cblr-10944	189	73	assert	assert	VERB
cblr-10944	189	74	a	a	DET
cblr-10944	189	75	section	section	NOUN
cblr-10944	189	76	11	11	NUM
cblr-10944	189	77	claim	claim	NOUN
cblr-10944	189	78	,	,	PUNCT
cblr-10944	189	79	plaintiffs	plaintiff	NOUN
cblr-10944	189	80	are	be	AUX
cblr-10944	189	81	required	require	VERB
cblr-10944	189	82	to	to	PART
cblr-10944	189	83	show	show	VERB
cblr-10944	189	84	that	that	SCONJ
cblr-10944	189	85	they	they	PRON
cblr-10944	189	86	“	"	PUNCT
cblr-10944	189	87	purchased	purchase	VERB
cblr-10944	189	88	shares	share	NOUN
cblr-10944	189	89	in	in	ADP
cblr-10944	189	90	the	the	DET
cblr-10944	189	91	offering	offering	NOUN
cblr-10944	189	92	made	make	VERB
cblr-10944	189	93	under	under	ADP
cblr-10944	189	94	the	the	DET
cblr-10944	189	95	misleading	misleading	ADJ
cblr-10944	189	96	registration	registration	NOUN
cblr-10944	189	97	statement	statement	NOUN
cblr-10944	189	98	,	,	PUNCT
cblr-10944	189	99	”	"	PUNCT
cblr-10944	189	100	or	or	CCONJ
cblr-10944	189	101	if	if	SCONJ
cblr-10944	189	102	they	they	PRON
cblr-10944	189	103	purchased	purchase	VERB
cblr-10944	189	104	shares	share	NOUN
cblr-10944	189	105	in	in	ADP
cblr-10944	189	106	the	the	DET
cblr-10944	189	107	aftermarket	aftermarket	NOUN
cblr-10944	189	108	,	,	PUNCT
cblr-10944	189	109	they	they	PRON
cblr-10944	189	110	must	must	AUX
cblr-10944	189	111	“	"	PUNCT
cblr-10944	189	112	trace	trace	VERB
cblr-10944	189	113	their	their	PRON
cblr-10944	189	114	shares	share	NOUN
cblr-10944	189	115	back	back	ADV
cblr-10944	189	116	to	to	ADP
cblr-10944	189	117	the	the	DET
cblr-10944	189	118	relevant	relevant	ADJ
cblr-10944	189	119	offering	offering	NOUN
cblr-10944	189	120	.	.	PUNCT
cblr-10944	190	1	”75	”75	PROPN
cblr-10944	190	2	overall	overall	NOUN
cblr-10944	190	3	,	,	PUNCT
cblr-10944	190	4	section	section	NOUN
cblr-10944	190	5	11	11	NUM
cblr-10944	190	6	is	be	AUX
cblr-10944	190	7	an	an	DET
cblr-10944	190	8	extremely	extremely	ADV
cblr-10944	190	9	useful	useful	ADJ
cblr-10944	190	10	provision	provision	NOUN
cblr-10944	190	11	for	for	ADP
cblr-10944	190	12	plaintiffs	plaintiff	NOUN
cblr-10944	190	13	because	because	SCONJ
cblr-10944	190	14	it	it	PRON
cblr-10944	190	15	gives	give	VERB
cblr-10944	190	16	them	they	PRON
cblr-10944	190	17	access	access	NOUN
cblr-10944	190	18	to	to	ADP
cblr-10944	190	19	strict	strict	ADJ
cblr-10944	190	20	liability	liability	NOUN
cblr-10944	190	21	,	,	PUNCT
cblr-10944	190	22	but	but	CCONJ
cblr-10944	190	23	its	its	PRON
cblr-10944	190	24	applicability	applicability	NOUN
cblr-10944	190	25	is	be	AUX
cblr-10944	190	26	severely	severely	ADV
cblr-10944	190	27	limited	limit	VERB
cblr-10944	190	28	by	by	ADP
cblr-10944	190	29	the	the	DET
cblr-10944	190	30	standing	standing	NOUN
cblr-10944	190	31	requirements	requirement	NOUN
cblr-10944	190	32	.	.	PUNCT
cblr-10944	191	1	as	as	SCONJ
cblr-10944	191	2	part	part	NOUN
cblr-10944	191	3	iii.c	iii.c	PROPN
cblr-10944	191	4	will	will	AUX
cblr-10944	191	5	show	show	VERB
cblr-10944	191	6	,	,	PUNCT
cblr-10944	191	7	this	this	DET
cblr-10944	191	8	dichotomy	dichotomy	NOUN
cblr-10944	191	9	is	be	AUX
cblr-10944	191	10	the	the	DET
cblr-10944	191	11	central	central	ADJ
cblr-10944	191	12	issue	issue	NOUN
cblr-10944	191	13	in	in	ADP
cblr-10944	191	14	slack	slack	NOUN
cblr-10944	191	15	.	.	PUNCT
cblr-10944	192	1	b.	b.	PROPN
cblr-10944	192	2	slack	slack	PROPN
cblr-10944	192	3	’s	’s	PART
cblr-10944	192	4	direct	direct	ADJ
cblr-10944	192	5	listing	listing	NOUN
cblr-10944	192	6	on	on	ADP
cblr-10944	192	7	june	june	PROPN
cblr-10944	192	8	20	20	NUM
cblr-10944	192	9	,	,	PUNCT
cblr-10944	192	10	2019	2019	NUM
cblr-10944	193	1	,	,	PUNCT
cblr-10944	193	2	slack	slack	NOUN
cblr-10944	193	3	went	go	VERB
cblr-10944	193	4	public	public	ADJ
cblr-10944	193	5	through	through	ADP
cblr-10944	193	6	a	a	DET
cblr-10944	193	7	direct	direct	ADJ
cblr-10944	193	8	listing	listing	NOUN
cblr-10944	193	9	,	,	PUNCT
cblr-10944	193	10	and	and	CCONJ
cblr-10944	193	11	its	its	PRON
cblr-10944	193	12	shares	share	NOUN
cblr-10944	193	13	began	begin	VERB
cblr-10944	193	14	trading	trade	VERB
cblr-10944	193	15	on	on	ADP
cblr-10944	193	16	the	the	DET
cblr-10944	193	17	nyse	nyse	PROPN
cblr-10944	193	18	under	under	ADP
cblr-10944	193	19	the	the	DET
cblr-10944	193	20	ticker	ticker	NOUN
cblr-10944	193	21	symbol	symbol	NOUN
cblr-10944	193	22	“	"	PUNCT
cblr-10944	193	23	work	work	NOUN
cblr-10944	193	24	.	.	PUNCT
cblr-10944	194	1	”76	”76	PROPN
cblr-10944	194	2	in	in	ADP
cblr-10944	194	3	preparing	prepare	VERB
cblr-10944	194	4	for	for	ADP
cblr-10944	194	5	the	the	DET
cblr-10944	194	6	direct	direct	ADJ
cblr-10944	194	7	listing	listing	NOUN
cblr-10944	195	1	,	,	PUNCT
cblr-10944	195	2	slack	slack	NOUN
cblr-10944	195	3	filed	file	VERB
cblr-10944	195	4	both	both	CCONJ
cblr-10944	195	5	a	a	DET
cblr-10944	195	6	form	form	NOUN
cblr-10944	195	7	s-1	s-1	NOUN
cblr-10944	195	8	and	and	CCONJ
cblr-10944	195	9	a	a	DET
cblr-10944	195	10	form	form	NOUN
cblr-10944	195	11	424b4	424b4	NUM
cblr-10944	195	12	prospectus.77	prospectus.77	ADJ
cblr-10944	195	13	71	71	NUM
cblr-10944	195	14	i	i	PRON
cblr-10944	195	15	d.	d.	PROPN
cblr-10944	195	16	at	at	ADP
cblr-10944	195	17	272–73	272–73	NUM
cblr-10944	195	18	.	.	PUNCT
cblr-10944	196	1	72	72	NUM
cblr-10944	197	1	i	i	PRON
cblr-10944	197	2	d.	d.	PROPN
cblr-10944	197	3	at	at	ADP
cblr-10944	197	4	271	271	NUM
cblr-10944	197	5	.	.	PUNCT
cblr-10944	198	1	73	73	NUM
cblr-10944	198	2	hertzberg	hertzberg	NOUN
cblr-10944	198	3	v.	v.	ADP
cblr-10944	198	4	dignity	dignity	NOUN
cblr-10944	198	5	partners	partner	NOUN
cblr-10944	198	6	,	,	PUNCT
cblr-10944	198	7	inc	inc	PROPN
cblr-10944	198	8	.	.	PROPN
cblr-10944	198	9	,	,	PUNCT
cblr-10944	198	10	191	191	NUM
cblr-10944	198	11	f.3d	f.3d	NUM
cblr-10944	198	12	1076	1076	NUM
cblr-10944	198	13	,	,	PUNCT
cblr-10944	198	14	1080	1080	NUM
cblr-10944	198	15	(	(	PUNCT
cblr-10944	198	16	9th	9th	ADJ
cblr-10944	198	17	cir	cir	NOUN
cblr-10944	198	18	.	.	PROPN
cblr-10944	198	19	1999	1999	NUM
cblr-10944	198	20	)	)	PUNCT
cblr-10944	198	21	(	(	PUNCT
cblr-10944	198	22	citing	cite	VERB
cblr-10944	198	23	barnes	barne	NOUN
cblr-10944	198	24	,	,	PUNCT
cblr-10944	198	25	373	373	NUM
cblr-10944	198	26	f.2d	f.2d	X
cblr-10944	198	27	at	at	ADP
cblr-10944	198	28	269	269	NUM
cblr-10944	198	29	)	)	PUNCT
cblr-10944	198	30	.	.	PUNCT
cblr-10944	199	1	74	74	NUM
cblr-10944	199	2	see	see	VERB
cblr-10944	199	3	in	in	ADP
cblr-10944	199	4	re	re	NOUN
cblr-10944	199	5	century	century	PROPN
cblr-10944	199	6	aluminum	aluminum	PROPN
cblr-10944	199	7	co.	co.	PROPN
cblr-10944	199	8	sec	sec	PROPN
cblr-10944	199	9	.	.	PROPN
cblr-10944	199	10	litig	litig	PROPN
cblr-10944	199	11	.	.	PUNCT
cblr-10944	199	12	,	,	PUNCT
cblr-10944	199	13	729	729	NUM
cblr-10944	199	14	f.3d	f.3d	NUM
cblr-10944	199	15	1104	1104	NUM
cblr-10944	199	16	,	,	PUNCT
cblr-10944	199	17	1106	1106	NUM
cblr-10944	199	18	(	(	PUNCT
cblr-10944	199	19	9th	9th	ADJ
cblr-10944	199	20	cir	cir	NOUN
cblr-10944	199	21	.	.	PUNCT
cblr-10944	199	22	2013	2013	NUM
cblr-10944	199	23	)	)	PUNCT
cblr-10944	199	24	.	.	PUNCT
cblr-10944	200	1	75	75	NUM
cblr-10944	201	1	i	i	PRON
cblr-10944	201	2	d.	d.	PROPN
cblr-10944	201	3	76	76	NUM
cblr-10944	201	4	pirani	pirani	PROPN
cblr-10944	201	5	v.	v.	PROPN
cblr-10944	201	6	slack	slack	PROPN
cblr-10944	201	7	technologies	technologies	PROPN
cblr-10944	201	8	,	,	PUNCT
cblr-10944	201	9	inc	inc	PROPN
cblr-10944	201	10	.	.	PROPN
cblr-10944	201	11	,	,	PUNCT
cblr-10944	201	12	445	445	NUM
cblr-10944	201	13	f.	f.	NOUN
cblr-10944	201	14	supp.3d	supp.3d	PROPN
cblr-10944	201	15	367	367	NUM
cblr-10944	201	16	,	,	PUNCT
cblr-10944	201	17	373	373	NUM
cblr-10944	201	18	(	(	PUNCT
cblr-10944	201	19	n.d	n.d	PROPN
cblr-10944	201	20	.	.	PROPN
cblr-10944	201	21	cal	cal	PROPN
cblr-10944	201	22	.	.	PUNCT
cblr-10944	201	23	2020	2020	NUM
cblr-10944	201	24	)	)	PUNCT
cblr-10944	201	25	.	.	PUNCT
cblr-10944	202	1	77	77	NUM
cblr-10944	203	1	i	i	PRON
cblr-10944	203	2	d.	d.	PROPN
cblr-10944	203	3	a	a	DET
cblr-10944	203	4	prospectus	prospectus	NOUN
cblr-10944	203	5	is	be	AUX
cblr-10944	203	6	a	a	DET
cblr-10944	203	7	“	"	PUNCT
cblr-10944	203	8	formal	formal	ADJ
cblr-10944	203	9	written	write	VERB
cblr-10944	203	10	document	document	NOUN
cblr-10944	203	11	that	that	PRON
cblr-10944	203	12	accompanies	accompany	VERB
cblr-10944	203	13	a	a	DET
cblr-10944	203	14	new	new	ADJ
cblr-10944	203	15	offering	offering	NOUN
cblr-10944	203	16	of	of	ADP
cblr-10944	203	17	a	a	DET
cblr-10944	203	18	corporate	corporate	ADJ
cblr-10944	203	19	security	security	NOUN
cblr-10944	203	20	,	,	PUNCT
cblr-10944	203	21	meant	mean	VERB
cblr-10944	203	22	to	to	PART
cblr-10944	203	23	provide	provide	VERB
cblr-10944	203	24	information	information	NOUN
cblr-10944	203	25	to	to	ADP
cblr-10944	203	26	potential	potential	ADJ
cblr-10944	203	27	buyers	buyer	NOUN
cblr-10944	203	28	of	of	ADP
cblr-10944	203	29	that	that	DET
cblr-10944	203	30	security	security	NOUN
cblr-10944	203	31	[	[	X
cblr-10944	203	32	and	and	CCONJ
cblr-10944	203	33	]	]	PUNCT
cblr-10944	203	34	contains	contain	VERB
cblr-10944	203	35	detailed	detailed	ADJ
cblr-10944	203	36	information	information	NOUN
cblr-10944	203	37	on	on	ADP
cblr-10944	203	38	the	the	DET
cblr-10944	203	39	business	business	NOUN
cblr-10944	203	40	’	'	PUNCT
cblr-10944	203	41	history	history	NOUN
cblr-10944	203	42	,	,	PUNCT
cblr-10944	203	43	financial	financial	ADJ
cblr-10944	203	44	state	state	NOUN
cblr-10944	203	45	,	,	PUNCT
cblr-10944	204	1	[	[	X
cblr-10944	204	2	and	and	CCONJ
cblr-10944	204	3	]	]	X
cblr-10944	204	4	current	current	ADJ
cblr-10944	204	5	business	business	NOUN
cblr-10944	204	6	plans	plan	NOUN
cblr-10944	204	7	.	.	PUNCT
cblr-10944	204	8	”	"	PUNCT
cblr-10944	205	1	prospectus	prospectus	NOUN
cblr-10944	205	2	,	,	PUNCT
cblr-10944	205	3	no	no	INTJ
cblr-10944	205	4	.	.	PUNCT
cblr-10944	206	1	2:1026	2:1026	NUM
cblr-10944	206	2	]	]	X
cblr-10944	206	3	direct	direct	ADJ
cblr-10944	206	4	listings	listing	NOUN
cblr-10944	206	5	and	and	CCONJ
cblr-10944	206	6	the	the	DET
cblr-10944	206	7	tracing	trace	VERB
cblr-10944	206	8	doctrine	doctrine	NOUN
cblr-10944	206	9	1041	1041	NUM
cblr-10944	206	10	together	together	ADV
cblr-10944	206	11	the	the	DET
cblr-10944	206	12	form	form	NOUN
cblr-10944	206	13	s-1	s-1	NOUN
cblr-10944	206	14	and	and	CCONJ
cblr-10944	206	15	form	form	VERB
cblr-10944	206	16	424b4	424b4	NUM
cblr-10944	206	17	constituted	constituted	ADJ
cblr-10944	206	18	slack	slack	NOUN
cblr-10944	206	19	’s	’s	PART
cblr-10944	206	20	“	"	PUNCT
cblr-10944	206	21	offering	offer	VERB
cblr-10944	206	22	materials	material	NOUN
cblr-10944	206	23	”	"	PUNCT
cblr-10944	206	24	for	for	ADP
cblr-10944	206	25	the	the	DET
cblr-10944	206	26	sec	sec	PROPN
cblr-10944	206	27	.	.	PROPN
cblr-10944	207	1	as	as	SCONJ
cblr-10944	207	2	part	part	NOUN
cblr-10944	207	3	ii	ii	PROPN
cblr-10944	207	4	explained	explain	VERB
cblr-10944	207	5	,	,	PUNCT
cblr-10944	207	6	by	by	ADP
cblr-10944	207	7	choosing	choose	VERB
cblr-10944	207	8	to	to	PART
cblr-10944	207	9	use	use	VERB
cblr-10944	207	10	a	a	DET
cblr-10944	207	11	direct	direct	ADJ
cblr-10944	207	12	listing	listing	NOUN
cblr-10944	207	13	,	,	PUNCT
cblr-10944	207	14	slack	slack	NOUN
cblr-10944	207	15	did	do	AUX
cblr-10944	207	16	not	not	PART
cblr-10944	207	17	issue	issue	VERB
cblr-10944	207	18	new	new	ADJ
cblr-10944	207	19	shares	share	NOUN
cblr-10944	207	20	.	.	PUNCT
cblr-10944	208	1	instead	instead	ADV
cblr-10944	208	2	,	,	PUNCT
cblr-10944	208	3	slack	slack	VERB
cblr-10944	208	4	’s	’s	ADV
cblr-10944	208	5	direct	direct	ADJ
cblr-10944	208	6	listing	listing	NOUN
cblr-10944	208	7	allowed	allow	VERB
cblr-10944	208	8	insiders	insider	NOUN
cblr-10944	208	9	and	and	CCONJ
cblr-10944	208	10	early	early	ADJ
cblr-10944	208	11	investors	investor	NOUN
cblr-10944	208	12	to	to	PART
cblr-10944	208	13	simply	simply	ADV
cblr-10944	208	14	sell	sell	VERB
cblr-10944	208	15	their	their	PRON
cblr-10944	208	16	existing	exist	VERB
cblr-10944	208	17	shares	share	NOUN
cblr-10944	208	18	on	on	ADP
cblr-10944	208	19	the	the	DET
cblr-10944	208	20	nyse	nyse	PROPN
cblr-10944	208	21	.	.	PUNCT
cblr-10944	209	1	since	since	SCONJ
cblr-10944	209	2	no	no	DET
cblr-10944	209	3	new	new	ADJ
cblr-10944	209	4	shares	share	NOUN
cblr-10944	209	5	were	be	AUX
cblr-10944	209	6	issued	issue	VERB
cblr-10944	209	7	,	,	PUNCT
cblr-10944	209	8	individuals	individual	NOUN
cblr-10944	209	9	holding	hold	VERB
cblr-10944	209	10	existing	exist	VERB
cblr-10944	209	11	shares	share	NOUN
cblr-10944	209	12	were	be	AUX
cblr-10944	209	13	not	not	PART
cblr-10944	209	14	subject	subject	ADJ
cblr-10944	209	15	to	to	ADP
cblr-10944	209	16	a	a	DET
cblr-10944	209	17	lock	lock	NOUN
cblr-10944	209	18	-	-	PUNCT
cblr-10944	209	19	up	up	NOUN
cblr-10944	209	20	period	period	NOUN
cblr-10944	209	21	and	and	CCONJ
cblr-10944	209	22	could	could	AUX
cblr-10944	209	23	sell	sell	VERB
cblr-10944	209	24	their	their	PRON
cblr-10944	209	25	shares	share	NOUN
cblr-10944	209	26	immediately	immediately	ADV
cblr-10944	209	27	.	.	PUNCT
cblr-10944	210	1	however	however	ADV
cblr-10944	210	2	,	,	PUNCT
cblr-10944	210	3	due	due	ADP
cblr-10944	210	4	to	to	ADP
cblr-10944	210	5	sec	sec	PROPN
cblr-10944	210	6	rule	rule	NOUN
cblr-10944	210	7	144	144	NUM
cblr-10944	210	8	,	,	PUNCT
cblr-10944	210	9	not	not	PART
cblr-10944	210	10	all	all	PRON
cblr-10944	210	11	of	of	ADP
cblr-10944	210	12	slack	slack	NOUN
cblr-10944	210	13	’s	’s	PART
cblr-10944	210	14	existing	exist	VERB
cblr-10944	210	15	shares	share	NOUN
cblr-10944	210	16	were	be	AUX
cblr-10944	210	17	required	require	VERB
cblr-10944	210	18	to	to	PART
cblr-10944	210	19	be	be	AUX
cblr-10944	210	20	registered	register	VERB
cblr-10944	210	21	with	with	ADP
cblr-10944	210	22	the	the	DET
cblr-10944	210	23	sec	sec	PROPN
cblr-10944	210	24	.	.	PUNCT
cblr-10944	211	1	in	in	ADP
cblr-10944	211	2	slack	slack	NOUN
cblr-10944	211	3	’s	’s	ADV
cblr-10944	211	4	direct	direct	ADJ
cblr-10944	211	5	listing	listing	NOUN
cblr-10944	211	6	,	,	PUNCT
cblr-10944	211	7	the	the	DET
cblr-10944	211	8	registration	registration	NOUN
cblr-10944	211	9	statement	statement	NOUN
cblr-10944	211	10	permitted	permit	VERB
cblr-10944	211	11	the	the	DET
cblr-10944	211	12	sale	sale	NOUN
cblr-10944	211	13	of	of	ADP
cblr-10944	211	14	118,429,640	118,429,640	NUM
cblr-10944	211	15	shares	share	NOUN
cblr-10944	211	16	,	,	PUNCT
cblr-10944	211	17	while	while	SCONJ
cblr-10944	211	18	rule	rule	NOUN
cblr-10944	211	19	144	144	NUM
cblr-10944	211	20	allowed	allow	VERB
cblr-10944	211	21	164,932,646	164,932,646	NUM
cblr-10944	211	22	shares	share	NOUN
cblr-10944	211	23	to	to	PART
cblr-10944	211	24	be	be	AUX
cblr-10944	211	25	sold	sell	VERB
cblr-10944	211	26	immediately	immediately	ADV
cblr-10944	211	27	and	and	CCONJ
cblr-10944	211	28	to	to	PART
cblr-10944	211	29	be	be	AUX
cblr-10944	211	30	exempt	exempt	ADJ
cblr-10944	211	31	from	from	ADP
cblr-10944	211	32	registration.78	registration.78	PROPN
cblr-10944	211	33	thus	thus	ADV
cblr-10944	211	34	,	,	PUNCT
cblr-10944	211	35	both	both	PRON
cblr-10944	211	36	registered	register	VERB
cblr-10944	211	37	and	and	CCONJ
cblr-10944	211	38	unregistered	unregistered	ADJ
cblr-10944	211	39	shares	share	NOUN
cblr-10944	211	40	could	could	AUX
cblr-10944	211	41	be	be	AUX
cblr-10944	211	42	sold	sell	VERB
cblr-10944	211	43	immediately	immediately	ADV
cblr-10944	211	44	on	on	ADP
cblr-10944	211	45	the	the	DET
cblr-10944	211	46	nyse	nyse	PROPN
cblr-10944	211	47	.	.	PUNCT
cblr-10944	212	1	as	as	SCONJ
cblr-10944	212	2	section	section	NOUN
cblr-10944	212	3	iii.c	iii.c	PROPN
cblr-10944	212	4	will	will	AUX
cblr-10944	212	5	show	show	VERB
cblr-10944	212	6	,	,	PUNCT
cblr-10944	212	7	the	the	DET
cblr-10944	212	8	presence	presence	NOUN
cblr-10944	212	9	of	of	ADP
cblr-10944	212	10	both	both	CCONJ
cblr-10944	212	11	registered	register	VERB
cblr-10944	212	12	and	and	CCONJ
cblr-10944	212	13	unregistered	unregistered	ADJ
cblr-10944	212	14	shares	share	NOUN
cblr-10944	212	15	severely	severely	ADV
cblr-10944	212	16	complicates	complicate	VERB
cblr-10944	212	17	an	an	DET
cblr-10944	212	18	investor	investor	NOUN
cblr-10944	212	19	’s	’s	PART
cblr-10944	212	20	ability	ability	NOUN
cblr-10944	212	21	to	to	PART
cblr-10944	212	22	prove	prove	VERB
cblr-10944	212	23	the	the	DET
cblr-10944	212	24	tracing	trace	VERB
cblr-10944	212	25	requirement	requirement	NOUN
cblr-10944	212	26	.	.	PUNCT
cblr-10944	213	1	c.	c.	PROPN
cblr-10944	213	2	pirani	pirani	PROPN
cblr-10944	213	3	v.	v.	ADP
cblr-10944	213	4	slack	slack	NOUN
cblr-10944	213	5	1	1	NUM
cblr-10944	213	6	.	.	PUNCT
cblr-10944	214	1	facts	fact	NOUN
cblr-10944	214	2	of	of	ADP
cblr-10944	214	3	pirani	pirani	PROPN
cblr-10944	214	4	v.	v.	ADP
cblr-10944	214	5	slack	slack	NOUN
cblr-10944	214	6	on	on	ADP
cblr-10944	214	7	june	june	PROPN
cblr-10944	214	8	20	20	NUM
cblr-10944	214	9	,	,	PUNCT
cblr-10944	214	10	2019	2019	NUM
cblr-10944	214	11	,	,	PUNCT
cblr-10944	214	12	fiyyaz	fiyyaz	ADJ
cblr-10944	214	13	pirani	pirani	NOUN
cblr-10944	214	14	“	"	PUNCT
cblr-10944	214	15	(	(	PUNCT
cblr-10944	214	16	the	the	DET
cblr-10944	214	17	plaintiff	plaintiff	NOUN
cblr-10944	214	18	)	)	PUNCT
cblr-10944	214	19	”	"	PUNCT
cblr-10944	214	20	purchased	purchase	VERB
cblr-10944	214	21	30,000	30,000	NUM
cblr-10944	214	22	shares	share	NOUN
cblr-10944	214	23	of	of	ADP
cblr-10944	214	24	slack	slack	NOUN
cblr-10944	214	25	’s	’s	PART
cblr-10944	214	26	class	class	NOUN
cblr-10944	214	27	a	a	DET
cblr-10944	214	28	common	common	ADJ
cblr-10944	214	29	stock	stock	NOUN
cblr-10944	214	30	at	at	ADP
cblr-10944	214	31	$	$	SYM
cblr-10944	214	32	40	40	NUM
cblr-10944	214	33	/	/	SYM
cblr-10944	214	34	share	share	NOUN
cblr-10944	214	35	,	,	PUNCT
cblr-10944	214	36	and	and	CCONJ
cblr-10944	214	37	from	from	ADP
cblr-10944	214	38	june	june	PROPN
cblr-10944	214	39	21	21	NUM
cblr-10944	214	40	to	to	ADP
cblr-10944	214	41	september	september	PROPN
cblr-10944	214	42	9	9	NUM
cblr-10944	214	43	,	,	PUNCT
cblr-10944	214	44	he	he	PRON
cblr-10944	214	45	bought	buy	VERB
cblr-10944	214	46	approximately	approximately	ADV
cblr-10944	214	47	another	another	DET
cblr-10944	214	48	220,000	220,000	NUM
cblr-10944	214	49	shares.79	shares.79	NOUN
cblr-10944	214	50	pirani	pirani	NOUN
cblr-10944	214	51	sued	sue	VERB
cblr-10944	214	52	slack	slack	NOUN
cblr-10944	214	53	in	in	ADP
cblr-10944	214	54	a	a	DET
cblr-10944	214	55	securities	security	NOUN
cblr-10944	214	56	class	class	NOUN
cblr-10944	214	57	action	action	NOUN
cblr-10944	214	58	and	and	CCONJ
cblr-10944	214	59	alleged	allege	VERB
cblr-10944	214	60	that	that	SCONJ
cblr-10944	214	61	he	he	PRON
cblr-10944	214	62	and	and	CCONJ
cblr-10944	214	63	other	other	ADJ
cblr-10944	214	64	investors	investor	NOUN
cblr-10944	214	65	in	in	ADP
cblr-10944	214	66	the	the	DET
cblr-10944	214	67	same	same	ADJ
cblr-10944	214	68	class	class	NOUN
cblr-10944	214	69	suffered	suffer	VERB
cblr-10944	214	70	losses	loss	NOUN
cblr-10944	214	71	to	to	ADP
cblr-10944	214	72	the	the	DET
cblr-10944	214	73	value	value	NOUN
cblr-10944	214	74	of	of	ADP
cblr-10944	214	75	their	their	PRON
cblr-10944	214	76	shares	share	NOUN
cblr-10944	214	77	due	due	ADP
cblr-10944	214	78	to	to	ADP
cblr-10944	214	79	misstatements	misstatement	NOUN
cblr-10944	214	80	or	or	CCONJ
cblr-10944	214	81	omissions	omission	NOUN
cblr-10944	214	82	of	of	ADP
cblr-10944	214	83	material	material	NOUN
cblr-10944	214	84	facts	fact	NOUN
cblr-10944	214	85	within	within	ADP
cblr-10944	214	86	slack	slack	NOUN
cblr-10944	214	87	’s	’s	PART
cblr-10944	214	88	legal	legal	ADJ
cblr-10944	214	89	info	info	NOUN
cblr-10944	214	90	.	.	PUNCT
cblr-10944	215	1	inst	inst	PROPN
cblr-10944	215	2	.	.	PROPN
cblr-10944	215	3	,	,	PUNCT
cblr-10944	215	4	https://www.law.cornell.edu/wex/prospectus	https://www.law.cornell.edu/wex/prospectus	X
cblr-10944	216	1	[	[	X
cblr-10944	216	2	https://perma.cc/k2h2-jc4d	https://perma.cc/k2h2-jc4d	X
cblr-10944	216	3	]	]	X
cblr-10944	216	4	(	(	PUNCT
cblr-10944	216	5	last	last	ADJ
cblr-10944	216	6	visited	visit	VERB
cblr-10944	216	7	feb	feb	PROPN
cblr-10944	216	8	.	.	PROPN
cblr-10944	216	9	27	27	NUM
cblr-10944	216	10	,	,	PUNCT
cblr-10944	216	11	2022	2022	NUM
cblr-10944	216	12	)	)	PUNCT
cblr-10944	216	13	.	.	PUNCT
cblr-10944	217	1	78	78	NUM
cblr-10944	217	2	nicolas	nicolas	PROPN
cblr-10944	217	3	grabar	grabar	PROPN
cblr-10944	217	4	,	,	PUNCT
cblr-10944	217	5	david	david	PROPN
cblr-10944	217	6	lopez	lopez	PROPN
cblr-10944	217	7	,	,	PUNCT
cblr-10944	217	8	jared	jared	PROPN
cblr-10944	217	9	gerber	gerber	PROPN
cblr-10944	217	10	&	&	CCONJ
cblr-10944	217	11	les	les	PROPN
cblr-10944	217	12	silverman	silverman	PROPN
cblr-10944	217	13	,	,	PUNCT
cblr-10944	217	14	cleary	cleary	PROPN
cblr-10944	217	15	gottlieb	gottlieb	PROPN
cblr-10944	217	16	discusses	discuss	VERB
cblr-10944	217	17	how	how	SCONJ
cblr-10944	217	18	court	court	NOUN
cblr-10944	217	19	allowed	allow	VERB
cblr-10944	217	20	securities	security	NOUN
cblr-10944	217	21	liability	liability	NOUN
cblr-10944	217	22	for	for	ADP
cblr-10944	217	23	slack	slack	NOUN
cblr-10944	217	24	’s	’s	PART
cblr-10944	217	25	direct	direct	ADJ
cblr-10944	217	26	listing	listing	NOUN
cblr-10944	217	27	,	,	PUNCT
cblr-10944	217	28	the	the	DET
cblr-10944	217	29	cls	cls	NOUN
cblr-10944	217	30	blue	blue	ADJ
cblr-10944	217	31	sky	sky	NOUN
cblr-10944	217	32	blog	blog	NOUN
cblr-10944	217	33	(	(	PUNCT
cblr-10944	217	34	may	may	PROPN
cblr-10944	217	35	4	4	NUM
cblr-10944	217	36	,	,	PUNCT
cblr-10944	217	37	2020	2020	NUM
cblr-10944	217	38	)	)	PUNCT
cblr-10944	217	39	,	,	PUNCT
cblr-10944	217	40	https://clsbluesky.law.columbia.edu/2020/05/04/cleary-gottlieb-discusseshow-court-allowed-securities-liability-for-slacks-direct-listing/	https://clsbluesky.law.columbia.edu/2020/05/04/cleary-gottlieb-discusseshow-court-allowed-securities-liability-for-slacks-direct-listing/	VERB
cblr-10944	217	41	[	[	X
cblr-10944	217	42	https://perma.cc/pz8t-m9sf	https://perma.cc/pz8t-m9sf	NOUN
cblr-10944	217	43	]	]	PUNCT
cblr-10944	217	44	.	.	PUNCT
cblr-10944	218	1	79	79	NUM
cblr-10944	218	2	pirani	pirani	PROPN
cblr-10944	218	3	,	,	PUNCT
cblr-10944	218	4	445	445	NUM
cblr-10944	218	5	f.supp.3d	f.supp.3d	NOUN
cblr-10944	218	6	at	at	ADP
cblr-10944	218	7	372	372	NUM
cblr-10944	218	8	.	.	PROPN
cblr-10944	218	9	1042	1042	NUM
cblr-10944	218	10	columbia	columbia	PROPN
cblr-10944	218	11	business	business	NOUN
cblr-10944	218	12	law	law	PROPN
cblr-10944	218	13	review	review	NOUN
cblr-10944	218	14	[	[	X
cblr-10944	218	15	vol	vol	NOUN
cblr-10944	218	16	.	.	PUNCT
cblr-10944	218	17	2022	2022	NUM
cblr-10944	218	18	offering	offering	NOUN
cblr-10944	218	19	materials.80	materials.80	NOUN
cblr-10944	218	20	specifically	specifically	ADV
cblr-10944	218	21	,	,	PUNCT
cblr-10944	218	22	pirani	pirani	PROPN
cblr-10944	218	23	identified	identify	VERB
cblr-10944	218	24	statements	statement	NOUN
cblr-10944	218	25	“	"	PUNCT
cblr-10944	218	26	regarding	regard	VERB
cblr-10944	218	27	service	service	NOUN
cblr-10944	218	28	outages	outage	NOUN
cblr-10944	218	29	and	and	CCONJ
cblr-10944	218	30	slack	slack	VERB
cblr-10944	218	31	’s	’s	PART
cblr-10944	218	32	service	service	NOUN
cblr-10944	218	33	level	level	NOUN
cblr-10944	218	34	agreements	agreement	NOUN
cblr-10944	218	35	(	(	PUNCT
cblr-10944	218	36	‘	'	PUNCT
cblr-10944	218	37	slas	slas	X
cblr-10944	218	38	’	'	PUNCT
cblr-10944	218	39	)	)	PUNCT
cblr-10944	218	40	in	in	ADP
cblr-10944	218	41	the	the	DET
cblr-10944	218	42	case	case	NOUN
cblr-10944	218	43	of	of	ADP
cblr-10944	218	44	such	such	ADJ
cblr-10944	218	45	outages	outage	NOUN
cblr-10944	218	46	;	;	PUNCT
cblr-10944	218	47	competition	competition	NOUN
cblr-10944	218	48	from	from	ADP
cblr-10944	218	49	microsoft	microsoft	PROPN
cblr-10944	218	50	teams	team	NOUN
cblr-10944	218	51	;	;	PUNCT
cblr-10944	218	52	scalability	scalability	NOUN
cblr-10944	218	53	and	and	CCONJ
cblr-10944	218	54	purported	purport	VERB
cblr-10944	218	55	key	key	ADJ
cblr-10944	218	56	benefits	benefit	NOUN
cblr-10944	218	57	;	;	PUNCT
cblr-10944	218	58	and	and	CCONJ
cblr-10944	218	59	growth	growth	NOUN
cblr-10944	218	60	and	and	CCONJ
cblr-10944	218	61	growth	growth	NOUN
cblr-10944	218	62	strategy	strategy	NOUN
cblr-10944	218	63	.	.	PUNCT
cblr-10944	219	1	”81	”81	NOUN
cblr-10944	219	2	throughout	throughout	ADP
cblr-10944	219	3	2019	2019	NUM
cblr-10944	219	4	,	,	PUNCT
cblr-10944	219	5	slack	slack	NOUN
cblr-10944	219	6	did	do	VERB
cblr-10944	219	7	experience	experience	NOUN
cblr-10944	219	8	service	service	NOUN
cblr-10944	219	9	outages	outage	NOUN
cblr-10944	219	10	and	and	CCONJ
cblr-10944	219	11	other	other	ADJ
cblr-10944	219	12	issues	issue	NOUN
cblr-10944	219	13	,	,	PUNCT
cblr-10944	219	14	and	and	CCONJ
cblr-10944	219	15	after	after	ADP
cblr-10944	219	16	their	their	PRON
cblr-10944	219	17	september	september	PROPN
cblr-10944	219	18	4	4	NUM
cblr-10944	219	19	,	,	PUNCT
cblr-10944	219	20	2019	2019	NUM
cblr-10944	219	21	earnings	earning	NOUN
cblr-10944	219	22	announcement	announcement	NOUN
cblr-10944	219	23	,	,	PUNCT
cblr-10944	219	24	slack	slack	NOUN
cblr-10944	219	25	’s	’s	PART
cblr-10944	219	26	share	share	NOUN
cblr-10944	219	27	price	price	NOUN
cblr-10944	219	28	dropped	drop	VERB
cblr-10944	219	29	to	to	ADP
cblr-10944	219	30	below	below	ADP
cblr-10944	219	31	$	$	SYM
cblr-10944	219	32	25.82	25.82	NUM
cblr-10944	219	33	in	in	ADP
cblr-10944	219	34	his	his	PRON
cblr-10944	219	35	complaint	complaint	NOUN
cblr-10944	219	36	,	,	PUNCT
cblr-10944	219	37	pirani	pirani	PROPN
cblr-10944	219	38	asserted	assert	VERB
cblr-10944	219	39	claims	claim	NOUN
cblr-10944	219	40	under	under	ADP
cblr-10944	219	41	section	section	NOUN
cblr-10944	219	42	11	11	NUM
cblr-10944	219	43	,	,	PUNCT
cblr-10944	219	44	section	section	NOUN
cblr-10944	219	45	12(a)(2	12(a)(2	NUM
cblr-10944	219	46	)	)	PUNCT
cblr-10944	219	47	,	,	PUNCT
cblr-10944	219	48	and	and	CCONJ
cblr-10944	219	49	section	section	NOUN
cblr-10944	219	50	15.83	15.83	NUM
cblr-10944	219	51	defendants	defendant	NOUN
cblr-10944	219	52	moved	move	VERB
cblr-10944	219	53	to	to	PART
cblr-10944	219	54	dismiss	dismiss	VERB
cblr-10944	219	55	all	all	PRON
cblr-10944	219	56	of	of	ADP
cblr-10944	219	57	them.84	them.84	NOUN
cblr-10944	219	58	this	this	DET
cblr-10944	219	59	note	note	NOUN
cblr-10944	219	60	focuses	focus	VERB
cblr-10944	219	61	solely	solely	ADV
cblr-10944	219	62	on	on	ADP
cblr-10944	219	63	the	the	DET
cblr-10944	219	64	section	section	NOUN
cblr-10944	219	65	11	11	NUM
cblr-10944	219	66	claim	claim	NOUN
cblr-10944	219	67	because	because	SCONJ
cblr-10944	219	68	it	it	PRON
cblr-10944	219	69	is	be	AUX
cblr-10944	219	70	the	the	DET
cblr-10944	219	71	primary	primary	ADJ
cblr-10944	219	72	issue	issue	NOUN
cblr-10944	219	73	raised	raise	VERB
cblr-10944	219	74	on	on	ADP
cblr-10944	219	75	appeal	appeal	NOUN
cblr-10944	219	76	,	,	PUNCT
cblr-10944	219	77	and	and	CCONJ
cblr-10944	219	78	pirani	pirani	PROPN
cblr-10944	219	79	’s	’s	PART
cblr-10944	219	80	section	section	NOUN
cblr-10944	219	81	12	12	NUM
cblr-10944	219	82	claim	claim	NOUN
cblr-10944	219	83	relied	rely	VERB
cblr-10944	219	84	on	on	ADP
cblr-10944	219	85	him	he	PRON
cblr-10944	219	86	satisfying	satisfy	VERB
cblr-10944	219	87	the	the	DET
cblr-10944	219	88	tracing	trace	VERB
cblr-10944	219	89	requirement	requirement	NOUN
cblr-10944	219	90	,	,	PUNCT
cblr-10944	219	91	which	which	PRON
cblr-10944	219	92	relates	relate	VERB
cblr-10944	219	93	back	back	ADV
cblr-10944	219	94	to	to	ADP
cblr-10944	219	95	the	the	DET
cblr-10944	219	96	section	section	NOUN
cblr-10944	219	97	11	11	NUM
cblr-10944	219	98	issue	issue	NOUN
cblr-10944	219	99	.	.	PUNCT
cblr-10944	220	1	2	2	X
cblr-10944	220	2	.	.	X
cblr-10944	220	3	district	district	NOUN
cblr-10944	220	4	court	court	NOUN
cblr-10944	220	5	’s	’s	PART
cblr-10944	220	6	opinion	opinion	NOUN
cblr-10944	220	7	ultimately	ultimately	ADV
cblr-10944	220	8	,	,	PUNCT
cblr-10944	220	9	the	the	DET
cblr-10944	220	10	district	district	NOUN
cblr-10944	220	11	court	court	NOUN
cblr-10944	220	12	denied	deny	VERB
cblr-10944	220	13	the	the	DET
cblr-10944	220	14	defendants	defendant	NOUN
cblr-10944	220	15	’	’	PART
cblr-10944	220	16	motion	motion	NOUN
cblr-10944	220	17	to	to	PART
cblr-10944	220	18	dismiss	dismiss	VERB
cblr-10944	220	19	.	.	PUNCT
cblr-10944	221	1	the	the	DET
cblr-10944	221	2	court	court	NOUN
cblr-10944	221	3	held	hold	VERB
cblr-10944	221	4	that	that	SCONJ
cblr-10944	221	5	pirani	pirani	PROPN
cblr-10944	221	6	could	could	AUX
cblr-10944	221	7	trace	trace	VERB
cblr-10944	221	8	his	his	PRON
cblr-10944	221	9	shares	share	NOUN
cblr-10944	221	10	to	to	PART
cblr-10944	221	11	slack	slack	VERB
cblr-10944	221	12	’s	’s	PART
cblr-10944	221	13	registration	registration	NOUN
cblr-10944	221	14	statement	statement	NOUN
cblr-10944	221	15	and	and	CCONJ
cblr-10944	221	16	thus	thus	ADV
cblr-10944	221	17	had	have	AUX
cblr-10944	221	18	standing	stand	VERB
cblr-10944	221	19	under	under	ADP
cblr-10944	221	20	section	section	NOUN
cblr-10944	221	21	11	11	NUM
cblr-10944	221	22	.	.	PUNCT
cblr-10944	222	1	in	in	ADP
cblr-10944	222	2	evaluating	evaluate	VERB
cblr-10944	222	3	the	the	DET
cblr-10944	222	4	section	section	NOUN
cblr-10944	222	5	11	11	NUM
cblr-10944	222	6	claim	claim	NOUN
cblr-10944	222	7	,	,	PUNCT
cblr-10944	222	8	the	the	DET
cblr-10944	222	9	district	district	NOUN
cblr-10944	222	10	court	court	NOUN
cblr-10944	222	11	stated	state	VERB
cblr-10944	222	12	that	that	SCONJ
cblr-10944	222	13	plaintiffs	plaintiff	NOUN
cblr-10944	222	14	must	must	AUX
cblr-10944	222	15	either	either	CCONJ
cblr-10944	222	16	have	have	AUX
cblr-10944	222	17	“	"	PUNCT
cblr-10944	222	18	‘	'	PUNCT
cblr-10944	222	19	purchased	purchase	VERB
cblr-10944	222	20	shares	share	NOUN
cblr-10944	222	21	in	in	ADP
cblr-10944	222	22	the	the	DET
cblr-10944	222	23	offering	offering	NOUN
cblr-10944	222	24	made	make	VERB
cblr-10944	222	25	under	under	ADP
cblr-10944	222	26	the	the	DET
cblr-10944	222	27	misleading	misleading	ADJ
cblr-10944	222	28	registration	registration	NOUN
cblr-10944	222	29	statement	statement	NOUN
cblr-10944	222	30	,	,	PUNCT
cblr-10944	222	31	’	'	PUNCT
cblr-10944	222	32	or	or	CCONJ
cblr-10944	222	33	purchased	purchase	VERB
cblr-10944	222	34	shares	share	NOUN
cblr-10944	222	35	in	in	ADP
cblr-10944	222	36	the	the	DET
cblr-10944	222	37	aftermarket	aftermarket	NOUN
cblr-10944	222	38	‘	'	PUNCT
cblr-10944	222	39	provided	provide	VERB
cblr-10944	222	40	they	they	PRON
cblr-10944	222	41	can	can	AUX
cblr-10944	222	42	trace	trace	VERB
cblr-10944	222	43	their	their	PRON
cblr-10944	222	44	shares	share	NOUN
cblr-10944	222	45	back	back	ADV
cblr-10944	222	46	to	to	ADP
cblr-10944	222	47	the	the	DET
cblr-10944	222	48	relevant	relevant	ADJ
cblr-10944	222	49	offering	offering	NOUN
cblr-10944	222	50	’	'	PUNCT
cblr-10944	222	51	”	"	PUNCT
cblr-10944	222	52	to	to	PART
cblr-10944	222	53	have	have	AUX
cblr-10944	222	54	standing.85	standing.85	NOUN
cblr-10944	222	55	the	the	DET
cblr-10944	222	56	court	court	NOUN
cblr-10944	222	57	found	find	VERB
cblr-10944	222	58	that	that	SCONJ
cblr-10944	222	59	,	,	PUNCT
cblr-10944	222	60	while	while	SCONJ
cblr-10944	222	61	there	there	PRON
cblr-10944	222	62	exists	exist	VERB
cblr-10944	222	63	prior	prior	ADJ
cblr-10944	222	64	case	case	NOUN
cblr-10944	222	65	law	law	NOUN
cblr-10944	222	66	on	on	ADP
cblr-10944	222	67	the	the	DET
cblr-10944	222	68	tracing	trace	VERB
cblr-10944	222	69	requirement	requirement	NOUN
cblr-10944	222	70	,	,	PUNCT
cblr-10944	222	71	the	the	DET
cblr-10944	222	72	precise	precise	ADJ
cblr-10944	222	73	issue	issue	NOUN
cblr-10944	222	74	here	here	ADV
cblr-10944	222	75	was	be	AUX
cblr-10944	222	76	one	one	NUM
cblr-10944	222	77	of	of	ADP
cblr-10944	222	78	first	first	ADJ
cblr-10944	222	79	impression	impression	NOUN
cblr-10944	222	80	,	,	PUNCT
cblr-10944	222	81	since	since	SCONJ
cblr-10944	222	82	the	the	DET
cblr-10944	222	83	tracing	trace	VERB
cblr-10944	222	84	requirement	requirement	NOUN
cblr-10944	222	85	had	have	AUX
cblr-10944	222	86	never	never	ADV
cblr-10944	222	87	been	be	AUX
cblr-10944	222	88	applied	apply	VERB
cblr-10944	222	89	in	in	ADP
cblr-10944	222	90	a	a	DET
cblr-10944	222	91	direct	direct	ADJ
cblr-10944	222	92	listing	listing	NOUN
cblr-10944	222	93	where	where	SCONJ
cblr-10944	222	94	there	there	PRON
cblr-10944	222	95	was	be	VERB
cblr-10944	222	96	a	a	DET
cblr-10944	222	97	simultaneous	simultaneous	ADJ
cblr-10944	222	98	sale	sale	NOUN
cblr-10944	222	99	of	of	ADP
cblr-10944	222	100	both	both	CCONJ
cblr-10944	222	101	registered	register	VERB
cblr-10944	222	102	and	and	CCONJ
cblr-10944	222	103	unregistered	unregistered	ADJ
cblr-10944	222	104	shares	share	NOUN
cblr-10944	222	105	.	.	PUNCT
cblr-10944	223	1	prior	prior	ADJ
cblr-10944	223	2	case	case	NOUN
cblr-10944	223	3	law	law	NOUN
cblr-10944	223	4	had	have	AUX
cblr-10944	223	5	instead	instead	ADV
cblr-10944	223	6	dealt	deal	VERB
cblr-10944	223	7	with	with	ADP
cblr-10944	223	8	successive	successive	ADJ
cblr-10944	223	9	registrations	registration	NOUN
cblr-10944	223	10	80	80	NUM
cblr-10944	224	1	i	i	PRON
cblr-10944	224	2	d.	d.	PROPN
cblr-10944	224	3	at	at	ADP
cblr-10944	224	4	372–73	372–73	PROPN
cblr-10944	224	5	.	.	PUNCT
cblr-10944	225	1	81	81	NUM
cblr-10944	226	1	i	i	PRON
cblr-10944	226	2	d.	d.	NOUN
cblr-10944	226	3	at	at	ADP
cblr-10944	226	4	373	373	NUM
cblr-10944	226	5	.	.	PUNCT
cblr-10944	226	6	82	82	NUM
cblr-10944	227	1	i	i	PRON
cblr-10944	227	2	d.	d.	PROPN
cblr-10944	227	3	at	at	ADP
cblr-10944	227	4	374–75	374–75	PROPN
cblr-10944	227	5	.	.	PUNCT
cblr-10944	228	1	83	83	NUM
cblr-10944	229	1	i	i	PRON
cblr-10944	229	2	d.	d.	PROPN
cblr-10944	229	3	at	at	ADP
cblr-10944	229	4	375	375	NUM
cblr-10944	229	5	.	.	PUNCT
cblr-10944	229	6	84	84	NUM
cblr-10944	230	1	i	i	PRON
cblr-10944	230	2	d.	d.	PROPN
cblr-10944	230	3	at	at	ADP
cblr-10944	230	4	375	375	NUM
cblr-10944	230	5	.	.	NOUN
cblr-10944	230	6	85	85	NUM
cblr-10944	231	1	i	i	PRON
cblr-10944	231	2	d.	d.	NOUN
cblr-10944	231	3	at	at	ADP
cblr-10944	231	4	378	378	NUM
cblr-10944	231	5	(	(	PUNCT
cblr-10944	231	6	citing	cite	VERB
cblr-10944	231	7	in	in	ADP
cblr-10944	231	8	re	re	NOUN
cblr-10944	231	9	century	century	PROPN
cblr-10944	231	10	aluminum	aluminum	PROPN
cblr-10944	231	11	co.	co.	PROPN
cblr-10944	231	12	sec	sec	PROPN
cblr-10944	231	13	.	.	PROPN
cblr-10944	231	14	litig	litig	PROPN
cblr-10944	231	15	.	.	PUNCT
cblr-10944	232	1	,	,	PUNCT
cblr-10944	232	2	729	729	NUM
cblr-10944	232	3	f.3d	f.3d	NUM
cblr-10944	232	4	1104	1104	NUM
cblr-10944	232	5	,	,	PUNCT
cblr-10944	232	6	1106	1106	NUM
cblr-10944	232	7	(	(	PUNCT
cblr-10944	232	8	9th	9th	ADJ
cblr-10944	232	9	cir	cir	NOUN
cblr-10944	232	10	.	.	PUNCT
cblr-10944	232	11	2013	2013	NUM
cblr-10944	232	12	)	)	PUNCT
cblr-10944	232	13	)	)	PUNCT
cblr-10944	232	14	.	.	PUNCT
cblr-10944	233	1	no	no	INTJ
cblr-10944	233	2	.	.	PUNCT
cblr-10944	234	1	2:1026	2:1026	NUM
cblr-10944	234	2	]	]	X
cblr-10944	234	3	direct	direct	ADJ
cblr-10944	234	4	listings	listing	NOUN
cblr-10944	234	5	and	and	CCONJ
cblr-10944	234	6	the	the	DET
cblr-10944	234	7	tracing	trace	VERB
cblr-10944	234	8	doctrine	doctrine	NOUN
cblr-10944	234	9	1043	1043	NUM
cblr-10944	234	10	where	where	SCONJ
cblr-10944	234	11	a	a	DET
cblr-10944	234	12	company	company	NOUN
cblr-10944	234	13	issued	issue	VERB
cblr-10944	234	14	a	a	DET
cblr-10944	234	15	secondary	secondary	ADJ
cblr-10944	234	16	offering	offering	NOUN
cblr-10944	234	17	to	to	ADP
cblr-10944	234	18	the	the	DET
cblr-10944	234	19	public	public	NOUN
cblr-10944	234	20	and	and	CCONJ
cblr-10944	234	21	had	have	VERB
cblr-10944	234	22	multiple	multiple	ADJ
cblr-10944	234	23	registration	registration	NOUN
cblr-10944	234	24	statements.86	statements.86	NOUN
cblr-10944	234	25	here	here	ADV
cblr-10944	234	26	,	,	PUNCT
cblr-10944	234	27	pirani	pirani	PROPN
cblr-10944	234	28	challenged	challenge	VERB
cblr-10944	234	29	slack	slack	PROPN
cblr-10944	234	30	’s	’s	PART
cblr-10944	234	31	sole	sole	ADJ
cblr-10944	234	32	registration	registration	NOUN
cblr-10944	234	33	statement	statement	NOUN
cblr-10944	234	34	that	that	PRON
cblr-10944	234	35	authorized	authorize	VERB
cblr-10944	234	36	its	its	PRON
cblr-10944	234	37	direct	direct	ADJ
cblr-10944	234	38	listing	listing	NOUN
cblr-10944	234	39	.	.	PUNCT
cblr-10944	235	1	the	the	DET
cblr-10944	235	2	district	district	NOUN
cblr-10944	235	3	court	court	NOUN
cblr-10944	235	4	’s	’s	PART
cblr-10944	235	5	opinion	opinion	NOUN
cblr-10944	235	6	depended	depend	VERB
cblr-10944	235	7	solely	solely	ADV
cblr-10944	235	8	on	on	ADP
cblr-10944	235	9	whether	whether	SCONJ
cblr-10944	235	10	the	the	DET
cblr-10944	235	11	court	court	NOUN
cblr-10944	235	12	used	use	VERB
cblr-10944	235	13	the	the	DET
cblr-10944	235	14	narrow	narrow	NOUN
cblr-10944	235	15	or	or	CCONJ
cblr-10944	235	16	the	the	DET
cblr-10944	235	17	broad	broad	ADJ
cblr-10944	235	18	reading	reading	NOUN
cblr-10944	235	19	of	of	ADP
cblr-10944	235	20	“	"	PUNCT
cblr-10944	235	21	such	such	ADJ
cblr-10944	235	22	security	security	NOUN
cblr-10944	235	23	,	,	PUNCT
cblr-10944	235	24	”	"	PUNCT
cblr-10944	235	25	since	since	SCONJ
cblr-10944	235	26	the	the	DET
cblr-10944	235	27	choice	choice	NOUN
cblr-10944	235	28	directly	directly	ADV
cblr-10944	235	29	impacted	impact	VERB
cblr-10944	235	30	whether	whether	SCONJ
cblr-10944	235	31	pirani	pirani	PROPN
cblr-10944	235	32	could	could	AUX
cblr-10944	235	33	show	show	VERB
cblr-10944	235	34	standing	standing	NOUN
cblr-10944	235	35	.	.	PUNCT
cblr-10944	236	1	under	under	ADP
cblr-10944	236	2	the	the	DET
cblr-10944	236	3	narrow	narrow	ADJ
cblr-10944	236	4	reading,87	reading,87	NOUN
cblr-10944	236	5	it	it	PRON
cblr-10944	236	6	would	would	AUX
cblr-10944	236	7	have	have	AUX
cblr-10944	236	8	been	be	AUX
cblr-10944	236	9	impossible	impossible	ADJ
cblr-10944	236	10	for	for	SCONJ
cblr-10944	236	11	pirani	pirani	PROPN
cblr-10944	236	12	to	to	PART
cblr-10944	236	13	satisfy	satisfy	VERB
cblr-10944	236	14	the	the	DET
cblr-10944	236	15	tracing	trace	VERB
cblr-10944	236	16	requirement	requirement	NOUN
cblr-10944	236	17	.	.	PUNCT
cblr-10944	237	1	the	the	DET
cblr-10944	237	2	narrow	narrow	ADJ
cblr-10944	237	3	reading	reading	NOUN
cblr-10944	237	4	requires	require	VERB
cblr-10944	237	5	a	a	DET
cblr-10944	237	6	plaintiff	plaintiff	NOUN
cblr-10944	237	7	to	to	PART
cblr-10944	237	8	show	show	VERB
cblr-10944	237	9	that	that	SCONJ
cblr-10944	237	10	his	his	PRON
cblr-10944	237	11	shares	share	NOUN
cblr-10944	237	12	were	be	AUX
cblr-10944	237	13	acquired	acquire	VERB
cblr-10944	237	14	pursuant	pursuant	ADV
cblr-10944	237	15	to	to	ADP
cblr-10944	237	16	the	the	DET
cblr-10944	237	17	registration	registration	NOUN
cblr-10944	237	18	statement	statement	NOUN
cblr-10944	237	19	,	,	PUNCT
cblr-10944	237	20	but	but	CCONJ
cblr-10944	237	21	in	in	ADP
cblr-10944	237	22	slack	slack	NOUN
cblr-10944	237	23	’s	’s	PART
cblr-10944	237	24	case	case	NOUN
cblr-10944	237	25	,	,	PUNCT
cblr-10944	237	26	both	both	DET
cblr-10944	237	27	registered	register	VERB
cblr-10944	237	28	shares	share	NOUN
cblr-10944	237	29	under	under	ADP
cblr-10944	237	30	the	the	DET
cblr-10944	237	31	direct	direct	ADJ
cblr-10944	237	32	listing	listing	NOUN
cblr-10944	237	33	and	and	CCONJ
cblr-10944	237	34	unregistered	unregistered	ADJ
cblr-10944	237	35	shares	share	NOUN
cblr-10944	237	36	authorized	authorize	VERB
cblr-10944	237	37	for	for	ADP
cblr-10944	237	38	sale	sale	NOUN
cblr-10944	237	39	under	under	ADP
cblr-10944	237	40	sec	sec	PROPN
cblr-10944	237	41	rule	rule	NOUN
cblr-10944	237	42	144	144	NUM
cblr-10944	237	43	were	be	AUX
cblr-10944	237	44	sold	sell	VERB
cblr-10944	237	45	to	to	ADP
cblr-10944	237	46	the	the	DET
cblr-10944	237	47	public	public	ADJ
cblr-10944	237	48	simultaneously.88	simultaneously.88	NOUN
cblr-10944	237	49	thus	thus	ADV
cblr-10944	237	50	,	,	PUNCT
cblr-10944	237	51	pirani	pirani	PROPN
cblr-10944	237	52	had	have	VERB
cblr-10944	237	53	no	no	DET
cblr-10944	237	54	way	way	NOUN
cblr-10944	237	55	of	of	ADP
cblr-10944	237	56	knowing	know	VERB
cblr-10944	237	57	whether	whether	SCONJ
cblr-10944	237	58	his	his	PRON
cblr-10944	237	59	purchased	purchase	VERB
cblr-10944	237	60	shares	share	NOUN
cblr-10944	237	61	were	be	AUX
cblr-10944	237	62	registered	register	VERB
cblr-10944	237	63	or	or	CCONJ
cblr-10944	237	64	unregistered	unregistered	ADJ
cblr-10944	237	65	ones	one	NOUN
cblr-10944	237	66	and	and	CCONJ
cblr-10944	237	67	therefore	therefore	ADV
cblr-10944	237	68	could	could	AUX
cblr-10944	237	69	not	not	PART
cblr-10944	237	70	satisfy	satisfy	VERB
cblr-10944	237	71	the	the	DET
cblr-10944	237	72	stringent	stringent	ADJ
cblr-10944	237	73	standard	standard	NOUN
cblr-10944	237	74	imposed	impose	VERB
cblr-10944	237	75	by	by	ADP
cblr-10944	237	76	the	the	DET
cblr-10944	237	77	narrow	narrow	ADJ
cblr-10944	237	78	reading	reading	NOUN
cblr-10944	237	79	.	.	PUNCT
cblr-10944	238	1	the	the	DET
cblr-10944	238	2	key	key	ADJ
cblr-10944	238	3	fact	fact	NOUN
cblr-10944	238	4	that	that	SCONJ
cblr-10944	238	5	made	make	VERB
cblr-10944	238	6	tracing	trace	VERB
cblr-10944	238	7	impossible	impossible	ADJ
cblr-10944	238	8	under	under	ADP
cblr-10944	238	9	the	the	DET
cblr-10944	238	10	narrow	narrow	ADJ
cblr-10944	238	11	reading	reading	NOUN
cblr-10944	238	12	in	in	ADP
cblr-10944	238	13	slack	slack	NOUN
cblr-10944	238	14	’s	’s	ADV
cblr-10944	238	15	direct	direct	ADJ
cblr-10944	238	16	listing	listing	NOUN
cblr-10944	238	17	was	be	AUX
cblr-10944	238	18	the	the	DET
cblr-10944	238	19	simultaneous	simultaneous	ADJ
cblr-10944	238	20	offering	offering	NOUN
cblr-10944	238	21	of	of	ADP
cblr-10944	238	22	unregistered	unregistered	ADJ
cblr-10944	238	23	and	and	CCONJ
cblr-10944	238	24	registered	register	VERB
cblr-10944	238	25	shares.89	shares.89	NOUN
cblr-10944	238	26	alternately	alternately	ADV
cblr-10944	238	27	,	,	PUNCT
cblr-10944	238	28	under	under	ADP
cblr-10944	238	29	the	the	DET
cblr-10944	238	30	broad	broad	ADJ
cblr-10944	238	31	reading	reading	NOUN
cblr-10944	238	32	,	,	PUNCT
cblr-10944	238	33	pirani	pirani	PROPN
cblr-10944	238	34	could	could	AUX
cblr-10944	238	35	have	have	AUX
cblr-10944	238	36	proved	prove	VERB
cblr-10944	238	37	standing	stand	VERB
cblr-10944	238	38	if	if	SCONJ
cblr-10944	238	39	his	his	PRON
cblr-10944	238	40	shares	share	NOUN
cblr-10944	238	41	had	have	AUX
cblr-10944	238	42	been	be	AUX
cblr-10944	238	43	of	of	ADP
cblr-10944	238	44	the	the	DET
cblr-10944	238	45	same	same	ADJ
cblr-10944	238	46	nature	nature	NOUN
cblr-10944	238	47	as	as	ADP
cblr-10944	238	48	those	those	PRON
cblr-10944	238	49	issued	issue	VERB
cblr-10944	238	50	under	under	ADP
cblr-10944	238	51	the	the	DET
cblr-10944	238	52	registration	registration	NOUN
cblr-10944	238	53	statement	statement	NOUN
cblr-10944	238	54	.	.	PUNCT
cblr-10944	239	1	thus	thus	ADV
cblr-10944	239	2	,	,	PUNCT
cblr-10944	239	3	despite	despite	SCONJ
cblr-10944	239	4	not	not	PART
cblr-10944	239	5	knowing	know	VERB
cblr-10944	239	6	whether	whether	SCONJ
cblr-10944	239	7	his	his	PRON
cblr-10944	239	8	shares	share	NOUN
cblr-10944	239	9	were	be	AUX
cblr-10944	239	10	registered	register	VERB
cblr-10944	239	11	or	or	CCONJ
cblr-10944	239	12	unregistered	unregistered	ADJ
cblr-10944	239	13	ones	one	NOUN
cblr-10944	239	14	,	,	PUNCT
cblr-10944	239	15	pirani	pirani	PROPN
cblr-10944	239	16	could	could	AUX
cblr-10944	239	17	have	have	AUX
cblr-10944	239	18	satisfied	satisfy	VERB
cblr-10944	239	19	this	this	DET
cblr-10944	239	20	requirement	requirement	NOUN
cblr-10944	239	21	because	because	SCONJ
cblr-10944	239	22	all	all	PRON
cblr-10944	239	23	of	of	ADP
cblr-10944	239	24	slack	slack	NOUN
cblr-10944	239	25	’s	’s	PART
cblr-10944	239	26	shares	share	NOUN
cblr-10944	239	27	were	be	AUX
cblr-10944	239	28	identical	identical	ADJ
cblr-10944	239	29	securities	security	NOUN
cblr-10944	239	30	.	.	PUNCT
cblr-10944	240	1	86	86	NUM
cblr-10944	240	2	see	see	VERB
cblr-10944	240	3	,	,	PUNCT
cblr-10944	240	4	e.g.	e.g.	ADV
cblr-10944	240	5	,	,	PUNCT
cblr-10944	240	6	in	in	ADP
cblr-10944	240	7	re	re	NOUN
cblr-10944	240	8	century	century	NOUN
cblr-10944	240	9	aluminum	aluminum	NOUN
cblr-10944	240	10	,	,	PUNCT
cblr-10944	240	11	729	729	NUM
cblr-10944	240	12	f.3d	f.3d	NUM
cblr-10944	240	13	at	at	ADP
cblr-10944	240	14	1107	1107	NUM
cblr-10944	240	15	(	(	PUNCT
cblr-10944	240	16	9th	9th	ADJ
cblr-10944	240	17	cir	cir	NOUN
cblr-10944	240	18	.	.	PROPN
cblr-10944	240	19	2013	2013	NUM
cblr-10944	240	20	)	)	PUNCT
cblr-10944	240	21	;	;	PUNCT
cblr-10944	240	22	lee	lee	PROPN
cblr-10944	240	23	v.	v.	PROPN
cblr-10944	240	24	ernst	ernst	PROPN
cblr-10944	240	25	&	&	CCONJ
cblr-10944	240	26	young	young	PROPN
cblr-10944	240	27	,	,	PUNCT
cblr-10944	240	28	llp	llp	PROPN
cblr-10944	240	29	,	,	PUNCT
cblr-10944	240	30	294	294	NUM
cblr-10944	240	31	f.3d	f.3d	NUM
cblr-10944	240	32	969	969	NUM
cblr-10944	240	33	,	,	PUNCT
cblr-10944	240	34	972	972	NUM
cblr-10944	240	35	(	(	PUNCT
cblr-10944	240	36	8th	8th	ADJ
cblr-10944	240	37	cir	cir	NOUN
cblr-10944	240	38	.	.	PUNCT
cblr-10944	240	39	2002	2002	NUM
cblr-10944	240	40	)	)	PUNCT
cblr-10944	240	41	;	;	PUNCT
cblr-10944	240	42	krim	krim	PROPN
cblr-10944	240	43	v.	v.	ADP
cblr-10944	240	44	pcorder.com	pcorder.com	PROPN
cblr-10944	240	45	,	,	PUNCT
cblr-10944	240	46	inc	inc	PROPN
cblr-10944	240	47	.	.	PROPN
cblr-10944	240	48	,	,	PUNCT
cblr-10944	240	49	402	402	NUM
cblr-10944	240	50	f.3d	f.3d	NUM
cblr-10944	240	51	489	489	NUM
cblr-10944	240	52	,	,	PUNCT
cblr-10944	240	53	491	491	NUM
cblr-10944	240	54	(	(	PUNCT
cblr-10944	240	55	5th	5th	ADJ
cblr-10944	240	56	cir	cir	NOUN
cblr-10944	240	57	.	.	PUNCT
cblr-10944	240	58	2005	2005	NUM
cblr-10944	240	59	)	)	PUNCT
cblr-10944	240	60	.	.	PUNCT
cblr-10944	241	1	87	87	NUM
cblr-10944	241	2	see	see	VERB
cblr-10944	241	3	supra	supra	PROPN
cblr-10944	241	4	section	section	PROPN
cblr-10944	241	5	iii.a	iii.a	PROPN
cblr-10944	241	6	;	;	PUNCT
cblr-10944	241	7	barnes	barne	NOUN
cblr-10944	241	8	v.	v.	ADP
cblr-10944	241	9	osofsky	osofsky	ADJ
cblr-10944	241	10	,	,	PUNCT
cblr-10944	241	11	373	373	NUM
cblr-10944	241	12	f.2d	f.2d	SYM
cblr-10944	241	13	269	269	NUM
cblr-10944	241	14	,	,	PUNCT
cblr-10944	241	15	271	271	NUM
cblr-10944	241	16	(	(	PUNCT
cblr-10944	241	17	2nd	2nd	ADJ
cblr-10944	241	18	cir	cir	NOUN
cblr-10944	241	19	.	.	PROPN
cblr-10944	241	20	1967	1967	NUM
cblr-10944	241	21	)	)	PUNCT
cblr-10944	241	22	.	.	PUNCT
cblr-10944	242	1	88	88	NUM
cblr-10944	242	2	pirani	pirani	PROPN
cblr-10944	242	3	v.	v.	ADP
cblr-10944	242	4	slack	slack	PROPN
cblr-10944	242	5	technologies	technologies	PROPN
cblr-10944	242	6	,	,	PUNCT
cblr-10944	242	7	inc	inc	PROPN
cblr-10944	242	8	.	.	PROPN
cblr-10944	242	9	,	,	PUNCT
cblr-10944	242	10	445	445	NUM
cblr-10944	242	11	f.	f.	NOUN
cblr-10944	242	12	supp.3d	supp.3d	PROPN
cblr-10944	242	13	367	367	NUM
cblr-10944	242	14	,	,	PUNCT
cblr-10944	242	15	379	379	NUM
cblr-10944	242	16	(	(	PUNCT
cblr-10944	242	17	n.d	n.d	PROPN
cblr-10944	242	18	.	.	PROPN
cblr-10944	242	19	cal	cal	PROPN
cblr-10944	242	20	.	.	PUNCT
cblr-10944	242	21	2020	2020	NUM
cblr-10944	242	22	)	)	PUNCT
cblr-10944	242	23	.	.	PUNCT
cblr-10944	243	1	the	the	DET
cblr-10944	243	2	court	court	NOUN
cblr-10944	243	3	viewed	view	VERB
cblr-10944	243	4	slack	slack	NOUN
cblr-10944	243	5	’s	’s	PART
cblr-10944	243	6	common	common	ADJ
cblr-10944	243	7	stock	stock	NOUN
cblr-10944	243	8	as	as	ADP
cblr-10944	243	9	becoming	become	VERB
cblr-10944	243	10	available	available	ADJ
cblr-10944	243	11	from	from	ADP
cblr-10944	243	12	two	two	NUM
cblr-10944	243	13	simultaneous	simultaneous	ADJ
cblr-10944	243	14	entry	entry	NOUN
cblr-10944	243	15	points	point	NOUN
cblr-10944	243	16	.	.	PUNCT
cblr-10944	244	1	i	i	PRON
cblr-10944	244	2	d.	d.	PROPN
cblr-10944	244	3	one	one	NUM
cblr-10944	244	4	was	be	AUX
cblr-10944	244	5	the	the	DET
cblr-10944	244	6	registration	registration	NOUN
cblr-10944	244	7	statement	statement	NOUN
cblr-10944	244	8	and	and	CCONJ
cblr-10944	244	9	the	the	DET
cblr-10944	244	10	other	other	ADJ
cblr-10944	244	11	was	be	AUX
cblr-10944	244	12	rule	rule	NOUN
cblr-10944	244	13	144	144	NUM
cblr-10944	244	14	.	.	PUNCT
cblr-10944	245	1	i	i	PRON
cblr-10944	245	2	d.	d.	PROPN
cblr-10944	245	3	89	89	NUM
cblr-10944	246	1	i	i	PRON
cblr-10944	246	2	d.	d.	PROPN
cblr-10944	246	3	1044	1044	NUM
cblr-10944	246	4	columbia	columbia	PROPN
cblr-10944	246	5	business	business	PROPN
cblr-10944	246	6	law	law	PROPN
cblr-10944	246	7	review	review	NOUN
cblr-10944	246	8	[	[	X
cblr-10944	246	9	vol	vol	NOUN
cblr-10944	246	10	.	.	PUNCT
cblr-10944	246	11	2022	2022	NUM
cblr-10944	246	12	ultimately	ultimately	ADV
cblr-10944	246	13	,	,	PUNCT
cblr-10944	246	14	the	the	DET
cblr-10944	246	15	district	district	NOUN
cblr-10944	246	16	court	court	NOUN
cblr-10944	246	17	adopted	adopt	VERB
cblr-10944	246	18	the	the	DET
cblr-10944	246	19	broad	broad	ADJ
cblr-10944	246	20	meaning	meaning	NOUN
cblr-10944	246	21	because	because	SCONJ
cblr-10944	246	22	it	it	PRON
cblr-10944	246	23	believed	believe	VERB
cblr-10944	246	24	the	the	DET
cblr-10944	246	25	narrow	narrow	ADJ
cblr-10944	246	26	reading	reading	NOUN
cblr-10944	246	27	would	would	AUX
cblr-10944	246	28	interfere	interfere	VERB
cblr-10944	246	29	with	with	ADP
cblr-10944	246	30	the	the	DET
cblr-10944	246	31	goals	goal	NOUN
cblr-10944	246	32	of	of	ADP
cblr-10944	246	33	the	the	DET
cblr-10944	246	34	securities	security	NOUN
cblr-10944	246	35	act.90	act.90	PROPN
cblr-10944	246	36	the	the	DET
cblr-10944	246	37	securities	security	NOUN
cblr-10944	246	38	act	act	NOUN
cblr-10944	246	39	provides	provide	VERB
cblr-10944	246	40	for	for	ADP
cblr-10944	246	41	remedial	remedial	ADJ
cblr-10944	246	42	penalties	penalty	NOUN
cblr-10944	246	43	when	when	SCONJ
cblr-10944	246	44	registration	registration	NOUN
cblr-10944	246	45	statement	statement	NOUN
cblr-10944	246	46	requirements	requirement	NOUN
cblr-10944	246	47	have	have	AUX
cblr-10944	246	48	been	be	AUX
cblr-10944	246	49	violated	violate	VERB
cblr-10944	246	50	.	.	PUNCT
cblr-10944	247	1	however	however	ADV
cblr-10944	247	2	,	,	PUNCT
cblr-10944	247	3	due	due	ADP
cblr-10944	247	4	to	to	PART
cblr-10944	247	5	rule	rule	VERB
cblr-10944	247	6	144	144	NUM
cblr-10944	247	7	,	,	PUNCT
cblr-10944	247	8	certain	certain	ADJ
cblr-10944	247	9	shares	share	NOUN
cblr-10944	247	10	are	be	AUX
cblr-10944	247	11	exempted	exempt	VERB
cblr-10944	247	12	from	from	ADP
cblr-10944	247	13	registration	registration	NOUN
cblr-10944	247	14	.	.	PUNCT
cblr-10944	248	1	normally	normally	ADV
cblr-10944	248	2	,	,	PUNCT
cblr-10944	248	3	transactions	transaction	NOUN
cblr-10944	248	4	subject	subject	ADJ
cblr-10944	248	5	to	to	ADP
cblr-10944	248	6	registration	registration	NOUN
cblr-10944	248	7	requirements	requirement	NOUN
cblr-10944	248	8	and	and	CCONJ
cblr-10944	248	9	those	those	PRON
cblr-10944	248	10	that	that	PRON
cblr-10944	248	11	are	be	AUX
cblr-10944	248	12	exempt	exempt	ADJ
cblr-10944	248	13	from	from	ADP
cblr-10944	248	14	registration	registration	NOUN
cblr-10944	248	15	happen	happen	NOUN
cblr-10944	248	16	at	at	ADP
cblr-10944	248	17	different	different	ADJ
cblr-10944	248	18	time	time	NOUN
cblr-10944	248	19	periods	period	NOUN
cblr-10944	248	20	,	,	PUNCT
cblr-10944	248	21	but	but	CCONJ
cblr-10944	248	22	in	in	ADP
cblr-10944	248	23	slack	slack	NOUN
cblr-10944	248	24	’s	’s	ADV
cblr-10944	248	25	direct	direct	ADJ
cblr-10944	248	26	listing	listing	NOUN
cblr-10944	248	27	,	,	PUNCT
cblr-10944	248	28	both	both	DET
cblr-10944	248	29	transactions	transaction	NOUN
cblr-10944	248	30	—	—	PUNCT
cblr-10944	248	31	the	the	DET
cblr-10944	248	32	sale	sale	NOUN
cblr-10944	248	33	of	of	ADP
cblr-10944	248	34	registered	register	VERB
cblr-10944	248	35	and	and	CCONJ
cblr-10944	248	36	unregistered	unregistered	ADJ
cblr-10944	248	37	or	or	CCONJ
cblr-10944	248	38	exempted	exempt	VERB
cblr-10944	248	39	shares	share	NOUN
cblr-10944	248	40	—	—	PUNCT
cblr-10944	248	41	occurred	occur	VERB
cblr-10944	248	42	simultaneously.91	simultaneously.91	NOUN
cblr-10944	248	43	the	the	DET
cblr-10944	248	44	district	district	NOUN
cblr-10944	248	45	court	court	NOUN
cblr-10944	248	46	thought	think	VERB
cblr-10944	248	47	the	the	DET
cblr-10944	248	48	narrow	narrow	ADJ
cblr-10944	248	49	reading	reading	NOUN
cblr-10944	248	50	of	of	ADP
cblr-10944	248	51	“	"	PUNCT
cblr-10944	248	52	‘	'	PUNCT
cblr-10944	248	53	such	such	ADJ
cblr-10944	248	54	security	security	NOUN
cblr-10944	248	55	’	'	PUNCT
cblr-10944	248	56	in	in	ADP
cblr-10944	248	57	the	the	DET
cblr-10944	248	58	context	context	NOUN
cblr-10944	248	59	of	of	ADP
cblr-10944	248	60	slack	slack	NOUN
cblr-10944	248	61	’s	’s	ADV
cblr-10944	248	62	direct	direct	ADJ
cblr-10944	248	63	listing	listing	NOUN
cblr-10944	248	64	would	would	AUX
cblr-10944	248	65	cause	cause	VERB
cblr-10944	248	66	the	the	DET
cblr-10944	248	67	exemption	exemption	NOUN
cblr-10944	248	68	provision	provision	NOUN
cblr-10944	248	69	of	of	ADP
cblr-10944	248	70	section	section	NOUN
cblr-10944	248	71	4	4	NUM
cblr-10944	248	72	to	to	PART
cblr-10944	248	73	completely	completely	ADV
cblr-10944	248	74	obviate	obviate	VERB
cblr-10944	248	75	the	the	DET
cblr-10944	248	76	remedial	remedial	ADJ
cblr-10944	248	77	penalties	penalty	NOUN
cblr-10944	248	78	of	of	ADP
cblr-10944	248	79	section	section	NOUN
cblr-10944	248	80	[	[	X
cblr-10944	248	81	]	]	X
cblr-10944	248	82	11	11	NUM
cblr-10944	248	83	,	,	PUNCT
cblr-10944	248	84	”	"	PUNCT
cblr-10944	248	85	which	which	PRON
cblr-10944	248	86	would	would	AUX
cblr-10944	248	87	lead	lead	VERB
cblr-10944	248	88	to	to	ADP
cblr-10944	248	89	“	"	PUNCT
cblr-10944	248	90	absurd	absurd	ADJ
cblr-10944	248	91	or	or	CCONJ
cblr-10944	248	92	futile	futile	ADJ
cblr-10944	248	93	results	result	NOUN
cblr-10944	248	94	.	.	PUNCT
cblr-10944	248	95	.	.	PUNCT
cblr-10944	248	96	.	.	PUNCT
cblr-10944	249	1	plainly	plainly	ADV
cblr-10944	249	2	at	at	ADP
cblr-10944	249	3	variance	variance	NOUN
cblr-10944	249	4	with	with	ADP
cblr-10944	249	5	the	the	DET
cblr-10944	249	6	policy	policy	NOUN
cblr-10944	249	7	of	of	ADP
cblr-10944	249	8	the	the	DET
cblr-10944	249	9	legislation	legislation	NOUN
cblr-10944	249	10	as	as	ADP
cblr-10944	249	11	a	a	DET
cblr-10944	249	12	whole	whole	NOUN
cblr-10944	249	13	.	.	PUNCT
cblr-10944	250	1	”92	”92	ADJ
cblr-10944	250	2	here	here	ADV
cblr-10944	250	3	,	,	PUNCT
cblr-10944	250	4	the	the	DET
cblr-10944	250	5	court	court	NOUN
cblr-10944	250	6	identifies	identify	VERB
cblr-10944	250	7	that	that	SCONJ
cblr-10944	250	8	the	the	DET
cblr-10944	250	9	narrow	narrow	ADJ
cblr-10944	250	10	meaning	meaning	NOUN
cblr-10944	250	11	would	would	AUX
cblr-10944	250	12	eliminate	eliminate	VERB
cblr-10944	250	13	civil	civil	ADJ
cblr-10944	250	14	liability	liability	NOUN
cblr-10944	250	15	under	under	ADP
cblr-10944	250	16	the	the	DET
cblr-10944	250	17	securities	security	NOUN
cblr-10944	250	18	act	act	PROPN
cblr-10944	250	19	,	,	PUNCT
cblr-10944	250	20	which	which	PRON
cblr-10944	250	21	is	be	AUX
cblr-10944	250	22	contrary	contrary	ADJ
cblr-10944	250	23	to	to	ADP
cblr-10944	250	24	the	the	DET
cblr-10944	250	25	statute	statute	NOUN
cblr-10944	250	26	’s	’s	PART
cblr-10944	250	27	goal	goal	NOUN
cblr-10944	250	28	of	of	ADP
cblr-10944	250	29	full	full	ADJ
cblr-10944	250	30	and	and	CCONJ
cblr-10944	250	31	fair	fair	ADJ
cblr-10944	250	32	disclosure	disclosure	NOUN
cblr-10944	250	33	in	in	ADP
cblr-10944	250	34	securities	security	NOUN
cblr-10944	250	35	issuances	issuance	NOUN
cblr-10944	250	36	.	.	PUNCT
cblr-10944	251	1	thus	thus	ADV
cblr-10944	251	2	,	,	PUNCT
cblr-10944	251	3	the	the	DET
cblr-10944	251	4	district	district	NOUN
cblr-10944	251	5	court	court	NOUN
cblr-10944	251	6	holds	hold	VERB
cblr-10944	251	7	that	that	SCONJ
cblr-10944	251	8	this	this	DET
cblr-10944	251	9	unique	unique	ADJ
cblr-10944	251	10	circumstance	circumstance	NOUN
cblr-10944	251	11	—	—	PUNCT
cblr-10944	251	12	a	a	DET
cblr-10944	251	13	direct	direct	ADJ
cblr-10944	251	14	listing	listing	NOUN
cblr-10944	251	15	where	where	SCONJ
cblr-10944	251	16	registered	registered	ADJ
cblr-10944	251	17	shares	share	NOUN
cblr-10944	251	18	become	become	VERB
cblr-10944	251	19	available	available	ADJ
cblr-10944	251	20	for	for	ADP
cblr-10944	251	21	sale	sale	NOUN
cblr-10944	251	22	simultaneously	simultaneously	ADV
cblr-10944	251	23	with	with	ADP
cblr-10944	251	24	shares	share	NOUN
cblr-10944	251	25	exempted	exempt	VERB
cblr-10944	251	26	from	from	ADP
cblr-10944	251	27	registration	registration	NOUN
cblr-10944	251	28	—	—	PUNCT
cblr-10944	251	29	warrants	warrant	NOUN
cblr-10944	251	30	the	the	DET
cblr-10944	251	31	broader	broad	ADJ
cblr-10944	251	32	reading	reading	NOUN
cblr-10944	251	33	of	of	ADP
cblr-10944	251	34	“	"	PUNCT
cblr-10944	251	35	such	such	ADJ
cblr-10944	251	36	security	security	NOUN
cblr-10944	251	37	.	.	PUNCT
cblr-10944	252	1	”93	”93	ADJ
cblr-10944	252	2	slack	slack	NOUN
cblr-10944	252	3	illustrates	illustrate	VERB
cblr-10944	252	4	the	the	DET
cblr-10944	252	5	district	district	NOUN
cblr-10944	252	6	court	court	NOUN
cblr-10944	252	7	’s	’s	PART
cblr-10944	252	8	willingness	willingness	NOUN
cblr-10944	252	9	to	to	PART
cblr-10944	252	10	relax	relax	VERB
cblr-10944	252	11	the	the	DET
cblr-10944	252	12	pleading	pleading	NOUN
cblr-10944	252	13	requirements	requirement	NOUN
cblr-10944	252	14	to	to	PART
cblr-10944	252	15	prevent	prevent	VERB
cblr-10944	252	16	insulating	insulate	VERB
cblr-10944	252	17	direct	direct	ADJ
cblr-10944	252	18	listings	listing	NOUN
cblr-10944	252	19	from	from	ADP
cblr-10944	252	20	liability	liability	NOUN
cblr-10944	252	21	under	under	ADP
cblr-10944	252	22	the	the	DET
cblr-10944	252	23	securities	security	NOUN
cblr-10944	252	24	act	act	PROPN
cblr-10944	252	25	.	.	PUNCT
cblr-10944	253	1	based	base	VERB
cblr-10944	253	2	on	on	ADP
cblr-10944	253	3	precedent	precedent	NOUN
cblr-10944	253	4	and	and	CCONJ
cblr-10944	253	5	the	the	DET
cblr-10944	253	6	narrow	narrow	ADJ
cblr-10944	253	7	reading	reading	NOUN
cblr-10944	253	8	of	of	ADP
cblr-10944	253	9	“	"	PUNCT
cblr-10944	253	10	such	such	ADJ
cblr-10944	253	11	security	security	NOUN
cblr-10944	253	12	,	,	PUNCT
cblr-10944	253	13	”	"	PUNCT
cblr-10944	253	14	the	the	DET
cblr-10944	253	15	court	court	NOUN
cblr-10944	253	16	should	should	AUX
cblr-10944	253	17	have	have	AUX
cblr-10944	253	18	affirmed	affirm	VERB
cblr-10944	253	19	the	the	DET
cblr-10944	253	20	defendants	defendant	NOUN
cblr-10944	253	21	’	’	PART
cblr-10944	253	22	motion	motion	NOUN
cblr-10944	253	23	to	to	PART
cblr-10944	253	24	dismiss	dismiss	VERB
cblr-10944	253	25	with	with	ADP
cblr-10944	253	26	respect	respect	NOUN
cblr-10944	253	27	to	to	ADP
cblr-10944	253	28	the	the	DET
cblr-10944	253	29	section	section	NOUN
cblr-10944	253	30	11	11	NUM
cblr-10944	253	31	claims	claim	NOUN
cblr-10944	253	32	,	,	PUNCT
cblr-10944	253	33	but	but	CCONJ
cblr-10944	253	34	the	the	DET
cblr-10944	253	35	district	district	NOUN
cblr-10944	253	36	court	court	NOUN
cblr-10944	253	37	’s	’s	PART
cblr-10944	253	38	analysis	analysis	NOUN
cblr-10944	253	39	did	do	AUX
cblr-10944	253	40	not	not	PART
cblr-10944	253	41	end	end	VERB
cblr-10944	253	42	here	here	ADV
cblr-10944	253	43	.	.	PUNCT
cblr-10944	254	1	instead	instead	ADV
cblr-10944	254	2	,	,	PUNCT
cblr-10944	254	3	the	the	DET
cblr-10944	254	4	court	court	NOUN
cblr-10944	254	5	looked	look	VERB
cblr-10944	254	6	at	at	ADP
cblr-10944	254	7	policy	policy	NOUN
cblr-10944	254	8	concerns	concern	NOUN
cblr-10944	254	9	.	.	PUNCT
cblr-10944	255	1	it	it	PRON
cblr-10944	255	2	agreed	agree	VERB
cblr-10944	255	3	with	with	ADP
cblr-10944	255	4	the	the	DET
cblr-10944	255	5	plaintiff	plaintiff	NOUN
cblr-10944	255	6	that	that	SCONJ
cblr-10944	255	7	this	this	DET
cblr-10944	255	8	view	view	NOUN
cblr-10944	255	9	of	of	ADP
cblr-10944	255	10	the	the	DET
cblr-10944	255	11	tracing	trace	VERB
cblr-10944	255	12	requirement	requirement	NOUN
cblr-10944	255	13	would	would	AUX
cblr-10944	255	14	“	"	PUNCT
cblr-10944	255	15	eviscerate	eviscerate	VERB
cblr-10944	255	16	the	the	DET
cblr-10944	255	17	rights	right	NOUN
cblr-10944	255	18	afforded	afford	VERB
cblr-10944	255	19	by	by	ADP
cblr-10944	255	20	section	section	NOUN
cblr-10944	255	21	11	11	NUM
cblr-10944	255	22	and	and	CCONJ
cblr-10944	255	23	allow	allow	VERB
cblr-10944	255	24	companies	company	NOUN
cblr-10944	255	25	to	to	PART
cblr-10944	255	26	eliminate	eliminate	VERB
cblr-10944	255	27	section	section	NOUN
cblr-10944	255	28	11	11	NUM
cblr-10944	255	29	liability	liability	NOUN
cblr-10944	255	30	by	by	ADP
cblr-10944	255	31	90	90	NUM
cblr-10944	255	32	i	i	PROPN
cblr-10944	255	33	d.	d.	PROPN
cblr-10944	255	34	at	at	ADP
cblr-10944	255	35	380	380	NUM
cblr-10944	255	36	.	.	PUNCT
cblr-10944	256	1	91	91	NUM
cblr-10944	256	2	see	see	VERB
cblr-10944	256	3	supra	supra	PROPN
cblr-10944	256	4	section	section	PROPN
cblr-10944	256	5	ii.b.3	ii.b.3	NOUN
cblr-10944	256	6	.	.	PUNCT
cblr-10944	257	1	92	92	NUM
cblr-10944	257	2	pirani	pirani	PROPN
cblr-10944	257	3	,	,	PUNCT
cblr-10944	257	4	445	445	NUM
cblr-10944	257	5	f.	f.	NOUN
cblr-10944	257	6	supp.3d	supp.3d	PROPN
cblr-10944	257	7	at	at	ADP
cblr-10944	257	8	380	380	NUM
cblr-10944	257	9	(	(	PUNCT
cblr-10944	257	10	citing	cite	VERB
cblr-10944	257	11	eeoc	eeoc	PROPN
cblr-10944	257	12	v.	v.	ADP
cblr-10944	257	13	commercial	commercial	ADJ
cblr-10944	257	14	office	office	NOUN
cblr-10944	257	15	prod	prod	NOUN
cblr-10944	257	16	.	.	PUNCT
cblr-10944	257	17	co.	co.	PROPN
cblr-10944	257	18	,	,	PUNCT
cblr-10944	257	19	486	486	NUM
cblr-10944	257	20	u.s	u.s	PROPN
cblr-10944	257	21	.	.	PROPN
cblr-10944	257	22	107	107	NUM
cblr-10944	257	23	,	,	PUNCT
cblr-10944	257	24	120	120	NUM
cblr-10944	257	25	(	(	PUNCT
cblr-10944	257	26	1988	1988	NUM
cblr-10944	257	27	)	)	PUNCT
cblr-10944	257	28	)	)	PUNCT
cblr-10944	257	29	.	.	PUNCT
cblr-10944	258	1	93	93	NUM
cblr-10944	259	1	i	i	PRON
cblr-10944	259	2	d.	d.	PROPN
cblr-10944	259	3	at	at	ADP
cblr-10944	259	4	381	381	NUM
cblr-10944	259	5	.	.	PUNCT
cblr-10944	260	1	no	no	INTJ
cblr-10944	260	2	.	.	PUNCT
cblr-10944	261	1	2:1026	2:1026	NUM
cblr-10944	261	2	]	]	X
cblr-10944	261	3	direct	direct	ADJ
cblr-10944	261	4	listings	listing	NOUN
cblr-10944	261	5	and	and	CCONJ
cblr-10944	261	6	the	the	DET
cblr-10944	261	7	tracing	tracing	ADJ
cblr-10944	261	8	doctrine	doctrine	NOUN
cblr-10944	261	9	1045	1045	NUM
cblr-10944	261	10	releasing	release	VERB
cblr-10944	261	11	non	non	ADJ
cblr-10944	261	12	-	-	ADJ
cblr-10944	261	13	registered	registered	ADJ
cblr-10944	261	14	shares	share	NOUN
cblr-10944	261	15	into	into	ADP
cblr-10944	261	16	the	the	DET
cblr-10944	261	17	market	market	NOUN
cblr-10944	261	18	at	at	ADP
cblr-10944	261	19	the	the	DET
cblr-10944	261	20	same	same	ADJ
cblr-10944	261	21	time	time	NOUN
cblr-10944	261	22	as	as	ADP
cblr-10944	261	23	registered	register	VERB
cblr-10944	261	24	shares	share	NOUN
cblr-10944	261	25	.	.	PUNCT
cblr-10944	262	1	”94	”94	PROPN
cblr-10944	262	2	thus	thus	ADV
cblr-10944	262	3	,	,	PUNCT
cblr-10944	262	4	the	the	DET
cblr-10944	262	5	court	court	NOUN
cblr-10944	262	6	ignored	ignore	VERB
cblr-10944	262	7	precedent	precedent	NOUN
cblr-10944	262	8	because	because	SCONJ
cblr-10944	262	9	it	it	PRON
cblr-10944	262	10	believed	believe	VERB
cblr-10944	262	11	that	that	SCONJ
cblr-10944	262	12	the	the	DET
cblr-10944	262	13	adverse	adverse	ADJ
cblr-10944	262	14	policy	policy	NOUN
cblr-10944	262	15	consequences	consequence	NOUN
cblr-10944	262	16	that	that	PRON
cblr-10944	262	17	would	would	AUX
cblr-10944	262	18	result	result	VERB
cblr-10944	262	19	would	would	AUX
cblr-10944	262	20	be	be	AUX
cblr-10944	262	21	detrimental	detrimental	ADJ
cblr-10944	262	22	to	to	ADP
cblr-10944	262	23	investors	investor	NOUN
cblr-10944	262	24	.	.	PUNCT
cblr-10944	263	1	however	however	ADV
cblr-10944	263	2	,	,	PUNCT
cblr-10944	263	3	the	the	DET
cblr-10944	263	4	court	court	NOUN
cblr-10944	263	5	did	do	AUX
cblr-10944	263	6	certify	certify	VERB
cblr-10944	263	7	its	its	PRON
cblr-10944	263	8	decision	decision	NOUN
cblr-10944	263	9	for	for	ADP
cblr-10944	263	10	interlocutory	interlocutory	NOUN
cblr-10944	263	11	appeal	appeal	NOUN
cblr-10944	263	12	to	to	ADP
cblr-10944	263	13	the	the	DET
cblr-10944	263	14	ninth	ninth	ADJ
cblr-10944	263	15	circuit	circuit	NOUN
cblr-10944	263	16	.	.	PUNCT
cblr-10944	264	1	3	3	X
cblr-10944	264	2	.	.	X
cblr-10944	264	3	judge	judge	PROPN
cblr-10944	264	4	restani	restani	PROPN
cblr-10944	264	5	’s	’s	PART
cblr-10944	264	6	majority	majority	NOUN
cblr-10944	264	7	opinion	opinion	NOUN
cblr-10944	264	8	on	on	ADP
cblr-10944	264	9	interlocutory	interlocutory	NOUN
cblr-10944	264	10	appeal	appeal	NOUN
cblr-10944	264	11	,	,	PUNCT
cblr-10944	264	12	the	the	DET
cblr-10944	264	13	ninth	ninth	ADJ
cblr-10944	264	14	circuit	circuit	NOUN
cblr-10944	264	15	,	,	PUNCT
cblr-10944	264	16	in	in	ADP
cblr-10944	264	17	a	a	DET
cblr-10944	264	18	2	2	NUM
cblr-10944	264	19	-	-	SYM
cblr-10944	264	20	1	1	NUM
cblr-10944	264	21	split	split	NOUN
cblr-10944	264	22	,	,	PUNCT
cblr-10944	264	23	affirmed	affirm	VERB
cblr-10944	264	24	the	the	DET
cblr-10944	264	25	district	district	NOUN
cblr-10944	264	26	court	court	NOUN
cblr-10944	264	27	’s	’s	PART
cblr-10944	264	28	decision	decision	NOUN
cblr-10944	264	29	,	,	PUNCT
cblr-10944	264	30	but	but	CCONJ
cblr-10944	264	31	on	on	ADP
cblr-10944	264	32	a	a	DET
cblr-10944	264	33	different	different	ADJ
cblr-10944	264	34	legal	legal	ADJ
cblr-10944	264	35	basis.95	basis.95	NOUN
cblr-10944	264	36	like	like	ADP
cblr-10944	264	37	the	the	DET
cblr-10944	264	38	district	district	NOUN
cblr-10944	264	39	court	court	NOUN
cblr-10944	264	40	,	,	PUNCT
cblr-10944	264	41	the	the	DET
cblr-10944	264	42	ninth	ninth	ADJ
cblr-10944	264	43	circuit	circuit	NOUN
cblr-10944	264	44	agreed	agree	VERB
cblr-10944	264	45	that	that	SCONJ
cblr-10944	264	46	slack	slack	NOUN
cblr-10944	264	47	was	be	AUX
cblr-10944	264	48	a	a	DET
cblr-10944	264	49	case	case	NOUN
cblr-10944	264	50	of	of	ADP
cblr-10944	264	51	first	first	ADJ
cblr-10944	264	52	impression	impression	NOUN
cblr-10944	264	53	,	,	PUNCT
cblr-10944	264	54	given	give	VERB
cblr-10944	264	55	the	the	DET
cblr-10944	264	56	use	use	NOUN
cblr-10944	264	57	of	of	ADP
cblr-10944	264	58	a	a	DET
cblr-10944	264	59	direct	direct	ADJ
cblr-10944	264	60	listing.96	listing.96	NOUN
cblr-10944	264	61	however	however	ADV
cblr-10944	264	62	,	,	PUNCT
cblr-10944	264	63	unlike	unlike	ADP
cblr-10944	264	64	the	the	DET
cblr-10944	264	65	district	district	NOUN
cblr-10944	264	66	court	court	NOUN
cblr-10944	264	67	,	,	PUNCT
cblr-10944	264	68	judge	judge	PROPN
cblr-10944	264	69	restani	restani	PROPN
cblr-10944	264	70	did	do	AUX
cblr-10944	264	71	not	not	PART
cblr-10944	264	72	adopt	adopt	VERB
cblr-10944	264	73	the	the	DET
cblr-10944	264	74	broad	broad	ADJ
cblr-10944	264	75	meaning	meaning	NOUN
cblr-10944	264	76	of	of	ADP
cblr-10944	264	77	“	"	PUNCT
cblr-10944	264	78	such	such	ADJ
cblr-10944	264	79	security	security	NOUN
cblr-10944	264	80	”	"	PUNCT
cblr-10944	264	81	and	and	CCONJ
cblr-10944	264	82	did	do	AUX
cblr-10944	264	83	not	not	PART
cblr-10944	264	84	focus	focus	VERB
cblr-10944	264	85	her	her	PRON
cblr-10944	264	86	analysis	analysis	NOUN
cblr-10944	264	87	of	of	ADP
cblr-10944	264	88	“	"	PUNCT
cblr-10944	264	89	such	such	ADJ
cblr-10944	264	90	security	security	NOUN
cblr-10944	264	91	”	"	PUNCT
cblr-10944	264	92	by	by	ADP
cblr-10944	264	93	looking	look	VERB
cblr-10944	264	94	at	at	ADP
cblr-10944	264	95	legal	legal	ADJ
cblr-10944	264	96	precedent.97	precedent.97	NOUN
cblr-10944	264	97	instead	instead	ADV
cblr-10944	264	98	,	,	PUNCT
cblr-10944	264	99	she	she	PRON
cblr-10944	264	100	analyzed	analyze	VERB
cblr-10944	264	101	nyse	nyse	PROPN
cblr-10944	264	102	section	section	NOUN
cblr-10944	264	103	102.01b	102.01b	NUM
cblr-10944	264	104	,	,	PUNCT
cblr-10944	264	105	footnote	footnote	VERB
cblr-10944	264	106	e	e	NOUN
cblr-10944	264	107	,	,	PUNCT
cblr-10944	264	108	the	the	DET
cblr-10944	264	109	regulatory	regulatory	ADJ
cblr-10944	264	110	change	change	NOUN
cblr-10944	264	111	that	that	PRON
cblr-10944	264	112	allows	allow	VERB
cblr-10944	264	113	companies	company	NOUN
cblr-10944	264	114	to	to	PART
cblr-10944	264	115	perform	perform	VERB
cblr-10944	264	116	a	a	DET
cblr-10944	264	117	direct	direct	ADJ
cblr-10944	264	118	listing.98	listing.98	NOUN
cblr-10944	264	119	in	in	ADP
cblr-10944	264	120	her	her	PRON
cblr-10944	264	121	view	view	NOUN
cblr-10944	264	122	,	,	PUNCT
cblr-10944	264	123	the	the	DET
cblr-10944	264	124	nyse	nyse	PROPN
cblr-10944	264	125	rule	rule	NOUN
cblr-10944	264	126	requires	require	VERB
cblr-10944	264	127	a	a	DET
cblr-10944	264	128	company	company	NOUN
cblr-10944	264	129	to	to	PART
cblr-10944	264	130	file	file	VERB
cblr-10944	264	131	a	a	DET
cblr-10944	264	132	registration	registration	NOUN
cblr-10944	264	133	statement	statement	NOUN
cblr-10944	264	134	to	to	PART
cblr-10944	264	135	perform	perform	VERB
cblr-10944	264	136	a	a	DET
cblr-10944	264	137	direct	direct	ADJ
cblr-10944	264	138	listing	listing	NOUN
cblr-10944	264	139	,	,	PUNCT
cblr-10944	264	140	and	and	CCONJ
cblr-10944	264	141	this	this	DET
cblr-10944	264	142	same	same	ADJ
cblr-10944	264	143	registration	registration	NOUN
cblr-10944	264	144	statement	statement	NOUN
cblr-10944	264	145	allows	allow	VERB
cblr-10944	264	146	it	it	PRON
cblr-10944	264	147	to	to	PART
cblr-10944	264	148	sell	sell	VERB
cblr-10944	264	149	registered	register	VERB
cblr-10944	264	150	and	and	CCONJ
cblr-10944	264	151	unregistered	unregistered	ADJ
cblr-10944	264	152	shares;99	shares;99	NOUN
cblr-10944	264	153	she	she	PRON
cblr-10944	264	154	explained	explain	VERB
cblr-10944	264	155	her	her	PRON
cblr-10944	264	156	reasoning	reasoning	NOUN
cblr-10944	264	157	thus	thus	ADV
cblr-10944	264	158	:	:	PUNCT
cblr-10944	264	159	slack	slack	VERB
cblr-10944	264	160	’s	’s	PART
cblr-10944	264	161	unregistered	unregistered	ADJ
cblr-10944	264	162	shares	share	NOUN
cblr-10944	264	163	sold	sell	VERB
cblr-10944	264	164	in	in	ADP
cblr-10944	264	165	a	a	DET
cblr-10944	264	166	direct	direct	ADJ
cblr-10944	264	167	listing	listing	NOUN
cblr-10944	264	168	are	be	AUX
cblr-10944	264	169	“	"	PUNCT
cblr-10944	264	170	such	such	ADJ
cblr-10944	264	171	securities	security	NOUN
cblr-10944	264	172	”	"	PUNCT
cblr-10944	264	173	within	within	ADP
cblr-10944	264	174	the	the	DET
cblr-10944	264	175	meaning	meaning	NOUN
cblr-10944	264	176	of	of	ADP
cblr-10944	264	177	section	section	NOUN
cblr-10944	264	178	11	11	NUM
cblr-10944	264	179	because	because	SCONJ
cblr-10944	264	180	their	their	PRON
cblr-10944	264	181	public	public	ADJ
cblr-10944	264	182	sale	sale	NOUN
cblr-10944	264	183	can	can	AUX
cblr-10944	264	184	not	not	PART
cblr-10944	264	185	occur	occur	VERB
cblr-10944	264	186	without	without	ADP
cblr-10944	264	187	the	the	DET
cblr-10944	264	188	only	only	ADJ
cblr-10944	264	189	operative	operative	ADJ
cblr-10944	264	190	registration	registration	NOUN
cblr-10944	264	191	in	in	ADP
cblr-10944	264	192	existence	existence	NOUN
cblr-10944	264	193	.	.	PUNCT
cblr-10944	265	1	any	any	DET
cblr-10944	265	2	person	person	NOUN
cblr-10944	265	3	who	who	PRON
cblr-10944	265	4	acquired	acquire	VERB
cblr-10944	265	5	slack	slack	NOUN
cblr-10944	265	6	shares	share	NOUN
cblr-10944	265	7	through	through	ADP
cblr-10944	265	8	its	its	PRON
cblr-10944	265	9	direct	direct	ADJ
cblr-10944	265	10	listing	listing	NOUN
cblr-10944	265	11	could	could	AUX
cblr-10944	265	12	do	do	VERB
cblr-10944	265	13	so	so	ADV
cblr-10944	265	14	only	only	ADV
cblr-10944	265	15	because	because	SCONJ
cblr-10944	265	16	of	of	ADP
cblr-10944	265	17	the	the	DET
cblr-10944	265	18	effectiveness	effectiveness	NOUN
cblr-10944	265	19	of	of	ADP
cblr-10944	265	20	its	its	PRON
cblr-10944	265	21	registration	registration	NOUN
cblr-10944	265	22	statement.100	statement.100	NOUN
cblr-10944	265	23	94	94	NUM
cblr-10944	265	24	i	i	PRON
cblr-10944	265	25	d.	d.	PROPN
cblr-10944	265	26	at	at	ADP
cblr-10944	265	27	379	379	NUM
cblr-10944	265	28	.	.	PUNCT
cblr-10944	266	1	95	95	NUM
cblr-10944	266	2	pirani	pirani	PROPN
cblr-10944	266	3	v.	v.	ADP
cblr-10944	266	4	slack	slack	PROPN
cblr-10944	266	5	technologies	technologies	PROPN
cblr-10944	266	6	,	,	PUNCT
cblr-10944	266	7	inc	inc	PROPN
cblr-10944	266	8	.	.	PROPN
cblr-10944	266	9	,	,	PUNCT
cblr-10944	266	10	13	13	NUM
cblr-10944	266	11	f.4th	f.4th	NOUN
cblr-10944	266	12	940	940	NUM
cblr-10944	266	13	,	,	PUNCT
cblr-10944	266	14	943	943	NUM
cblr-10944	266	15	(	(	PUNCT
cblr-10944	266	16	9th	9th	ADJ
cblr-10944	266	17	cir	cir	NOUN
cblr-10944	266	18	.	.	PROPN
cblr-10944	266	19	2021	2021	NUM
cblr-10944	266	20	)	)	PUNCT
cblr-10944	266	21	.	.	PUNCT
cblr-10944	267	1	96	96	NUM
cblr-10944	268	1	i	i	PRON
cblr-10944	268	2	d.	d.	PROPN
cblr-10944	268	3	at	at	ADP
cblr-10944	268	4	946	946	NUM
cblr-10944	268	5	.	.	PUNCT
cblr-10944	269	1	97	97	NUM
cblr-10944	270	1	i	i	PRON
cblr-10944	270	2	d.	d.	PROPN
cblr-10944	270	3	at	at	ADP
cblr-10944	270	4	946–47	946–47	NUM
cblr-10944	270	5	.	.	PROPN
cblr-10944	271	1	98	98	NUM
cblr-10944	271	2	see	see	VERB
cblr-10944	271	3	supra	supra	PROPN
cblr-10944	271	4	section	section	PROPN
cblr-10944	271	5	ii.b.2	ii.b.2	PROPN
cblr-10944	271	6	for	for	ADP
cblr-10944	271	7	an	an	DET
cblr-10944	271	8	analysis	analysis	NOUN
cblr-10944	271	9	of	of	ADP
cblr-10944	271	10	section	section	NOUN
cblr-10944	271	11	102.01b	102.01b	NUM
cblr-10944	271	12	,	,	PUNCT
cblr-10944	271	13	footnote	footnote	VERB
cblr-10944	271	14	e.	e.	PROPN
cblr-10944	271	15	99	99	NUM
cblr-10944	271	16	pirani	pirani	PROPN
cblr-10944	271	17	,	,	PUNCT
cblr-10944	271	18	13	13	NUM
cblr-10944	271	19	f.4th	f.4th	NOUN
cblr-10944	271	20	at	at	ADP
cblr-10944	271	21	948	948	NUM
cblr-10944	271	22	.	.	NOUN
cblr-10944	271	23	100	100	NUM
cblr-10944	271	24	i	i	PRON
cblr-10944	271	25	d.	d.	PROPN
cblr-10944	271	26	at	at	ADP
cblr-10944	271	27	947	947	NUM
cblr-10944	271	28	(	(	PUNCT
cblr-10944	271	29	emphasis	emphasis	NOUN
cblr-10944	271	30	added	add	VERB
cblr-10944	271	31	)	)	PUNCT
cblr-10944	271	32	.	.	PUNCT
cblr-10944	272	1	1046	1046	NUM
cblr-10944	272	2	columbia	columbia	PROPN
cblr-10944	272	3	business	business	PROPN
cblr-10944	272	4	law	law	PROPN
cblr-10944	272	5	review	review	NOUN
cblr-10944	272	6	[	[	X
cblr-10944	272	7	vol	vol	NOUN
cblr-10944	272	8	.	.	PUNCT
cblr-10944	272	9	2022	2022	NUM
cblr-10944	272	10	thus	thus	ADV
cblr-10944	272	11	,	,	PUNCT
cblr-10944	272	12	the	the	DET
cblr-10944	272	13	court	court	NOUN
cblr-10944	272	14	found	find	VERB
cblr-10944	272	15	that	that	SCONJ
cblr-10944	272	16	there	there	PRON
cblr-10944	272	17	was	be	VERB
cblr-10944	272	18	no	no	DET
cblr-10944	272	19	tracing	trace	VERB
cblr-10944	272	20	issue	issue	NOUN
cblr-10944	272	21	because	because	SCONJ
cblr-10944	272	22	all	all	PRON
cblr-10944	272	23	of	of	ADP
cblr-10944	272	24	slack	slack	NOUN
cblr-10944	272	25	’s	’s	PART
cblr-10944	272	26	shares	share	NOUN
cblr-10944	272	27	could	could	AUX
cblr-10944	272	28	be	be	AUX
cblr-10944	272	29	traced	trace	VERB
cblr-10944	272	30	to	to	ADP
cblr-10944	272	31	the	the	DET
cblr-10944	272	32	single	single	ADJ
cblr-10944	272	33	registration	registration	NOUN
cblr-10944	272	34	statement	statement	NOUN
cblr-10944	272	35	required	require	VERB
cblr-10944	272	36	by	by	ADP
cblr-10944	272	37	section	section	NOUN
cblr-10944	272	38	102.01b	102.01b	NUM
cblr-10944	272	39	,	,	PUNCT
cblr-10944	272	40	footnote	footnote	VERB
cblr-10944	272	41	e.	e.	PROPN
cblr-10944	272	42	in	in	ADP
cblr-10944	272	43	addition	addition	NOUN
cblr-10944	272	44	,	,	PUNCT
cblr-10944	272	45	the	the	DET
cblr-10944	272	46	court	court	NOUN
cblr-10944	272	47	also	also	ADV
cblr-10944	272	48	found	find	VERB
cblr-10944	272	49	that	that	SCONJ
cblr-10944	272	50	the	the	DET
cblr-10944	272	51	legislative	legislative	ADJ
cblr-10944	272	52	history	history	NOUN
cblr-10944	272	53	of	of	ADP
cblr-10944	272	54	section	section	NOUN
cblr-10944	272	55	11	11	NUM
cblr-10944	272	56	supported	support	VERB
cblr-10944	272	57	this	this	DET
cblr-10944	272	58	interpretation	interpretation	NOUN
cblr-10944	272	59	.	.	PUNCT
cblr-10944	273	1	the	the	DET
cblr-10944	273	2	house	house	PROPN
cblr-10944	273	3	conference	conference	NOUN
cblr-10944	273	4	report	report	NOUN
cblr-10944	273	5	on	on	ADP
cblr-10944	273	6	the	the	DET
cblr-10944	273	7	securities	security	NOUN
cblr-10944	273	8	act	act	PROPN
cblr-10944	273	9	stated	state	VERB
cblr-10944	273	10	that	that	SCONJ
cblr-10944	273	11	“	"	PUNCT
cblr-10944	273	12	[	[	X
cblr-10944	273	13	sections	section	NOUN
cblr-10944	273	14	11	11	NUM
cblr-10944	273	15	and	and	CCONJ
cblr-10944	273	16	12	12	NUM
cblr-10944	273	17	]	]	PUNCT
cblr-10944	273	18	entitle	entitle	NOUN
cblr-10944	273	19	the	the	DET
cblr-10944	273	20	buyer	buyer	NOUN
cblr-10944	273	21	of	of	ADP
cblr-10944	273	22	securities	security	NOUN
cblr-10944	273	23	sold	sell	VERB
cblr-10944	273	24	upon	upon	SCONJ
cblr-10944	273	25	a	a	DET
cblr-10944	273	26	registration	registration	NOUN
cblr-10944	273	27	statement	statement	NOUN
cblr-10944	273	28	including	include	VERB
cblr-10944	273	29	an	an	DET
cblr-10944	273	30	untrue	untrue	ADJ
cblr-10944	273	31	statement	statement	NOUN
cblr-10944	273	32	or	or	CCONJ
cblr-10944	273	33	omission	omission	NOUN
cblr-10944	273	34	of	of	ADP
cblr-10944	273	35	material	material	ADJ
cblr-10944	273	36	fact	fact	NOUN
cblr-10944	273	37	,	,	PUNCT
cblr-10944	273	38	to	to	PART
cblr-10944	273	39	sue	sue	VERB
cblr-10944	273	40	for	for	ADP
cblr-10944	273	41	recovery	recovery	NOUN
cblr-10944	273	42	.	.	PUNCT
cblr-10944	274	1	”101	”101	PROPN
cblr-10944	274	2	here	here	ADV
cblr-10944	274	3	,	,	PUNCT
cblr-10944	274	4	slack	slack	VERB
cblr-10944	274	5	’s	’s	PART
cblr-10944	274	6	registered	register	VERB
cblr-10944	274	7	and	and	CCONJ
cblr-10944	274	8	unregistered	unregistered	ADJ
cblr-10944	274	9	shares	share	NOUN
cblr-10944	274	10	were	be	AUX
cblr-10944	274	11	sold	sell	VERB
cblr-10944	274	12	“	"	PUNCT
cblr-10944	274	13	upon	upon	SCONJ
cblr-10944	274	14	a	a	DET
cblr-10944	274	15	registration	registration	NOUN
cblr-10944	274	16	statement	statement	NOUN
cblr-10944	274	17	”	"	PUNCT
cblr-10944	274	18	because	because	SCONJ
cblr-10944	274	19	their	their	PRON
cblr-10944	274	20	shares	share	NOUN
cblr-10944	274	21	could	could	AUX
cblr-10944	274	22	only	only	ADV
cblr-10944	274	23	be	be	AUX
cblr-10944	274	24	sold	sell	VERB
cblr-10944	274	25	to	to	ADP
cblr-10944	274	26	the	the	DET
cblr-10944	274	27	public	public	NOUN
cblr-10944	274	28	once	once	SCONJ
cblr-10944	274	29	the	the	DET
cblr-10944	274	30	statement	statement	NOUN
cblr-10944	274	31	became	become	VERB
cblr-10944	274	32	effective	effective	ADJ
cblr-10944	274	33	.	.	PUNCT
cblr-10944	275	1	this	this	DET
cblr-10944	275	2	view	view	NOUN
cblr-10944	275	3	,	,	PUNCT
cblr-10944	275	4	according	accord	VERB
cblr-10944	275	5	to	to	ADP
cblr-10944	275	6	the	the	DET
cblr-10944	275	7	court	court	NOUN
cblr-10944	275	8	,	,	PUNCT
cblr-10944	275	9	is	be	AUX
cblr-10944	275	10	consistent	consistent	ADJ
cblr-10944	275	11	with	with	ADP
cblr-10944	275	12	the	the	DET
cblr-10944	275	13	drafters	drafter	NOUN
cblr-10944	275	14	’	'	PUNCT
cblr-10944	275	15	intention	intention	NOUN
cblr-10944	275	16	to	to	PART
cblr-10944	275	17	put	put	VERB
cblr-10944	275	18	the	the	DET
cblr-10944	275	19	responsibility	responsibility	NOUN
cblr-10944	275	20	of	of	ADP
cblr-10944	275	21	fair	fair	ADJ
cblr-10944	275	22	dealing	deal	VERB
cblr-10944	275	23	upon	upon	SCONJ
cblr-10944	275	24	those	those	PRON
cblr-10944	275	25	who	who	PRON
cblr-10944	275	26	make	make	VERB
cblr-10944	275	27	material	material	ADJ
cblr-10944	275	28	statements	statement	NOUN
cblr-10944	275	29	relevant	relevant	ADJ
cblr-10944	275	30	to	to	ADP
cblr-10944	275	31	the	the	DET
cblr-10944	275	32	purchase	purchase	NOUN
cblr-10944	275	33	or	or	CCONJ
cblr-10944	275	34	sale	sale	NOUN
cblr-10944	275	35	of	of	ADP
cblr-10944	275	36	a	a	DET
cblr-10944	275	37	security.102	security.102	NOUN
cblr-10944	275	38	slack	slack	NOUN
cblr-10944	275	39	pressed	press	VERB
cblr-10944	275	40	for	for	ADP
cblr-10944	275	41	the	the	DET
cblr-10944	275	42	ninth	ninth	ADJ
cblr-10944	275	43	circuit	circuit	NOUN
cblr-10944	275	44	to	to	PART
cblr-10944	275	45	apply	apply	VERB
cblr-10944	275	46	precedent	precedent	NOUN
cblr-10944	275	47	on	on	ADP
cblr-10944	275	48	successive	successive	ADJ
cblr-10944	275	49	registration	registration	NOUN
cblr-10944	275	50	statements	statement	NOUN
cblr-10944	275	51	,	,	PUNCT
cblr-10944	275	52	which	which	PRON
cblr-10944	275	53	adopts	adopt	VERB
cblr-10944	275	54	the	the	DET
cblr-10944	275	55	narrow	narrow	ADJ
cblr-10944	275	56	reading	reading	NOUN
cblr-10944	275	57	of	of	ADP
cblr-10944	275	58	“	"	PUNCT
cblr-10944	275	59	such	such	ADJ
cblr-10944	275	60	security	security	NOUN
cblr-10944	275	61	”	"	PUNCT
cblr-10944	275	62	and	and	CCONJ
cblr-10944	275	63	would	would	AUX
cblr-10944	275	64	require	require	VERB
cblr-10944	275	65	the	the	DET
cblr-10944	275	66	plaintiff	plaintiff	NOUN
cblr-10944	275	67	to	to	PART
cblr-10944	275	68	prove	prove	VERB
cblr-10944	275	69	he	he	PRON
cblr-10944	275	70	purchased	purchase	VERB
cblr-10944	275	71	registered	register	VERB
cblr-10944	275	72	shares	share	NOUN
cblr-10944	275	73	pursuant	pursuant	ADJ
cblr-10944	275	74	to	to	ADP
cblr-10944	275	75	a	a	DET
cblr-10944	275	76	particular	particular	ADJ
cblr-10944	275	77	registration	registration	NOUN
cblr-10944	275	78	statement.103	statement.103	NOUN
cblr-10944	275	79	like	like	ADP
cblr-10944	275	80	the	the	DET
cblr-10944	275	81	district	district	NOUN
cblr-10944	275	82	court	court	NOUN
cblr-10944	275	83	,	,	PUNCT
cblr-10944	275	84	judge	judge	PROPN
cblr-10944	275	85	restani	restani	PROPN
cblr-10944	275	86	disagreed	disagree	VERB
cblr-10944	275	87	because	because	SCONJ
cblr-10944	275	88	such	such	DET
cblr-10944	275	89	an	an	DET
cblr-10944	275	90	application	application	NOUN
cblr-10944	275	91	would	would	AUX
cblr-10944	275	92	undermine	undermine	VERB
cblr-10944	275	93	the	the	DET
cblr-10944	275	94	purpose	purpose	NOUN
cblr-10944	275	95	of	of	ADP
cblr-10944	275	96	section	section	NOUN
cblr-10944	275	97	11	11	NUM
cblr-10944	275	98	.	.	PUNCT
cblr-10944	276	1	under	under	ADP
cblr-10944	276	2	slack	slack	NOUN
cblr-10944	276	3	’s	’s	PART
cblr-10944	276	4	interpretation	interpretation	NOUN
cblr-10944	276	5	,	,	PUNCT
cblr-10944	276	6	companies	company	NOUN
cblr-10944	276	7	would	would	AUX
cblr-10944	276	8	be	be	AUX
cblr-10944	276	9	incentivized	incentivize	VERB
cblr-10944	276	10	to	to	PART
cblr-10944	276	11	perform	perform	VERB
cblr-10944	276	12	a	a	DET
cblr-10944	276	13	direct	direct	ADJ
cblr-10944	276	14	listing	listing	NOUN
cblr-10944	276	15	over	over	ADP
cblr-10944	276	16	an	an	DET
cblr-10944	276	17	ipo	ipo	NOUN
cblr-10944	276	18	simply	simply	ADV
cblr-10944	276	19	from	from	ADP
cblr-10944	276	20	a	a	DET
cblr-10944	276	21	liability	liability	NOUN
cblr-10944	276	22	standpoint	standpoint	NOUN
cblr-10944	276	23	,	,	PUNCT
cblr-10944	276	24	which	which	PRON
cblr-10944	276	25	would	would	AUX
cblr-10944	276	26	allow	allow	VERB
cblr-10944	276	27	them	they	PRON
cblr-10944	276	28	to	to	PART
cblr-10944	276	29	file	file	VERB
cblr-10944	276	30	“	"	PUNCT
cblr-10944	276	31	overly	overly	ADV
cblr-10944	276	32	optimistic	optimistic	ADJ
cblr-10944	276	33	”	"	PUNCT
cblr-10944	276	34	registration	registration	NOUN
cblr-10944	276	35	statements	statement	NOUN
cblr-10944	276	36	since	since	SCONJ
cblr-10944	276	37	they	they	PRON
cblr-10944	276	38	know	know	VERB
cblr-10944	276	39	that	that	SCONJ
cblr-10944	276	40	“	"	PUNCT
cblr-10944	276	41	they	they	PRON
cblr-10944	276	42	would	would	AUX
cblr-10944	276	43	face	face	VERB
cblr-10944	276	44	no	no	DET
cblr-10944	276	45	shareholder	shareholder	NOUN
cblr-10944	276	46	liability	liability	NOUN
cblr-10944	276	47	under	under	ADP
cblr-10944	276	48	section	section	NOUN
cblr-10944	276	49	11	11	NUM
cblr-10944	276	50	for	for	ADP
cblr-10944	276	51	any	any	DET
cblr-10944	276	52	arguably	arguably	ADV
cblr-10944	276	53	false	false	ADJ
cblr-10944	276	54	or	or	CCONJ
cblr-10944	276	55	misleading	misleading	ADJ
cblr-10944	276	56	statements	statement	NOUN
cblr-10944	276	57	.	.	PUNCT
cblr-10944	276	58	”104	”104	PUNCT
cblr-10944	277	1	thus	thus	ADV
cblr-10944	277	2	,	,	PUNCT
cblr-10944	277	3	the	the	DET
cblr-10944	277	4	majority	majority	NOUN
cblr-10944	277	5	,	,	PUNCT
cblr-10944	277	6	like	like	ADP
cblr-10944	277	7	the	the	DET
cblr-10944	277	8	district	district	NOUN
cblr-10944	277	9	court	court	NOUN
cblr-10944	277	10	,	,	PUNCT
cblr-10944	277	11	prioritized	prioritize	VERB
cblr-10944	277	12	policy	policy	NOUN
cblr-10944	277	13	concerns	concern	NOUN
cblr-10944	277	14	over	over	ADP
cblr-10944	277	15	precedent	precedent	NOUN
cblr-10944	277	16	but	but	CCONJ
cblr-10944	277	17	did	do	VERB
cblr-10944	277	18	so	so	ADV
cblr-10944	277	19	through	through	ADP
cblr-10944	277	20	a	a	DET
cblr-10944	277	21	different	different	ADJ
cblr-10944	277	22	path	path	NOUN
cblr-10944	277	23	of	of	ADP
cblr-10944	277	24	legal	legal	ADJ
cblr-10944	277	25	argumentation	argumentation	NOUN
cblr-10944	277	26	.	.	PUNCT
cblr-10944	278	1	under	under	ADP
cblr-10944	278	2	the	the	DET
cblr-10944	278	3	ninth	ninth	ADJ
cblr-10944	278	4	circuit	circuit	PROPN
cblr-10944	278	5	’s	’s	PART
cblr-10944	278	6	view	view	NOUN
cblr-10944	278	7	,	,	PUNCT
cblr-10944	278	8	pirani	pirani	PROPN
cblr-10944	278	9	could	could	AUX
cblr-10944	278	10	establish	establish	VERB
cblr-10944	278	11	standing	stand	VERB
cblr-10944	278	12	despite	despite	SCONJ
cblr-10944	278	13	not	not	PART
cblr-10944	278	14	being	be	AUX
cblr-10944	278	15	able	able	ADJ
cblr-10944	278	16	to	to	PART
cblr-10944	278	17	trace	trace	VERB
cblr-10944	278	18	his	his	PRON
cblr-10944	278	19	101	101	NUM
cblr-10944	278	20	sam	sam	PROPN
cblr-10944	278	21	rayburn	rayburn	PROPN
cblr-10944	278	22	,	,	PUNCT
cblr-10944	278	23	federal	federal	ADJ
cblr-10944	278	24	supervision	supervision	NOUN
cblr-10944	278	25	of	of	ADP
cblr-10944	278	26	traffic	traffic	NOUN
cblr-10944	278	27	in	in	ADP
cblr-10944	278	28	investment	investment	NOUN
cblr-10944	278	29	,	,	PUNCT
cblr-10944	278	30	h.r	h.r	PROPN
cblr-10944	278	31	.	.	PROPN
cblr-10944	278	32	rep	rep	PROPN
cblr-10944	278	33	.	.	PROPN
cblr-10944	279	1	no	no	INTJ
cblr-10944	279	2	.	.	PUNCT
cblr-10944	280	1	73	73	NUM
cblr-10944	280	2	-	-	SYM
cblr-10944	280	3	85	85	NUM
cblr-10944	280	4	,	,	PUNCT
cblr-10944	280	5	at	at	ADP
cblr-10944	280	6	5	5	NUM
cblr-10944	280	7	(	(	PUNCT
cblr-10944	280	8	1933	1933	NUM
cblr-10944	280	9	)	)	PUNCT
cblr-10944	280	10	(	(	PUNCT
cblr-10944	280	11	emphasis	emphasis	NOUN
cblr-10944	280	12	added	add	VERB
cblr-10944	280	13	)	)	PUNCT
cblr-10944	280	14	.	.	PUNCT
cblr-10944	281	1	102	102	NUM
cblr-10944	281	2	pirani	pirani	PROPN
cblr-10944	281	3	,	,	PUNCT
cblr-10944	281	4	13	13	NUM
cblr-10944	281	5	f.4th	f.4th	NOUN
cblr-10944	281	6	at	at	ADP
cblr-10944	281	7	947–48	947–48	NUM
cblr-10944	281	8	.	.	PUNCT
cblr-10944	281	9	103	103	NUM
cblr-10944	282	1	i	i	PRON
cblr-10944	282	2	d.	d.	PROPN
cblr-10944	282	3	at	at	ADP
cblr-10944	282	4	948	948	NUM
cblr-10944	282	5	.	.	PUNCT
cblr-10944	282	6	104	104	NUM
cblr-10944	283	1	i	i	PRON
cblr-10944	283	2	d.	d.	PROPN
cblr-10944	283	3	no	no	INTJ
cblr-10944	283	4	.	.	PUNCT
cblr-10944	284	1	2:1026	2:1026	NUM
cblr-10944	284	2	]	]	X
cblr-10944	284	3	direct	direct	ADJ
cblr-10944	284	4	listings	listing	NOUN
cblr-10944	284	5	and	and	CCONJ
cblr-10944	284	6	the	the	DET
cblr-10944	284	7	tracing	tracing	ADJ
cblr-10944	284	8	doctrine	doctrine	NOUN
cblr-10944	284	9	1047	1047	NUM
cblr-10944	284	10	shares	share	NOUN
cblr-10944	284	11	back	back	ADV
cblr-10944	284	12	to	to	PART
cblr-10944	284	13	slack	slack	VERB
cblr-10944	284	14	’s	’s	PART
cblr-10944	284	15	registration	registration	NOUN
cblr-10944	284	16	statement	statement	NOUN
cblr-10944	284	17	because	because	SCONJ
cblr-10944	284	18	slack	slack	NOUN
cblr-10944	284	19	could	could	AUX
cblr-10944	284	20	not	not	PART
cblr-10944	284	21	perform	perform	VERB
cblr-10944	284	22	a	a	DET
cblr-10944	284	23	direct	direct	ADJ
cblr-10944	284	24	listing	listing	NOUN
cblr-10944	284	25	without	without	ADP
cblr-10944	284	26	the	the	DET
cblr-10944	284	27	registration	registration	NOUN
cblr-10944	284	28	statement	statement	NOUN
cblr-10944	284	29	required	require	VERB
cblr-10944	284	30	by	by	ADP
cblr-10944	284	31	footnote	footnote	NOUN
cblr-10944	284	32	e.	e.	PROPN
cblr-10944	284	33	4	4	PROPN
cblr-10944	284	34	.	.	PUNCT
cblr-10944	285	1	judge	judge	PROPN
cblr-10944	285	2	miller	miller	PROPN
cblr-10944	285	3	’s	’s	PART
cblr-10944	285	4	dissenting	dissent	VERB
cblr-10944	285	5	opinion	opinion	NOUN
cblr-10944	285	6	judge	judge	NOUN
cblr-10944	285	7	miller	miller	PROPN
cblr-10944	285	8	,	,	PUNCT
cblr-10944	285	9	in	in	ADP
cblr-10944	285	10	his	his	PRON
cblr-10944	285	11	dissent	dissent	NOUN
cblr-10944	285	12	,	,	PUNCT
cblr-10944	285	13	reasoned	reason	VERB
cblr-10944	285	14	that	that	SCONJ
cblr-10944	285	15	slack	slack	VERB
cblr-10944	285	16	’s	’s	PART
cblr-10944	285	17	motion	motion	NOUN
cblr-10944	285	18	to	to	PART
cblr-10944	285	19	dismiss	dismiss	VERB
cblr-10944	285	20	should	should	AUX
cblr-10944	285	21	have	have	AUX
cblr-10944	285	22	been	be	AUX
cblr-10944	285	23	granted	grant	VERB
cblr-10944	285	24	in	in	ADP
cblr-10944	285	25	full.105	full.105	PROPN
cblr-10944	285	26	judge	judge	PROPN
cblr-10944	285	27	miller	miller	PROPN
cblr-10944	285	28	disagreed	disagree	VERB
cblr-10944	285	29	with	with	ADP
cblr-10944	285	30	both	both	CCONJ
cblr-10944	285	31	the	the	DET
cblr-10944	285	32	district	district	NOUN
cblr-10944	285	33	court	court	NOUN
cblr-10944	285	34	and	and	CCONJ
cblr-10944	285	35	the	the	DET
cblr-10944	285	36	majority	majority	NOUN
cblr-10944	285	37	’s	’s	PART
cblr-10944	285	38	interpretation	interpretation	NOUN
cblr-10944	285	39	of	of	ADP
cblr-10944	285	40	“	"	PUNCT
cblr-10944	285	41	such	such	ADJ
cblr-10944	285	42	security	security	NOUN
cblr-10944	285	43	.	.	PUNCT
cblr-10944	285	44	”	"	PUNCT
cblr-10944	286	1	miller	miller	PROPN
cblr-10944	286	2	argued	argue	VERB
cblr-10944	286	3	that	that	SCONJ
cblr-10944	286	4	since	since	SCONJ
cblr-10944	286	5	barnes	barne	NOUN
cblr-10944	286	6	,	,	PUNCT
cblr-10944	286	7	every	every	DET
cblr-10944	286	8	court	court	NOUN
cblr-10944	286	9	of	of	ADP
cblr-10944	286	10	appeals	appeal	NOUN
cblr-10944	286	11	,	,	PUNCT
cblr-10944	286	12	including	include	VERB
cblr-10944	286	13	the	the	DET
cblr-10944	286	14	ninth	ninth	ADJ
cblr-10944	286	15	circuit	circuit	NOUN
cblr-10944	286	16	in	in	ADP
cblr-10944	286	17	hertzberg	hertzberg	NOUN
cblr-10944	286	18	,	,	PUNCT
cblr-10944	286	19	had	have	AUX
cblr-10944	286	20	adopted	adopt	VERB
cblr-10944	286	21	the	the	DET
cblr-10944	286	22	narrow	narrow	ADJ
cblr-10944	286	23	reading	reading	NOUN
cblr-10944	286	24	of	of	ADP
cblr-10944	286	25	“	"	PUNCT
cblr-10944	286	26	such	such	ADJ
cblr-10944	286	27	security	security	NOUN
cblr-10944	286	28	.	.	PUNCT
cblr-10944	286	29	”106	”106	PROPN
cblr-10944	286	30	in	in	ADP
cblr-10944	286	31	judge	judge	PROPN
cblr-10944	286	32	miller	miller	PROPN
cblr-10944	286	33	’s	’s	PART
cblr-10944	286	34	view	view	NOUN
cblr-10944	286	35	,	,	PUNCT
cblr-10944	286	36	this	this	PRON
cblr-10944	286	37	alone	alone	ADV
cblr-10944	286	38	resolved	resolve	VERB
cblr-10944	286	39	the	the	DET
cblr-10944	286	40	case	case	NOUN
cblr-10944	286	41	because	because	SCONJ
cblr-10944	286	42	pirani	pirani	PROPN
cblr-10944	286	43	could	could	AUX
cblr-10944	286	44	not	not	PART
cblr-10944	286	45	show	show	VERB
cblr-10944	286	46	that	that	SCONJ
cblr-10944	286	47	the	the	DET
cblr-10944	286	48	shares	share	NOUN
cblr-10944	286	49	he	he	PRON
cblr-10944	286	50	had	have	AUX
cblr-10944	286	51	purchased	purchase	VERB
cblr-10944	286	52	were	be	AUX
cblr-10944	286	53	issued	issue	VERB
cblr-10944	286	54	under	under	ADP
cblr-10944	286	55	the	the	DET
cblr-10944	286	56	misleading	misleading	ADJ
cblr-10944	286	57	registration	registration	NOUN
cblr-10944	286	58	statement	statement	NOUN
cblr-10944	286	59	,	,	PUNCT
cblr-10944	286	60	and	and	CCONJ
cblr-10944	286	61	thus	thus	ADV
cblr-10944	286	62	he	he	PRON
cblr-10944	286	63	lacked	lack	VERB
cblr-10944	286	64	standing	stand	VERB
cblr-10944	286	65	to	to	PART
cblr-10944	286	66	bring	bring	VERB
cblr-10944	286	67	his	his	PRON
cblr-10944	286	68	section	section	NOUN
cblr-10944	286	69	11	11	NUM
cblr-10944	286	70	claim.107	claim.107	ADJ
cblr-10944	286	71	in	in	ADP
cblr-10944	286	72	responding	respond	VERB
cblr-10944	286	73	to	to	ADP
cblr-10944	286	74	the	the	DET
cblr-10944	286	75	majority	majority	NOUN
cblr-10944	286	76	,	,	PUNCT
cblr-10944	286	77	judge	judge	NOUN
cblr-10944	286	78	miller	miller	PROPN
cblr-10944	286	79	correctly	correctly	ADV
cblr-10944	286	80	identified	identify	VERB
cblr-10944	286	81	that	that	SCONJ
cblr-10944	286	82	the	the	DET
cblr-10944	286	83	majority	majority	NOUN
cblr-10944	286	84	adopts	adopt	VERB
cblr-10944	286	85	neither	neither	CCONJ
cblr-10944	286	86	the	the	DET
cblr-10944	286	87	broad	broad	ADJ
cblr-10944	286	88	nor	nor	CCONJ
cblr-10944	286	89	the	the	DET
cblr-10944	286	90	narrow	narrow	ADJ
cblr-10944	286	91	reading	reading	NOUN
cblr-10944	286	92	of	of	ADP
cblr-10944	286	93	“	"	PUNCT
cblr-10944	286	94	such	such	ADJ
cblr-10944	286	95	security	security	NOUN
cblr-10944	286	96	,	,	PUNCT
cblr-10944	286	97	”	"	PUNCT
cblr-10944	286	98	which	which	PRON
cblr-10944	286	99	was	be	AUX
cblr-10944	286	100	articulated	articulate	VERB
cblr-10944	286	101	by	by	ADP
cblr-10944	286	102	judge	judge	NOUN
cblr-10944	286	103	friendly	friendly	ADJ
cblr-10944	286	104	in	in	ADP
cblr-10944	286	105	barnes	barne	NOUN
cblr-10944	286	106	.	.	PUNCT
cblr-10944	287	1	instead	instead	ADV
cblr-10944	287	2	,	,	PUNCT
cblr-10944	287	3	the	the	DET
cblr-10944	287	4	majority	majority	NOUN
cblr-10944	287	5	analyzed	analyze	VERB
cblr-10944	287	6	section	section	NOUN
cblr-10944	287	7	11	11	NUM
cblr-10944	287	8	’s	’s	PART
cblr-10944	287	9	text	text	NOUN
cblr-10944	287	10	and	and	CCONJ
cblr-10944	287	11	the	the	DET
cblr-10944	287	12	nyse	nyse	PROPN
cblr-10944	287	13	rules	rule	NOUN
cblr-10944	287	14	to	to	PART
cblr-10944	287	15	define	define	VERB
cblr-10944	287	16	“	"	PUNCT
cblr-10944	287	17	such	such	ADJ
cblr-10944	287	18	security	security	NOUN
cblr-10944	287	19	”	"	PUNCT
cblr-10944	287	20	as	as	ADP
cblr-10944	287	21	any	any	DET
cblr-10944	287	22	security	security	NOUN
cblr-10944	287	23	“	"	PUNCT
cblr-10944	287	24	whose	whose	DET
cblr-10944	287	25	public	public	ADJ
cblr-10944	287	26	sale	sale	NOUN
cblr-10944	287	27	can	can	AUX
cblr-10944	287	28	not	not	PART
cblr-10944	287	29	occur	occur	VERB
cblr-10944	287	30	without	without	ADP
cblr-10944	287	31	the	the	DET
cblr-10944	287	32	only	only	ADJ
cblr-10944	287	33	operative	operative	ADJ
cblr-10944	287	34	registration	registration	NOUN
cblr-10944	287	35	in	in	ADP
cblr-10944	287	36	existence	existence	NOUN
cblr-10944	287	37	.	.	PUNCT
cblr-10944	288	1	”108	”108	PROPN
cblr-10944	288	2	judge	judge	PROPN
cblr-10944	288	3	miller	miller	PROPN
cblr-10944	288	4	accurately	accurately	ADV
cblr-10944	288	5	noted	note	VERB
cblr-10944	288	6	that	that	SCONJ
cblr-10944	288	7	this	this	DET
cblr-10944	288	8	definition	definition	NOUN
cblr-10944	288	9	has	have	VERB
cblr-10944	288	10	no	no	DET
cblr-10944	288	11	“	"	PUNCT
cblr-10944	288	12	basis	basis	NOUN
cblr-10944	288	13	in	in	ADP
cblr-10944	288	14	the	the	DET
cblr-10944	288	15	statutory	statutory	ADJ
cblr-10944	288	16	text	text	NOUN
cblr-10944	288	17	,	,	PUNCT
cblr-10944	288	18	”	"	PUNCT
cblr-10944	288	19	and	and	CCONJ
cblr-10944	288	20	that	that	SCONJ
cblr-10944	288	21	there	there	PRON
cblr-10944	288	22	is	be	VERB
cblr-10944	288	23	no	no	DET
cblr-10944	288	24	substantial	substantial	ADJ
cblr-10944	288	25	difference	difference	NOUN
cblr-10944	288	26	between	between	ADP
cblr-10944	288	27	direct	direct	ADJ
cblr-10944	288	28	listings	listing	NOUN
cblr-10944	288	29	and	and	CCONJ
cblr-10944	288	30	ipos	ipos	NOUN
cblr-10944	288	31	to	to	PART
cblr-10944	288	32	justify	justify	VERB
cblr-10944	288	33	such	such	DET
cblr-10944	288	34	a	a	DET
cblr-10944	288	35	departure	departure	NOUN
cblr-10944	288	36	from	from	ADP
cblr-10944	288	37	precedent.109	precedent.109	ADJ
cblr-10944	288	38	miller	miller	PROPN
cblr-10944	288	39	argued	argue	VERB
cblr-10944	288	40	that	that	SCONJ
cblr-10944	288	41	even	even	ADV
cblr-10944	288	42	though	though	SCONJ
cblr-10944	288	43	the	the	DET
cblr-10944	288	44	registration	registration	NOUN
cblr-10944	288	45	statement	statement	NOUN
cblr-10944	288	46	was	be	AUX
cblr-10944	288	47	essential	essential	ADJ
cblr-10944	288	48	to	to	PART
cblr-10944	288	49	slack	slack	VERB
cblr-10944	288	50	’s	’s	ADV
cblr-10944	288	51	direct	direct	ADJ
cblr-10944	288	52	listing	listing	NOUN
cblr-10944	288	53	,	,	PUNCT
cblr-10944	288	54	that	that	DET
cblr-10944	288	55	fact	fact	NOUN
cblr-10944	288	56	did	do	AUX
cblr-10944	288	57	not	not	PART
cblr-10944	288	58	imply	imply	VERB
cblr-10944	288	59	that	that	SCONJ
cblr-10944	288	60	all	all	DET
cblr-10944	288	61	shares	share	NOUN
cblr-10944	288	62	—	—	PUNCT
cblr-10944	288	63	registered	register	VERB
cblr-10944	288	64	or	or	CCONJ
cblr-10944	288	65	unregistered	unregistered	ADJ
cblr-10944	288	66	—	—	PUNCT
cblr-10944	288	67	were	be	AUX
cblr-10944	288	68	“	"	PUNCT
cblr-10944	288	69	issued	issue	VERB
cblr-10944	288	70	”	"	PUNCT
cblr-10944	288	71	under	under	ADP
cblr-10944	288	72	that	that	DET
cblr-10944	288	73	registration	registration	NOUN
cblr-10944	288	74	statement	statement	NOUN
cblr-10944	288	75	.	.	PUNCT
cblr-10944	289	1	instead	instead	ADV
cblr-10944	289	2	,	,	PUNCT
cblr-10944	289	3	most	most	ADJ
cblr-10944	289	4	of	of	ADP
cblr-10944	289	5	slack	slack	NOUN
cblr-10944	289	6	’s	’s	PART
cblr-10944	289	7	shares	share	NOUN
cblr-10944	289	8	that	that	PRON
cblr-10944	289	9	began	begin	VERB
cblr-10944	289	10	trading	trade	VERB
cblr-10944	289	11	105	105	NUM
cblr-10944	289	12	i	i	PRON
cblr-10944	289	13	d.	d.	PROPN
cblr-10944	289	14	at	at	ADP
cblr-10944	289	15	950	950	NUM
cblr-10944	289	16	(	(	PUNCT
cblr-10944	289	17	miller	miller	PROPN
cblr-10944	289	18	,	,	PUNCT
cblr-10944	289	19	j.	j.	PROPN
cblr-10944	289	20	,	,	PUNCT
cblr-10944	289	21	dissenting	dissent	VERB
cblr-10944	289	22	)	)	PUNCT
cblr-10944	289	23	.	.	PUNCT
cblr-10944	290	1	106	106	NUM
cblr-10944	291	1	i	i	PRON
cblr-10944	291	2	d.	d.	PROPN
cblr-10944	291	3	at	at	ADP
cblr-10944	291	4	952	952	NUM
cblr-10944	291	5	.	.	PUNCT
cblr-10944	291	6	107	107	NUM
cblr-10944	292	1	i	i	PRON
cblr-10944	292	2	d.	d.	PROPN
cblr-10944	292	3	108	108	NUM
cblr-10944	293	1	i	i	PRON
cblr-10944	293	2	d.	d.	PROPN
cblr-10944	293	3	109	109	NUM
cblr-10944	293	4	i	i	PROPN
cblr-10944	293	5	d.	d.	PROPN
cblr-10944	293	6	1048	1048	NUM
cblr-10944	293	7	columbia	columbia	PROPN
cblr-10944	293	8	business	business	PROPN
cblr-10944	293	9	law	law	PROPN
cblr-10944	293	10	review	review	NOUN
cblr-10944	293	11	[	[	X
cblr-10944	293	12	vol	vol	NOUN
cblr-10944	293	13	.	.	PUNCT
cblr-10944	293	14	2022	2022	NUM
cblr-10944	293	15	were	be	AUX
cblr-10944	293	16	issued	issue	VERB
cblr-10944	293	17	“	"	PUNCT
cblr-10944	293	18	well	well	ADV
cblr-10944	293	19	before	before	SCONJ
cblr-10944	293	20	the	the	DET
cblr-10944	293	21	registration	registration	NOUN
cblr-10944	293	22	statement	statement	NOUN
cblr-10944	293	23	was	be	AUX
cblr-10944	293	24	filed	file	VERB
cblr-10944	293	25	.	.	PUNCT
cblr-10944	293	26	”110	”110	PUNCT
cblr-10944	294	1	in	in	ADP
cblr-10944	294	2	addition	addition	NOUN
cblr-10944	294	3	,	,	PUNCT
cblr-10944	294	4	judge	judge	PROPN
cblr-10944	294	5	miller	miller	PROPN
cblr-10944	294	6	argued	argue	VERB
cblr-10944	294	7	that	that	SCONJ
cblr-10944	294	8	the	the	DET
cblr-10944	294	9	majority	majority	NOUN
cblr-10944	294	10	misunderstood	misunderstood	NOUN
cblr-10944	294	11	section	section	PROPN
cblr-10944	294	12	11	11	NUM
cblr-10944	294	13	’s	’s	PART
cblr-10944	294	14	legislative	legislative	ADJ
cblr-10944	294	15	history	history	NOUN
cblr-10944	294	16	.	.	PUNCT
cblr-10944	295	1	the	the	DET
cblr-10944	295	2	phrase	phrase	NOUN
cblr-10944	295	3	from	from	ADP
cblr-10944	295	4	the	the	DET
cblr-10944	295	5	house	house	NOUN
cblr-10944	295	6	report	report	NOUN
cblr-10944	295	7	that	that	SCONJ
cblr-10944	295	8	the	the	DET
cblr-10944	295	9	majority	majority	NOUN
cblr-10944	295	10	used	use	VERB
cblr-10944	295	11	“	"	PUNCT
cblr-10944	295	12	plainly	plainly	ADV
cblr-10944	295	13	refers	refer	VERB
cblr-10944	295	14	to	to	ADP
cblr-10944	295	15	‘	'	PUNCT
cblr-10944	295	16	registered	register	VERB
cblr-10944	295	17	securities	security	NOUN
cblr-10944	295	18	.	.	PUNCT
cblr-10944	295	19	’”111	’”111	PROPN
cblr-10944	295	20	the	the	DET
cblr-10944	295	21	phrase	phrase	NOUN
cblr-10944	295	22	does	do	AUX
cblr-10944	295	23	not	not	PART
cblr-10944	295	24	reference	reference	VERB
cblr-10944	295	25	unregistered	unregistered	ADJ
cblr-10944	295	26	securities	security	NOUN
cblr-10944	295	27	that	that	PRON
cblr-10944	295	28	must	must	AUX
cblr-10944	295	29	wait	wait	VERB
cblr-10944	295	30	until	until	SCONJ
cblr-10944	295	31	a	a	DET
cblr-10944	295	32	registration	registration	NOUN
cblr-10944	295	33	statement	statement	NOUN
cblr-10944	295	34	to	to	PART
cblr-10944	295	35	become	become	VERB
cblr-10944	295	36	effective	effective	ADJ
cblr-10944	295	37	before	before	SCONJ
cblr-10944	295	38	they	they	PRON
cblr-10944	295	39	can	can	AUX
cblr-10944	295	40	be	be	AUX
cblr-10944	295	41	sold	sell	VERB
cblr-10944	295	42	on	on	ADP
cblr-10944	295	43	an	an	DET
cblr-10944	295	44	exchange	exchange	NOUN
cblr-10944	295	45	.	.	PUNCT
cblr-10944	296	1	lastly	lastly	ADV
cblr-10944	296	2	,	,	PUNCT
cblr-10944	296	3	judge	judge	PROPN
cblr-10944	296	4	miller	miller	PROPN
cblr-10944	296	5	was	be	AUX
cblr-10944	296	6	not	not	PART
cblr-10944	296	7	persuaded	persuade	VERB
cblr-10944	296	8	that	that	SCONJ
cblr-10944	296	9	the	the	DET
cblr-10944	296	10	impossibility	impossibility	NOUN
cblr-10944	296	11	of	of	ADP
cblr-10944	296	12	proving	prove	VERB
cblr-10944	296	13	tracing	trace	VERB
cblr-10944	296	14	would	would	AUX
cblr-10944	296	15	be	be	AUX
cblr-10944	296	16	detrimental	detrimental	ADJ
cblr-10944	296	17	to	to	ADP
cblr-10944	296	18	plaintiffs	plaintiff	NOUN
cblr-10944	296	19	because	because	SCONJ
cblr-10944	296	20	the	the	DET
cblr-10944	296	21	registration	registration	NOUN
cblr-10944	296	22	statement	statement	NOUN
cblr-10944	296	23	is	be	AUX
cblr-10944	296	24	still	still	ADV
cblr-10944	296	25	subject	subject	ADJ
cblr-10944	296	26	to	to	ADP
cblr-10944	296	27	liability	liability	NOUN
cblr-10944	296	28	under	under	ADP
cblr-10944	296	29	section	section	NOUN
cblr-10944	296	30	10(b	10(b	NUM
cblr-10944	296	31	)	)	PUNCT
cblr-10944	296	32	of	of	ADP
cblr-10944	296	33	the	the	DET
cblr-10944	296	34	securities	security	NOUN
cblr-10944	296	35	exchange	exchange	PROPN
cblr-10944	296	36	act.112	act.112	VERB
cblr-10944	296	37	more	more	ADV
cblr-10944	296	38	importantly	importantly	ADV
cblr-10944	296	39	,	,	PUNCT
cblr-10944	296	40	he	he	PRON
cblr-10944	296	41	argued	argue	VERB
cblr-10944	296	42	that	that	SCONJ
cblr-10944	296	43	even	even	ADV
cblr-10944	296	44	if	if	SCONJ
cblr-10944	296	45	there	there	PRON
cblr-10944	296	46	are	be	VERB
cblr-10944	296	47	policy	policy	NOUN
cblr-10944	296	48	issues	issue	NOUN
cblr-10944	296	49	,	,	PUNCT
cblr-10944	296	50	courts	court	NOUN
cblr-10944	296	51	have	have	VERB
cblr-10944	296	52	no	no	DET
cblr-10944	296	53	basis	basis	NOUN
cblr-10944	296	54	for	for	ADP
cblr-10944	296	55	“	"	PUNCT
cblr-10944	296	56	changing	change	VERB
cblr-10944	296	57	the	the	DET
cblr-10944	296	58	settled	settle	VERB
cblr-10944	296	59	interpretation	interpretation	NOUN
cblr-10944	296	60	of	of	ADP
cblr-10944	296	61	statutory	statutory	ADJ
cblr-10944	296	62	text	text	NOUN
cblr-10944	296	63	,	,	PUNCT
cblr-10944	296	64	”	"	PUNCT
cblr-10944	296	65	and	and	CCONJ
cblr-10944	296	66	any	any	DET
cblr-10944	296	67	changes	change	NOUN
cblr-10944	296	68	must	must	AUX
cblr-10944	296	69	be	be	AUX
cblr-10944	296	70	made	make	VERB
cblr-10944	296	71	by	by	ADP
cblr-10944	296	72	congress.113	congress.113	PROPN
cblr-10944	296	73	iv	iv	NUM
cblr-10944	296	74	.	.	PUNCT
cblr-10944	297	1	the	the	DET
cblr-10944	297	2	argument	argument	NOUN
cblr-10944	297	3	for	for	ADP
cblr-10944	297	4	intervention	intervention	NOUN
cblr-10944	297	5	having	having	AUX
cblr-10944	297	6	examined	examine	VERB
cblr-10944	297	7	the	the	DET
cblr-10944	297	8	slack	slack	NOUN
cblr-10944	297	9	decision	decision	NOUN
cblr-10944	297	10	,	,	PUNCT
cblr-10944	297	11	i	i	PRON
cblr-10944	297	12	now	now	ADV
cblr-10944	297	13	move	move	VERB
cblr-10944	297	14	on	on	ADP
cblr-10944	297	15	to	to	ADP
cblr-10944	297	16	my	my	PRON
cblr-10944	297	17	main	main	ADJ
cblr-10944	297	18	argument	argument	NOUN
cblr-10944	297	19	:	:	PUNCT
cblr-10944	297	20	congress	congress	PROPN
cblr-10944	297	21	ought	ought	AUX
cblr-10944	297	22	to	to	PART
cblr-10944	297	23	re	re	VERB
cblr-10944	297	24	-	-	VERB
cblr-10944	297	25	examine	examine	ADJ
cblr-10944	297	26	section	section	NOUN
cblr-10944	297	27	11	11	NUM
cblr-10944	297	28	,	,	PUNCT
cblr-10944	297	29	especially	especially	ADV
cblr-10944	297	30	as	as	SCONJ
cblr-10944	297	31	it	it	PRON
cblr-10944	297	32	pertains	pertain	VERB
cblr-10944	297	33	to	to	PART
cblr-10944	297	34	direct	direct	ADJ
cblr-10944	297	35	listings	listing	NOUN
cblr-10944	297	36	.	.	PUNCT
cblr-10944	298	1	i	i	PRON
cblr-10944	298	2	argue	argue	VERB
cblr-10944	298	3	in	in	ADP
cblr-10944	298	4	section	section	NOUN
cblr-10944	298	5	iv.a	iv.a	VERB
cblr-10944	298	6	that	that	SCONJ
cblr-10944	298	7	the	the	DET
cblr-10944	298	8	post	post	ADJ
cblr-10944	298	9	-	-	ADJ
cblr-10944	298	10	slack	slack	ADJ
cblr-10944	298	11	world	world	NOUN
cblr-10944	298	12	is	be	AUX
cblr-10944	298	13	undesirable	undesirable	ADJ
cblr-10944	298	14	for	for	ADP
cblr-10944	298	15	the	the	DET
cblr-10944	298	16	financial	financial	ADJ
cblr-10944	298	17	community	community	NOUN
cblr-10944	298	18	.	.	PUNCT
cblr-10944	299	1	section	section	NOUN
cblr-10944	299	2	iv.b	iv.b	PROPN
cblr-10944	299	3	details	detail	NOUN
cblr-10944	299	4	that	that	SCONJ
cblr-10944	299	5	a	a	DET
cblr-10944	299	6	world	world	NOUN
cblr-10944	299	7	where	where	SCONJ
cblr-10944	299	8	the	the	DET
cblr-10944	299	9	supreme	supreme	PROPN
cblr-10944	299	10	court	court	PROPN
cblr-10944	299	11	reverses	reverse	VERB
cblr-10944	299	12	slack	slack	NOUN
cblr-10944	299	13	is	be	AUX
cblr-10944	299	14	also	also	ADV
cblr-10944	299	15	unwanted	unwanted	ADJ
cblr-10944	299	16	.	.	PUNCT
cblr-10944	300	1	finally	finally	ADV
cblr-10944	300	2	,	,	PUNCT
cblr-10944	300	3	section	section	NOUN
cblr-10944	300	4	iv.c	iv.c	VERB
cblr-10944	300	5	makes	make	VERB
cblr-10944	300	6	the	the	DET
cblr-10944	300	7	case	case	NOUN
cblr-10944	300	8	for	for	ADP
cblr-10944	300	9	congress	congress	PROPN
cblr-10944	300	10	or	or	CCONJ
cblr-10944	300	11	the	the	DET
cblr-10944	300	12	sec	sec	PROPN
cblr-10944	300	13	to	to	PART
cblr-10944	300	14	intervene	intervene	VERB
cblr-10944	300	15	and	and	CCONJ
cblr-10944	300	16	proposes	propose	VERB
cblr-10944	300	17	blockchain	blockchain	PROPN
cblr-10944	300	18	as	as	ADP
cblr-10944	300	19	a	a	DET
cblr-10944	300	20	solution	solution	NOUN
cblr-10944	300	21	.	.	PUNCT
cblr-10944	301	1	a.	a.	NOUN
cblr-10944	302	1	the	the	DET
cblr-10944	302	2	majority	majority	NOUN
cblr-10944	302	3	’s	’s	PART
cblr-10944	302	4	policy	policy	NOUN
cblr-10944	302	5	-	-	PUNCT
cblr-10944	302	6	motivated	motivate	VERB
cblr-10944	302	7	decision	decision	NOUN
cblr-10944	302	8	creates	create	VERB
cblr-10944	302	9	110	110	NUM
cblr-10944	302	10	i	i	PRON
cblr-10944	302	11	d.	d.	PROPN
cblr-10944	302	12	at	at	ADP
cblr-10944	302	13	953	953	NUM
cblr-10944	302	14	.	.	PUNCT
cblr-10944	303	1	here	here	ADV
cblr-10944	303	2	,	,	PUNCT
cblr-10944	303	3	judge	judge	PROPN
cblr-10944	303	4	miller	miller	PROPN
cblr-10944	303	5	made	make	VERB
cblr-10944	303	6	a	a	DET
cblr-10944	303	7	distinction	distinction	NOUN
cblr-10944	303	8	between	between	ADP
cblr-10944	303	9	shares	share	NOUN
cblr-10944	303	10	that	that	PRON
cblr-10944	303	11	were	be	AUX
cblr-10944	303	12	issued	issue	VERB
cblr-10944	303	13	and	and	CCONJ
cblr-10944	303	14	shares	share	NOUN
cblr-10944	303	15	that	that	PRON
cblr-10944	303	16	were	be	AUX
cblr-10944	303	17	sold	sell	VERB
cblr-10944	303	18	.	.	PUNCT
cblr-10944	304	1	slack	slack	NOUN
cblr-10944	304	2	issued	issue	VERB
cblr-10944	304	3	shares	share	NOUN
cblr-10944	304	4	to	to	ADP
cblr-10944	304	5	shareholders	shareholder	NOUN
cblr-10944	304	6	well	well	ADV
cblr-10944	304	7	before	before	SCONJ
cblr-10944	304	8	the	the	DET
cblr-10944	304	9	registration	registration	NOUN
cblr-10944	304	10	statement	statement	NOUN
cblr-10944	304	11	was	be	AUX
cblr-10944	304	12	filed	file	VERB
cblr-10944	304	13	,	,	PUNCT
cblr-10944	304	14	but	but	CCONJ
cblr-10944	304	15	the	the	DET
cblr-10944	304	16	registered	register	VERB
cblr-10944	304	17	shares	share	NOUN
cblr-10944	304	18	could	could	AUX
cblr-10944	304	19	only	only	ADV
cblr-10944	304	20	be	be	AUX
cblr-10944	304	21	sold	sell	VERB
cblr-10944	304	22	once	once	ADV
cblr-10944	304	23	the	the	DET
cblr-10944	304	24	registration	registration	NOUN
cblr-10944	304	25	statement	statement	NOUN
cblr-10944	304	26	became	become	VERB
cblr-10944	304	27	effective	effective	ADJ
cblr-10944	304	28	.	.	PUNCT
cblr-10944	305	1	i	i	PRON
cblr-10944	305	2	d.	d.	PROPN
cblr-10944	305	3	111	111	NUM
cblr-10944	305	4	i	i	PROPN
cblr-10944	305	5	d.	d.	PROPN
cblr-10944	305	6	(	(	PUNCT
cblr-10944	305	7	citing	cite	VERB
cblr-10944	305	8	barnes	barne	NOUN
cblr-10944	305	9	v.	v.	ADP
cblr-10944	305	10	osofsky	osofsky	ADJ
cblr-10944	305	11	,	,	PUNCT
cblr-10944	305	12	373	373	NUM
cblr-10944	305	13	f.2d	f.2d	NOUN
cblr-10944	305	14	269	269	NUM
cblr-10944	305	15	,	,	PUNCT
cblr-10944	305	16	273	273	NUM
cblr-10944	305	17	(	(	PUNCT
cblr-10944	305	18	2nd	2nd	ADJ
cblr-10944	305	19	cir.1967	cir.1967	NOUN
cblr-10944	305	20	)	)	PUNCT
cblr-10944	305	21	)	)	PUNCT
cblr-10944	305	22	.	.	PUNCT
cblr-10944	306	1	112	112	NUM
cblr-10944	306	2	i	i	PROPN
cblr-10944	306	3	d.	d.	PROPN
cblr-10944	306	4	(	(	PUNCT
cblr-10944	306	5	explaining	explain	VERB
cblr-10944	306	6	that	that	SCONJ
cblr-10944	306	7	companies	company	NOUN
cblr-10944	306	8	are	be	AUX
cblr-10944	306	9	still	still	ADV
cblr-10944	306	10	liable	liable	ADJ
cblr-10944	306	11	for	for	ADP
cblr-10944	306	12	materially	materially	ADV
cblr-10944	306	13	false	false	ADJ
cblr-10944	306	14	statements	statement	NOUN
cblr-10944	306	15	made	make	VERB
cblr-10944	306	16	with	with	ADP
cblr-10944	306	17	scienter	scienter	NOUN
cblr-10944	306	18	under	under	ADP
cblr-10944	306	19	section	section	NOUN
cblr-10944	306	20	10(b	10(b	NUM
cblr-10944	306	21	)	)	PUNCT
cblr-10944	306	22	)	)	PUNCT
cblr-10944	306	23	.	.	PUNCT
cblr-10944	307	1	113	113	NUM
cblr-10944	307	2	i	i	PRON
cblr-10944	307	3	d.	d.	VERB
cblr-10944	307	4	at	at	ADP
cblr-10944	307	5	953	953	NUM
cblr-10944	307	6	.	.	PUNCT
cblr-10944	308	1	no	no	INTJ
cblr-10944	308	2	.	.	PUNCT
cblr-10944	309	1	2:1026	2:1026	NUM
cblr-10944	309	2	]	]	X
cblr-10944	309	3	direct	direct	ADJ
cblr-10944	309	4	listings	listing	NOUN
cblr-10944	309	5	and	and	CCONJ
cblr-10944	309	6	the	the	DET
cblr-10944	309	7	tracing	trace	VERB
cblr-10944	309	8	doctrine	doctrine	NOUN
cblr-10944	309	9	1049	1049	NUM
cblr-10944	309	10	significant	significant	ADJ
cblr-10944	309	11	problems	problem	NOUN
cblr-10944	309	12	the	the	DET
cblr-10944	309	13	slack	slack	NOUN
cblr-10944	309	14	majority	majority	NOUN
cblr-10944	309	15	’s	’s	PART
cblr-10944	309	16	interpretation	interpretation	NOUN
cblr-10944	309	17	of	of	ADP
cblr-10944	309	18	“	"	PUNCT
cblr-10944	309	19	such	such	ADJ
cblr-10944	309	20	security	security	NOUN
cblr-10944	309	21	”	"	PUNCT
cblr-10944	309	22	within	within	ADP
cblr-10944	309	23	section	section	NOUN
cblr-10944	309	24	11	11	NUM
cblr-10944	309	25	creates	create	VERB
cblr-10944	309	26	three	three	NUM
cblr-10944	309	27	separate	separate	ADJ
cblr-10944	309	28	problems	problem	NOUN
cblr-10944	309	29	:	:	PUNCT
cblr-10944	309	30	(	(	PUNCT
cblr-10944	309	31	1	1	X
cblr-10944	309	32	)	)	PUNCT
cblr-10944	309	33	it	it	PRON
cblr-10944	309	34	misunderstands	misunderstand	VERB
cblr-10944	309	35	rule	rule	NOUN
cblr-10944	309	36	144	144	NUM
cblr-10944	309	37	and	and	CCONJ
cblr-10944	309	38	expands	expand	VERB
cblr-10944	309	39	liability	liability	NOUN
cblr-10944	309	40	for	for	ADP
cblr-10944	309	41	direct	direct	ADJ
cblr-10944	309	42	listings	listing	NOUN
cblr-10944	309	43	;	;	PUNCT
cblr-10944	309	44	(	(	PUNCT
cblr-10944	309	45	2	2	X
cblr-10944	309	46	)	)	PUNCT
cblr-10944	309	47	it	it	PRON
cblr-10944	309	48	creates	create	VERB
cblr-10944	309	49	inconsistencies	inconsistency	NOUN
cblr-10944	309	50	within	within	ADP
cblr-10944	309	51	section	section	NOUN
cblr-10944	309	52	11	11	NUM
cblr-10944	309	53	;	;	PUNCT
cblr-10944	309	54	and	and	CCONJ
cblr-10944	309	55	(	(	PUNCT
cblr-10944	309	56	3	3	X
cblr-10944	309	57	)	)	PUNCT
cblr-10944	309	58	it	it	PRON
cblr-10944	309	59	conflicts	conflict	VERB
cblr-10944	309	60	with	with	ADP
cblr-10944	309	61	other	other	ADJ
cblr-10944	309	62	circuits	circuit	NOUN
cblr-10944	309	63	’	'	PUNCT
cblr-10944	309	64	interpretations	interpretation	NOUN
cblr-10944	309	65	of	of	ADP
cblr-10944	309	66	the	the	DET
cblr-10944	309	67	phrase	phrase	NOUN
cblr-10944	309	68	.	.	PUNCT
cblr-10944	310	1	1	1	X
cblr-10944	310	2	.	.	X
cblr-10944	310	3	the	the	DET
cblr-10944	310	4	majority	majority	NOUN
cblr-10944	310	5	misunderstood	misunderstood	NOUN
cblr-10944	310	6	sec	sec	PROPN
cblr-10944	310	7	rule	rule	NOUN
cblr-10944	310	8	144	144	NUM
cblr-10944	310	9	and	and	CCONJ
cblr-10944	310	10	expanded	expand	VERB
cblr-10944	310	11	liability	liability	NOUN
cblr-10944	310	12	for	for	ADP
cblr-10944	310	13	direct	direct	ADJ
cblr-10944	310	14	listings	listing	NOUN
cblr-10944	310	15	beyond	beyond	ADP
cblr-10944	310	16	ipos	ipos	NOUN
cblr-10944	310	17	the	the	DET
cblr-10944	310	18	majority	majority	NOUN
cblr-10944	310	19	,	,	PUNCT
cblr-10944	310	20	in	in	ADP
cblr-10944	310	21	holding	hold	VERB
cblr-10944	310	22	that	that	DET
cblr-10944	310	23	section	section	NOUN
cblr-10944	310	24	11	11	NUM
cblr-10944	310	25	applied	apply	VERB
cblr-10944	310	26	to	to	ADP
cblr-10944	310	27	unregistered	unregistered	ADJ
cblr-10944	310	28	shares	share	NOUN
cblr-10944	310	29	,	,	PUNCT
cblr-10944	310	30	misunderstood	misunderstood	NOUN
cblr-10944	310	31	rule	rule	VERB
cblr-10944	310	32	144	144	NUM
cblr-10944	310	33	.	.	PUNCT
cblr-10944	311	1	traditionally	traditionally	ADV
cblr-10944	311	2	,	,	PUNCT
cblr-10944	311	3	securities	security	NOUN
cblr-10944	311	4	may	may	AUX
cblr-10944	311	5	be	be	AUX
cblr-10944	311	6	sold	sell	VERB
cblr-10944	311	7	if	if	SCONJ
cblr-10944	311	8	they	they	PRON
cblr-10944	311	9	are	be	AUX
cblr-10944	311	10	registered	register	VERB
cblr-10944	311	11	under	under	ADP
cblr-10944	311	12	an	an	DET
cblr-10944	311	13	effective	effective	ADJ
cblr-10944	311	14	registration	registration	NOUN
cblr-10944	311	15	statement	statement	NOUN
cblr-10944	311	16	or	or	CCONJ
cblr-10944	311	17	if	if	SCONJ
cblr-10944	311	18	they	they	PRON
cblr-10944	311	19	are	be	AUX
cblr-10944	311	20	exempt	exempt	ADJ
cblr-10944	311	21	under	under	ADP
cblr-10944	311	22	rule	rule	NOUN
cblr-10944	311	23	144.114	144.114	NUM
cblr-10944	311	24	the	the	DET
cblr-10944	311	25	majority	majority	NOUN
cblr-10944	311	26	held	hold	VERB
cblr-10944	311	27	that	that	DET
cblr-10944	311	28	slack	slack	NOUN
cblr-10944	311	29	’s	’s	PART
cblr-10944	311	30	registered	register	VERB
cblr-10944	311	31	and	and	CCONJ
cblr-10944	311	32	exempt	exempt	ADJ
cblr-10944	311	33	shares	share	NOUN
cblr-10944	311	34	were	be	AUX
cblr-10944	311	35	equivalent	equivalent	ADJ
cblr-10944	311	36	and	and	CCONJ
cblr-10944	311	37	that	that	SCONJ
cblr-10944	311	38	both	both	DET
cblr-10944	311	39	types	type	NOUN
cblr-10944	311	40	fell	fall	VERB
cblr-10944	311	41	within	within	ADP
cblr-10944	311	42	the	the	DET
cblr-10944	311	43	meaning	meaning	NOUN
cblr-10944	311	44	of	of	ADP
cblr-10944	311	45	“	"	PUNCT
cblr-10944	311	46	such	such	ADJ
cblr-10944	311	47	security	security	NOUN
cblr-10944	311	48	”	"	PUNCT
cblr-10944	311	49	within	within	ADP
cblr-10944	311	50	section	section	NOUN
cblr-10944	311	51	11	11	NUM
cblr-10944	311	52	because	because	SCONJ
cblr-10944	311	53	neither	neither	CCONJ
cblr-10944	311	54	could	could	AUX
cblr-10944	311	55	be	be	AUX
cblr-10944	311	56	sold	sell	VERB
cblr-10944	311	57	until	until	SCONJ
cblr-10944	311	58	slack	slack	NOUN
cblr-10944	311	59	’s	’s	PART
cblr-10944	311	60	registration	registration	NOUN
cblr-10944	311	61	statement	statement	NOUN
cblr-10944	311	62	became	become	VERB
cblr-10944	311	63	effective.115	effective.115	PROPN
cblr-10944	311	64	however	however	ADV
cblr-10944	311	65	,	,	PUNCT
cblr-10944	311	66	the	the	DET
cblr-10944	311	67	majority	majority	NOUN
cblr-10944	311	68	cites	cite	VERB
cblr-10944	311	69	nothing	nothing	PRON
cblr-10944	311	70	from	from	ADP
cblr-10944	311	71	the	the	DET
cblr-10944	311	72	securities	security	NOUN
cblr-10944	311	73	act	act	NOUN
cblr-10944	311	74	or	or	CCONJ
cblr-10944	311	75	section	section	NOUN
cblr-10944	311	76	11	11	NUM
cblr-10944	311	77	to	to	PART
cblr-10944	311	78	support	support	VERB
cblr-10944	311	79	this	this	DET
cblr-10944	311	80	view.116	view.116	ADJ
cblr-10944	311	81	in	in	ADP
cblr-10944	311	82	fact	fact	NOUN
cblr-10944	311	83	,	,	PUNCT
cblr-10944	311	84	the	the	DET
cblr-10944	311	85	opposite	opposite	NOUN
cblr-10944	311	86	is	be	AUX
cblr-10944	311	87	true	true	ADJ
cblr-10944	311	88	.	.	PUNCT
cblr-10944	312	1	because	because	SCONJ
cblr-10944	312	2	its	its	PRON
cblr-10944	312	3	165	165	NUM
cblr-10944	312	4	million	million	NUM
cblr-10944	312	5	unregistered	unregistered	ADJ
cblr-10944	312	6	shares	share	NOUN
cblr-10944	312	7	were	be	AUX
cblr-10944	312	8	exempt	exempt	ADJ
cblr-10944	312	9	from	from	ADP
cblr-10944	312	10	registration	registration	NOUN
cblr-10944	312	11	,	,	PUNCT
cblr-10944	312	12	the	the	DET
cblr-10944	312	13	sale	sale	NOUN
cblr-10944	312	14	of	of	ADP
cblr-10944	312	15	those	those	DET
cblr-10944	312	16	shares	share	NOUN
cblr-10944	312	17	did	do	AUX
cblr-10944	312	18	not	not	PART
cblr-10944	312	19	rely	rely	VERB
cblr-10944	312	20	upon	upon	SCONJ
cblr-10944	312	21	any	any	DET
cblr-10944	312	22	registration	registration	NOUN
cblr-10944	312	23	statement	statement	NOUN
cblr-10944	312	24	and	and	CCONJ
cblr-10944	312	25	thus	thus	ADV
cblr-10944	312	26	the	the	DET
cblr-10944	312	27	shares	share	NOUN
cblr-10944	312	28	could	could	AUX
cblr-10944	312	29	be	be	AUX
cblr-10944	312	30	sold	sell	VERB
cblr-10944	312	31	“	"	PUNCT
cblr-10944	312	32	before	before	ADV
cblr-10944	312	33	,	,	PUNCT
cblr-10944	312	34	during	during	ADP
cblr-10944	312	35	,	,	PUNCT
cblr-10944	312	36	or	or	CCONJ
cblr-10944	312	37	after	after	SCONJ
cblr-10944	312	38	a	a	DET
cblr-10944	312	39	registration	registration	NOUN
cblr-10944	312	40	statement	statement	NOUN
cblr-10944	312	41	is	be	AUX
cblr-10944	312	42	declared	declare	VERB
cblr-10944	312	43	effective	effective	ADJ
cblr-10944	312	44	.	.	PUNCT
cblr-10944	312	45	”117	”117	PUNCT
cblr-10944	313	1	thus	thus	ADV
cblr-10944	313	2	,	,	PUNCT
cblr-10944	313	3	slack	slack	VERB
cblr-10944	313	4	’s	’s	PART
cblr-10944	313	5	unregistered	unregistered	ADJ
cblr-10944	313	6	shares	share	NOUN
cblr-10944	313	7	are	be	AUX
cblr-10944	313	8	not	not	PART
cblr-10944	313	9	covered	cover	VERB
cblr-10944	313	10	by	by	ADP
cblr-10944	313	11	the	the	DET
cblr-10944	313	12	phrase	phrase	NOUN
cblr-10944	313	13	“	"	PUNCT
cblr-10944	313	14	such	such	ADJ
cblr-10944	313	15	security	security	NOUN
cblr-10944	313	16	”	"	PUNCT
cblr-10944	313	17	because	because	SCONJ
cblr-10944	313	18	they	they	PRON
cblr-10944	313	19	could	could	AUX
cblr-10944	313	20	be	be	AUX
cblr-10944	313	21	sold	sell	VERB
cblr-10944	313	22	independent	independent	ADJ
cblr-10944	313	23	of	of	ADP
cblr-10944	313	24	the	the	DET
cblr-10944	313	25	registration	registration	NOUN
cblr-10944	313	26	statement	statement	NOUN
cblr-10944	313	27	’s	’s	PART
cblr-10944	313	28	timing	timing	NOUN
cblr-10944	313	29	.	.	PUNCT
cblr-10944	314	1	neither	neither	CCONJ
cblr-10944	314	2	the	the	DET
cblr-10944	314	3	direct	direct	ADJ
cblr-10944	314	4	listing	listing	NOUN
cblr-10944	314	5	nor	nor	CCONJ
cblr-10944	314	6	slack	slack	VERB
cblr-10944	314	7	’s	’s	PART
cblr-10944	314	8	registration	registration	NOUN
cblr-10944	314	9	statement	statement	NOUN
cblr-10944	314	10	was	be	AUX
cblr-10944	314	11	necessary	necessary	ADJ
cblr-10944	314	12	for	for	SCONJ
cblr-10944	314	13	these	these	DET
cblr-10944	314	14	unregistered	unregistered	ADJ
cblr-10944	314	15	shares	share	NOUN
cblr-10944	314	16	to	to	PART
cblr-10944	314	17	be	be	AUX
cblr-10944	314	18	sold	sell	VERB
cblr-10944	314	19	.	.	PUNCT
cblr-10944	315	1	in	in	ADP
cblr-10944	315	2	addition	addition	NOUN
cblr-10944	315	3	,	,	PUNCT
cblr-10944	315	4	such	such	DET
cblr-10944	315	5	a	a	DET
cblr-10944	315	6	view	view	NOUN
cblr-10944	315	7	of	of	ADP
cblr-10944	315	8	“	"	PUNCT
cblr-10944	315	9	such	such	ADJ
cblr-10944	315	10	security	security	NOUN
cblr-10944	315	11	”	"	PUNCT
cblr-10944	315	12	unintentionally	unintentionally	ADV
cblr-10944	315	13	expands	expand	VERB
cblr-10944	315	14	section	section	NOUN
cblr-10944	315	15	11	11	NUM
cblr-10944	315	16	liability	liability	NOUN
cblr-10944	315	17	for	for	ADP
cblr-10944	315	18	direct	direct	ADJ
cblr-10944	315	19	listings	listing	NOUN
cblr-10944	315	20	beyond	beyond	ADP
cblr-10944	315	21	liability	liability	NOUN
cblr-10944	315	22	114	114	NUM
cblr-10944	315	23	see	see	VERB
cblr-10944	315	24	supra	supra	PROPN
cblr-10944	315	25	part	part	PROPN
cblr-10944	315	26	ii	ii	PROPN
cblr-10944	315	27	.	.	PROPN
cblr-10944	315	28	115	115	NUM
cblr-10944	315	29	pirani	pirani	PROPN
cblr-10944	315	30	,	,	PUNCT
cblr-10944	315	31	13	13	NUM
cblr-10944	315	32	f.4th	f.4th	NOUN
cblr-10944	315	33	at	at	ADP
cblr-10944	315	34	948	948	NUM
cblr-10944	315	35	.	.	NOUN
cblr-10944	315	36	116	116	NUM
cblr-10944	316	1	i	i	PRON
cblr-10944	316	2	d.	d.	PROPN
cblr-10944	316	3	117	117	NUM
cblr-10944	316	4	feldman	feldman	PROPN
cblr-10944	316	5	et	et	PROPN
cblr-10944	316	6	al	al	PROPN
cblr-10944	316	7	.	.	PROPN
cblr-10944	316	8	,	,	PUNCT
cblr-10944	316	9	supra	supra	PROPN
cblr-10944	316	10	note	note	NOUN
cblr-10944	316	11	12	12	NUM
cblr-10944	316	12	.	.	PUNCT
cblr-10944	316	13	1050	1050	NUM
cblr-10944	317	1	columbia	columbia	PROPN
cblr-10944	317	2	business	business	PROPN
cblr-10944	317	3	law	law	PROPN
cblr-10944	317	4	review	review	NOUN
cblr-10944	317	5	[	[	X
cblr-10944	317	6	vol	vol	NOUN
cblr-10944	317	7	.	.	PUNCT
cblr-10944	317	8	2022	2022	NUM
cblr-10944	317	9	in	in	ADP
cblr-10944	317	10	ipos	ipos	PROPN
cblr-10944	317	11	.	.	PUNCT
cblr-10944	318	1	in	in	ADP
cblr-10944	318	2	an	an	DET
cblr-10944	318	3	ipo	ipo	NOUN
cblr-10944	318	4	,	,	PUNCT
cblr-10944	318	5	an	an	DET
cblr-10944	318	6	issuer	issuer	ADJ
cblr-10944	318	7	company	company	NOUN
cblr-10944	318	8	faces	face	VERB
cblr-10944	318	9	liability	liability	NOUN
cblr-10944	318	10	only	only	ADV
cblr-10944	318	11	for	for	ADP
cblr-10944	318	12	the	the	DET
cblr-10944	318	13	shares	share	NOUN
cblr-10944	318	14	it	it	PRON
cblr-10944	318	15	sold	sell	VERB
cblr-10944	318	16	pursuant	pursuant	ADV
cblr-10944	318	17	to	to	ADP
cblr-10944	318	18	a	a	DET
cblr-10944	318	19	registration	registration	NOUN
cblr-10944	318	20	statement.118	statement.118	VERB
cblr-10944	318	21	the	the	DET
cblr-10944	318	22	majority	majority	NOUN
cblr-10944	318	23	’s	’s	PART
cblr-10944	318	24	holding	holding	NOUN
cblr-10944	318	25	in	in	ADP
cblr-10944	318	26	slack	slack	NOUN
cblr-10944	318	27	means	mean	VERB
cblr-10944	318	28	that	that	SCONJ
cblr-10944	318	29	a	a	DET
cblr-10944	318	30	company	company	NOUN
cblr-10944	318	31	faces	face	VERB
cblr-10944	318	32	section	section	NOUN
cblr-10944	318	33	11	11	NUM
cblr-10944	318	34	liability	liability	NOUN
cblr-10944	318	35	for	for	ADP
cblr-10944	318	36	shares	share	NOUN
cblr-10944	318	37	registered	register	VERB
cblr-10944	318	38	pursuant	pursuant	ADV
cblr-10944	318	39	to	to	ADP
cblr-10944	318	40	a	a	DET
cblr-10944	318	41	registration	registration	NOUN
cblr-10944	318	42	and	and	CCONJ
cblr-10944	318	43	for	for	ADP
cblr-10944	318	44	any	any	DET
cblr-10944	318	45	exempted	exempt	VERB
cblr-10944	318	46	securities	security	NOUN
cblr-10944	318	47	sold	sell	VERB
cblr-10944	318	48	simultaneously.119	simultaneously.119	NOUN
cblr-10944	318	49	this	this	PRON
cblr-10944	318	50	means	mean	VERB
cblr-10944	318	51	that	that	SCONJ
cblr-10944	318	52	a	a	DET
cblr-10944	318	53	“	"	PUNCT
cblr-10944	318	54	company	company	NOUN
cblr-10944	318	55	faces	face	VERB
cblr-10944	318	56	strict	strict	ADJ
cblr-10944	318	57	liability	liability	NOUN
cblr-10944	318	58	for	for	ADP
cblr-10944	318	59	shares	share	NOUN
cblr-10944	318	60	it	it	PRON
cblr-10944	318	61	did	do	AUX
cblr-10944	318	62	not	not	PART
cblr-10944	318	63	even	even	ADV
cblr-10944	318	64	register	register	VERB
cblr-10944	318	65	for	for	ADP
cblr-10944	318	66	sale	sale	NOUN
cblr-10944	318	67	”	"	PUNCT
cblr-10944	318	68	because	because	SCONJ
cblr-10944	318	69	they	they	PRON
cblr-10944	318	70	would	would	AUX
cblr-10944	318	71	be	be	AUX
cblr-10944	318	72	liable	liable	ADJ
cblr-10944	318	73	for	for	ADP
cblr-10944	318	74	the	the	DET
cblr-10944	318	75	sale	sale	NOUN
cblr-10944	318	76	of	of	ADP
cblr-10944	318	77	exempt	exempt	ADJ
cblr-10944	318	78	securities	security	NOUN
cblr-10944	318	79	by	by	ADP
cblr-10944	318	80	third	third	ADJ
cblr-10944	318	81	parties.120	parties.120	NOUN
cblr-10944	318	82	in	in	ADP
cblr-10944	318	83	addition	addition	NOUN
cblr-10944	318	84	to	to	ADP
cblr-10944	318	85	expanding	expand	VERB
cblr-10944	318	86	liability	liability	NOUN
cblr-10944	318	87	beyond	beyond	ADP
cblr-10944	318	88	a	a	DET
cblr-10944	318	89	traditional	traditional	ADJ
cblr-10944	318	90	ipo	ipo	NOUN
cblr-10944	318	91	,	,	PUNCT
cblr-10944	318	92	it	it	PRON
cblr-10944	318	93	makes	make	VERB
cblr-10944	318	94	little	little	ADJ
cblr-10944	318	95	sense	sense	NOUN
cblr-10944	318	96	to	to	PART
cblr-10944	318	97	impose	impose	VERB
cblr-10944	318	98	liability	liability	NOUN
cblr-10944	318	99	on	on	ADP
cblr-10944	318	100	a	a	DET
cblr-10944	318	101	company	company	NOUN
cblr-10944	318	102	for	for	ADP
cblr-10944	318	103	the	the	DET
cblr-10944	318	104	actions	action	NOUN
cblr-10944	318	105	of	of	ADP
cblr-10944	318	106	a	a	DET
cblr-10944	318	107	third	third	ADJ
cblr-10944	318	108	party	party	NOUN
cblr-10944	318	109	even	even	ADV
cblr-10944	318	110	in	in	ADP
cblr-10944	318	111	a	a	DET
cblr-10944	318	112	direct	direct	ADJ
cblr-10944	318	113	listing	listing	NOUN
cblr-10944	318	114	.	.	PUNCT
cblr-10944	319	1	ultimately	ultimately	ADV
cblr-10944	319	2	,	,	PUNCT
cblr-10944	319	3	expanding	expand	VERB
cblr-10944	319	4	liability	liability	NOUN
cblr-10944	319	5	potentially	potentially	ADV
cblr-10944	319	6	threatens	threaten	VERB
cblr-10944	319	7	the	the	DET
cblr-10944	319	8	viability	viability	NOUN
cblr-10944	319	9	of	of	ADP
cblr-10944	319	10	direct	direct	ADJ
cblr-10944	319	11	listings.121	listings.121	VERB
cblr-10944	319	12	direct	direct	ADJ
cblr-10944	319	13	listings	listing	NOUN
cblr-10944	319	14	are	be	AUX
cblr-10944	319	15	a	a	DET
cblr-10944	319	16	useful	useful	ADJ
cblr-10944	319	17	tool	tool	NOUN
cblr-10944	319	18	since	since	SCONJ
cblr-10944	319	19	they	they	PRON
cblr-10944	319	20	“	"	PUNCT
cblr-10944	319	21	offer	offer	VERB
cblr-10944	319	22	startups	startup	NOUN
cblr-10944	319	23	’	'	PUNCT
cblr-10944	319	24	self	self	NOUN
cblr-10944	319	25	-	-	PUNCT
cblr-10944	319	26	starters	starter	NOUN
cblr-10944	319	27	and	and	CCONJ
cblr-10944	319	28	angel	angel	NOUN
cblr-10944	319	29	investors	investor	NOUN
cblr-10944	319	30	the	the	DET
cblr-10944	319	31	chance	chance	NOUN
cblr-10944	319	32	to	to	PART
cblr-10944	319	33	reap	reap	VERB
cblr-10944	319	34	returns	return	NOUN
cblr-10944	319	35	on	on	ADP
cblr-10944	319	36	their	their	PRON
cblr-10944	319	37	high	high	ADJ
cblr-10944	319	38	-	-	PUNCT
cblr-10944	319	39	risk	risk	NOUN
cblr-10944	319	40	investments	investment	NOUN
cblr-10944	319	41	”	"	PUNCT
cblr-10944	319	42	by	by	ADP
cblr-10944	319	43	offering	offer	VERB
cblr-10944	319	44	the	the	DET
cblr-10944	319	45	liquidity	liquidity	NOUN
cblr-10944	319	46	of	of	ADP
cblr-10944	319	47	a	a	DET
cblr-10944	319	48	public	public	ADJ
cblr-10944	319	49	market	market	NOUN
cblr-10944	319	50	and	and	CCONJ
cblr-10944	319	51	enabling	enable	VERB
cblr-10944	319	52	them	they	PRON
cblr-10944	319	53	to	to	PART
cblr-10944	319	54	sell	sell	VERB
cblr-10944	319	55	shares	share	NOUN
cblr-10944	319	56	at	at	ADP
cblr-10944	319	57	a	a	DET
cblr-10944	319	58	market	market	NOUN
cblr-10944	319	59	price.122	price.122	NOUN
cblr-10944	319	60	however	however	ADV
cblr-10944	319	61	,	,	PUNCT
cblr-10944	319	62	because	because	SCONJ
cblr-10944	319	63	section	section	NOUN
cblr-10944	319	64	11	11	NUM
cblr-10944	319	65	gives	give	VERB
cblr-10944	319	66	prospective	prospective	ADJ
cblr-10944	319	67	plaintiffs	plaintiff	NOUN
cblr-10944	319	68	access	access	NOUN
cblr-10944	319	69	to	to	ADP
cblr-10944	319	70	strict	strict	ADJ
cblr-10944	319	71	liability	liability	NOUN
cblr-10944	319	72	,	,	PUNCT
cblr-10944	319	73	companies	company	NOUN
cblr-10944	319	74	may	may	AUX
cblr-10944	319	75	find	find	VERB
cblr-10944	319	76	that	that	SCONJ
cblr-10944	319	77	the	the	DET
cblr-10944	319	78	harms	harm	NOUN
cblr-10944	319	79	caused	cause	VERB
cblr-10944	319	80	by	by	ADP
cblr-10944	319	81	shareholder	shareholder	NOUN
cblr-10944	319	82	litigation	litigation	NOUN
cblr-10944	319	83	will	will	AUX
cblr-10944	319	84	outweigh	outweigh	VERB
cblr-10944	319	85	the	the	DET
cblr-10944	319	86	value	value	NOUN
cblr-10944	319	87	obtained	obtain	VERB
cblr-10944	319	88	from	from	ADP
cblr-10944	319	89	a	a	DET
cblr-10944	319	90	direct	direct	ADJ
cblr-10944	319	91	listing	listing	NOUN
cblr-10944	319	92	.	.	PUNCT
cblr-10944	320	1	2	2	X
cblr-10944	320	2	.	.	X
cblr-10944	320	3	the	the	DET
cblr-10944	320	4	majority	majority	NOUN
cblr-10944	320	5	’s	’s	PART
cblr-10944	320	6	interpretation	interpretation	NOUN
cblr-10944	320	7	of	of	ADP
cblr-10944	320	8	“	"	PUNCT
cblr-10944	320	9	such	such	ADJ
cblr-10944	320	10	118	118	NUM
cblr-10944	320	11	see	see	NOUN
cblr-10944	320	12	supra	supra	PROPN
cblr-10944	320	13	section	section	PROPN
cblr-10944	320	14	ii.a	ii.a	PROPN
cblr-10944	320	15	.	.	PUNCT
cblr-10944	321	1	119	119	NUM
cblr-10944	321	2	feldman	feldman	PROPN
cblr-10944	321	3	et	et	PROPN
cblr-10944	321	4	al	al	PROPN
cblr-10944	321	5	.	.	PROPN
cblr-10944	321	6	,	,	PUNCT
cblr-10944	321	7	supra	supra	PROPN
cblr-10944	321	8	note	note	NOUN
cblr-10944	321	9	12	12	NUM
cblr-10944	321	10	.	.	PUNCT
cblr-10944	322	1	120	120	NUM
cblr-10944	323	1	i	i	PROPN
cblr-10944	323	2	d.	d.	PROPN
cblr-10944	323	3	the	the	DET
cblr-10944	323	4	following	follow	VERB
cblr-10944	323	5	example	example	NOUN
cblr-10944	323	6	illustrates	illustrate	VERB
cblr-10944	323	7	how	how	SCONJ
cblr-10944	323	8	liability	liability	NOUN
cblr-10944	323	9	is	be	AUX
cblr-10944	323	10	expanded	expand	VERB
cblr-10944	323	11	in	in	ADP
cblr-10944	323	12	a	a	DET
cblr-10944	323	13	direct	direct	ADJ
cblr-10944	323	14	listing	listing	NOUN
cblr-10944	323	15	.	.	PUNCT
cblr-10944	324	1	assume	assume	VERB
cblr-10944	324	2	there	there	PRON
cblr-10944	324	3	is	be	VERB
cblr-10944	324	4	a	a	DET
cblr-10944	324	5	company	company	NOUN
cblr-10944	324	6	that	that	PRON
cblr-10944	324	7	has	have	VERB
cblr-10944	324	8	one	one	NUM
cblr-10944	324	9	million	million	NUM
cblr-10944	324	10	registered	register	VERB
cblr-10944	324	11	shares	share	NOUN
cblr-10944	324	12	and	and	CCONJ
cblr-10944	324	13	one	one	NUM
cblr-10944	324	14	million	million	NUM
cblr-10944	324	15	shares	share	NOUN
cblr-10944	324	16	that	that	PRON
cblr-10944	324	17	are	be	AUX
cblr-10944	324	18	exempted	exempt	VERB
cblr-10944	324	19	from	from	ADP
cblr-10944	324	20	registration	registration	NOUN
cblr-10944	324	21	under	under	ADP
cblr-10944	324	22	rule	rule	NOUN
cblr-10944	324	23	144	144	NUM
cblr-10944	324	24	.	.	PUNCT
cblr-10944	325	1	assume	assume	VERB
cblr-10944	325	2	that	that	SCONJ
cblr-10944	325	3	the	the	DET
cblr-10944	325	4	company	company	NOUN
cblr-10944	325	5	’s	’s	PART
cblr-10944	325	6	misrepresentations	misrepresentation	NOUN
cblr-10944	325	7	caused	cause	VERB
cblr-10944	325	8	the	the	DET
cblr-10944	325	9	share	share	NOUN
cblr-10944	325	10	price	price	NOUN
cblr-10944	325	11	to	to	PART
cblr-10944	325	12	decrease	decrease	VERB
cblr-10944	325	13	by	by	ADP
cblr-10944	325	14	$	$	SYM
cblr-10944	325	15	5	5	NUM
cblr-10944	325	16	/	/	SYM
cblr-10944	325	17	share	share	NOUN
cblr-10944	325	18	.	.	PUNCT
cblr-10944	326	1	if	if	SCONJ
cblr-10944	326	2	the	the	DET
cblr-10944	326	3	shares	share	NOUN
cblr-10944	326	4	were	be	AUX
cblr-10944	326	5	sold	sell	VERB
cblr-10944	326	6	in	in	ADP
cblr-10944	326	7	a	a	DET
cblr-10944	326	8	traditional	traditional	ADJ
cblr-10944	326	9	ipo	ipo	NOUN
cblr-10944	326	10	,	,	PUNCT
cblr-10944	326	11	the	the	DET
cblr-10944	326	12	company	company	NOUN
cblr-10944	326	13	would	would	AUX
cblr-10944	326	14	be	be	AUX
cblr-10944	326	15	liable	liable	ADJ
cblr-10944	326	16	for	for	ADP
cblr-10944	326	17	damages	damage	NOUN
cblr-10944	326	18	of	of	ADP
cblr-10944	326	19	$	$	SYM
cblr-10944	326	20	5	5	NUM
cblr-10944	326	21	million	million	NUM
cblr-10944	326	22	because	because	SCONJ
cblr-10944	326	23	the	the	DET
cblr-10944	326	24	only	only	ADJ
cblr-10944	326	25	shares	share	NOUN
cblr-10944	326	26	sold	sell	VERB
cblr-10944	326	27	in	in	ADP
cblr-10944	326	28	the	the	DET
cblr-10944	326	29	ipo	ipo	NOUN
cblr-10944	326	30	were	be	AUX
cblr-10944	326	31	the	the	DET
cblr-10944	326	32	registered	register	VERB
cblr-10944	326	33	ones	one	NOUN
cblr-10944	326	34	.	.	PUNCT
cblr-10944	327	1	if	if	SCONJ
cblr-10944	327	2	the	the	DET
cblr-10944	327	3	shares	share	NOUN
cblr-10944	327	4	were	be	AUX
cblr-10944	327	5	sold	sell	VERB
cblr-10944	327	6	like	like	ADP
cblr-10944	327	7	in	in	ADP
cblr-10944	327	8	slack	slack	NOUN
cblr-10944	327	9	’s	’s	ADV
cblr-10944	327	10	direct	direct	ADJ
cblr-10944	327	11	listing	listing	NOUN
cblr-10944	327	12	,	,	PUNCT
cblr-10944	327	13	the	the	DET
cblr-10944	327	14	damages	damage	NOUN
cblr-10944	327	15	would	would	AUX
cblr-10944	327	16	be	be	AUX
cblr-10944	327	17	$	$	SYM
cblr-10944	327	18	10	10	NUM
cblr-10944	327	19	million	million	NUM
cblr-10944	327	20	because	because	SCONJ
cblr-10944	327	21	the	the	DET
cblr-10944	327	22	company	company	NOUN
cblr-10944	327	23	would	would	AUX
cblr-10944	327	24	be	be	AUX
cblr-10944	327	25	liable	liable	ADJ
cblr-10944	327	26	for	for	ADP
cblr-10944	327	27	the	the	DET
cblr-10944	327	28	decrease	decrease	NOUN
cblr-10944	327	29	in	in	ADP
cblr-10944	327	30	value	value	NOUN
cblr-10944	327	31	in	in	ADP
cblr-10944	327	32	both	both	CCONJ
cblr-10944	327	33	registered	register	VERB
cblr-10944	327	34	and	and	CCONJ
cblr-10944	327	35	unregistered	unregistered	ADJ
cblr-10944	327	36	shares	share	NOUN
cblr-10944	327	37	.	.	PUNCT
cblr-10944	328	1	the	the	DET
cblr-10944	328	2	majority	majority	NOUN
cblr-10944	328	3	’s	’s	PART
cblr-10944	328	4	view	view	NOUN
cblr-10944	328	5	of	of	ADP
cblr-10944	328	6	“	"	PUNCT
cblr-10944	328	7	such	such	ADJ
cblr-10944	328	8	security	security	NOUN
cblr-10944	328	9	”	"	PUNCT
cblr-10944	328	10	specifically	specifically	ADV
cblr-10944	328	11	holds	hold	VERB
cblr-10944	328	12	that	that	SCONJ
cblr-10944	328	13	registered	register	VERB
cblr-10944	328	14	and	and	CCONJ
cblr-10944	328	15	unregistered	unregistered	ADJ
cblr-10944	328	16	shares	share	NOUN
cblr-10944	328	17	would	would	AUX
cblr-10944	328	18	fall	fall	VERB
cblr-10944	328	19	within	within	ADP
cblr-10944	328	20	section	section	NOUN
cblr-10944	328	21	11	11	NUM
cblr-10944	328	22	’s	’s	PART
cblr-10944	328	23	protections	protection	NOUN
cblr-10944	328	24	.	.	PUNCT
cblr-10944	329	1	see	see	VERB
cblr-10944	329	2	i	i	PRON
cblr-10944	329	3	d.	d.	PROPN
cblr-10944	329	4	121	121	NUM
cblr-10944	329	5	motion	motion	NOUN
cblr-10944	329	6	of	of	ADP
cblr-10944	329	7	the	the	DET
cblr-10944	329	8	cato	cato	PROPN
cblr-10944	329	9	institute	institute	PROPN
cblr-10944	329	10	for	for	ADP
cblr-10944	329	11	leave	leave	NOUN
cblr-10944	329	12	to	to	PART
cblr-10944	329	13	file	file	VERB
cblr-10944	329	14	as	as	ADP
cblr-10944	329	15	amicus	amicus	NOUN
cblr-10944	329	16	curiae	curiae	NOUN
cblr-10944	329	17	in	in	ADP
cblr-10944	329	18	support	support	NOUN
cblr-10944	329	19	of	of	ADP
cblr-10944	329	20	defendants	defendant	NOUN
cblr-10944	329	21	and	and	CCONJ
cblr-10944	329	22	appellants	appellant	NOUN
cblr-10944	329	23	at	at	ADP
cblr-10944	329	24	3	3	NUM
cblr-10944	329	25	,	,	PUNCT
cblr-10944	329	26	pirani	pirani	PROPN
cblr-10944	329	27	v.	v.	PROPN
cblr-10944	329	28	slack	slack	PROPN
cblr-10944	329	29	technologies	technologies	PROPN
cblr-10944	329	30	,	,	PUNCT
cblr-10944	329	31	inc	inc	PROPN
cblr-10944	329	32	.	.	PROPN
cblr-10944	329	33	,	,	PUNCT
cblr-10944	329	34	13	13	NUM
cblr-10944	329	35	f.4th	f.4th	NOUN
cblr-10944	329	36	940	940	NUM
cblr-10944	329	37	(	(	PUNCT
cblr-10944	329	38	9th	9th	ADJ
cblr-10944	329	39	cir	cir	NOUN
cblr-10944	329	40	.	.	PUNCT
cblr-10944	329	41	2020	2020	NUM
cblr-10944	329	42	)	)	PUNCT
cblr-10944	329	43	(	(	PUNCT
cblr-10944	329	44	no	no	INTJ
cblr-10944	329	45	.	.	NOUN
cblr-10944	329	46	20	20	NUM
cblr-10944	329	47	-	-	SYM
cblr-10944	329	48	16419	16419	NUM
cblr-10944	329	49	)	)	PUNCT
cblr-10944	329	50	.	.	PUNCT
cblr-10944	330	1	122	122	NUM
cblr-10944	331	1	i	i	PRON
cblr-10944	331	2	d.	d.	PROPN
cblr-10944	331	3	at	at	ADP
cblr-10944	331	4	5	5	NUM
cblr-10944	331	5	.	.	PUNCT
cblr-10944	332	1	no	no	INTJ
cblr-10944	332	2	.	.	PUNCT
cblr-10944	333	1	2:1026	2:1026	NUM
cblr-10944	333	2	]	]	X
cblr-10944	333	3	direct	direct	ADJ
cblr-10944	333	4	listings	listing	NOUN
cblr-10944	333	5	and	and	CCONJ
cblr-10944	333	6	the	the	DET
cblr-10944	333	7	tracing	tracing	ADJ
cblr-10944	333	8	doctrine	doctrine	NOUN
cblr-10944	333	9	1051	1051	NUM
cblr-10944	333	10	security	security	NOUN
cblr-10944	333	11	”	"	PUNCT
cblr-10944	333	12	is	be	AUX
cblr-10944	333	13	inconsistent	inconsistent	ADJ
cblr-10944	333	14	with	with	ADP
cblr-10944	333	15	other	other	ADJ
cblr-10944	333	16	uses	use	NOUN
cblr-10944	333	17	of	of	ADP
cblr-10944	333	18	the	the	DET
cblr-10944	333	19	phrase	phrase	NOUN
cblr-10944	333	20	in	in	ADP
cblr-10944	333	21	section	section	NOUN
cblr-10944	333	22	11	11	NUM
cblr-10944	333	23	the	the	DET
cblr-10944	333	24	phrase	phrase	NOUN
cblr-10944	333	25	“	"	PUNCT
cblr-10944	333	26	such	such	ADJ
cblr-10944	333	27	security	security	NOUN
cblr-10944	333	28	”	"	PUNCT
cblr-10944	333	29	appears	appear	VERB
cblr-10944	333	30	numerous	numerous	ADJ
cblr-10944	333	31	times	time	NOUN
cblr-10944	333	32	within	within	ADP
cblr-10944	333	33	the	the	DET
cblr-10944	333	34	securities	security	NOUN
cblr-10944	333	35	act123	act123	NOUN
cblr-10944	333	36	and	and	CCONJ
cblr-10944	333	37	specifically	specifically	ADV
cblr-10944	333	38	within	within	ADP
cblr-10944	333	39	section	section	NOUN
cblr-10944	333	40	11	11	NUM
cblr-10944	333	41	,	,	PUNCT
cblr-10944	333	42	but	but	CCONJ
cblr-10944	333	43	the	the	DET
cblr-10944	333	44	majority	majority	NOUN
cblr-10944	333	45	only	only	ADV
cblr-10944	333	46	analyzes	analyze	VERB
cblr-10944	333	47	it	it	PRON
cblr-10944	333	48	in	in	ADP
cblr-10944	333	49	the	the	DET
cblr-10944	333	50	context	context	NOUN
cblr-10944	333	51	of	of	ADP
cblr-10944	333	52	section	section	NOUN
cblr-10944	333	53	11(a	11(a	NUM
cblr-10944	333	54	)	)	PUNCT
cblr-10944	333	55	.	.	PUNCT
cblr-10944	334	1	in	in	ADP
cblr-10944	334	2	fact	fact	NOUN
cblr-10944	334	3	,	,	PUNCT
cblr-10944	334	4	the	the	DET
cblr-10944	334	5	phrases	phrase	NOUN
cblr-10944	334	6	“	"	PUNCT
cblr-10944	334	7	such	such	ADJ
cblr-10944	334	8	security	security	NOUN
cblr-10944	334	9	”	"	PUNCT
cblr-10944	334	10	and	and	CCONJ
cblr-10944	334	11	“	"	PUNCT
cblr-10944	334	12	such	such	ADJ
cblr-10944	334	13	securities	security	NOUN
cblr-10944	334	14	”	"	PUNCT
cblr-10944	334	15	appear	appear	VERB
cblr-10944	334	16	in	in	ADP
cblr-10944	334	17	the	the	DET
cblr-10944	334	18	securities	security	NOUN
cblr-10944	334	19	act	act	NOUN
cblr-10944	334	20	at	at	ADV
cblr-10944	334	21	least	least	ADV
cblr-10944	334	22	61	61	NUM
cblr-10944	334	23	times.124	times.124	NOUN
cblr-10944	334	24	through	through	ADP
cblr-10944	334	25	the	the	DET
cblr-10944	334	26	securities	security	NOUN
cblr-10944	334	27	act	act	PROPN
cblr-10944	334	28	,	,	PUNCT
cblr-10944	334	29	“	"	PUNCT
cblr-10944	334	30	such	such	ADJ
cblr-10944	334	31	security	security	NOUN
cblr-10944	334	32	”	"	PUNCT
cblr-10944	334	33	refers	refer	VERB
cblr-10944	334	34	to	to	ADP
cblr-10944	334	35	“	"	PUNCT
cblr-10944	334	36	a	a	DET
cblr-10944	334	37	specific	specific	ADJ
cblr-10944	334	38	security	security	NOUN
cblr-10944	334	39	(	(	PUNCT
cblr-10944	334	40	or	or	CCONJ
cblr-10944	334	41	type	type	NOUN
cblr-10944	334	42	of	of	ADP
cblr-10944	334	43	securities	security	NOUN
cblr-10944	334	44	)	)	PUNCT
cblr-10944	334	45	at	at	ADP
cblr-10944	334	46	issue	issue	NOUN
cblr-10944	334	47	in	in	ADP
cblr-10944	334	48	the	the	DET
cblr-10944	334	49	relevant	relevant	ADJ
cblr-10944	334	50	provision	provision	NOUN
cblr-10944	334	51	,	,	PUNCT
cblr-10944	334	52	”	"	PUNCT
cblr-10944	334	53	but	but	CCONJ
cblr-10944	334	54	the	the	DET
cblr-10944	334	55	majority	majority	NOUN
cblr-10944	334	56	’s	’s	PART
cblr-10944	334	57	interpretation	interpretation	NOUN
cblr-10944	334	58	from	from	ADP
cblr-10944	334	59	section	section	NOUN
cblr-10944	334	60	11(a	11(a	NUM
cblr-10944	334	61	)	)	PUNCT
cblr-10944	334	62	refers	refer	VERB
cblr-10944	334	63	to	to	ADP
cblr-10944	334	64	“	"	PUNCT
cblr-10944	334	65	both	both	PRON
cblr-10944	334	66	to	to	ADP
cblr-10944	334	67	a	a	DET
cblr-10944	334	68	specific	specific	ADJ
cblr-10944	334	69	type	type	NOUN
cblr-10944	334	70	of	of	ADP
cblr-10944	334	71	security	security	NOUN
cblr-10944	334	72	(	(	PUNCT
cblr-10944	334	73	registered	register	VERB
cblr-10944	334	74	securities	security	NOUN
cblr-10944	334	75	)	)	PUNCT
cblr-10944	334	76	at	at	ADP
cblr-10944	334	77	issue	issue	NOUN
cblr-10944	334	78	and	and	CCONJ
cblr-10944	334	79	to	to	ADP
cblr-10944	334	80	other	other	ADJ
cblr-10944	334	81	,	,	PUNCT
cblr-10944	334	82	similar	similar	ADJ
cblr-10944	334	83	(	(	PUNCT
cblr-10944	334	84	but	but	CCONJ
cblr-10944	334	85	exempt	exempt	ADJ
cblr-10944	334	86	)	)	PUNCT
cblr-10944	334	87	securities	security	NOUN
cblr-10944	334	88	.	.	PUNCT
cblr-10944	334	89	”125	”125	PUNCT
cblr-10944	335	1	thus	thus	ADV
cblr-10944	335	2	,	,	PUNCT
cblr-10944	335	3	the	the	DET
cblr-10944	335	4	majority	majority	NOUN
cblr-10944	335	5	unintentionally	unintentionally	ADV
cblr-10944	335	6	expands	expand	VERB
cblr-10944	335	7	the	the	DET
cblr-10944	335	8	kinds	kind	NOUN
cblr-10944	335	9	of	of	ADP
cblr-10944	335	10	securities	security	NOUN
cblr-10944	335	11	covered	cover	VERB
cblr-10944	335	12	under	under	ADP
cblr-10944	335	13	section	section	NOUN
cblr-10944	335	14	11(a	11(a	NUM
cblr-10944	335	15	)	)	PUNCT
cblr-10944	335	16	beyond	beyond	ADP
cblr-10944	335	17	what	what	PRON
cblr-10944	335	18	is	be	AUX
cblr-10944	335	19	envisioned	envision	VERB
cblr-10944	335	20	by	by	ADP
cblr-10944	335	21	the	the	DET
cblr-10944	335	22	securities	securities	PROPN
cblr-10944	335	23	act	act	PROPN
cblr-10944	335	24	.	.	PUNCT
cblr-10944	336	1	in	in	ADP
cblr-10944	336	2	addition	addition	NOUN
cblr-10944	336	3	,	,	PUNCT
cblr-10944	336	4	the	the	DET
cblr-10944	336	5	majority	majority	NOUN
cblr-10944	336	6	’s	’s	PART
cblr-10944	336	7	interpretation	interpretation	NOUN
cblr-10944	336	8	of	of	ADP
cblr-10944	336	9	“	"	PUNCT
cblr-10944	336	10	such	such	ADJ
cblr-10944	336	11	security	security	NOUN
cblr-10944	336	12	”	"	PUNCT
cblr-10944	336	13	from	from	ADP
cblr-10944	336	14	section	section	NOUN
cblr-10944	336	15	11(a	11(a	NUM
cblr-10944	336	16	)	)	PUNCT
cblr-10944	336	17	conflicts	conflict	NOUN
cblr-10944	336	18	with	with	ADP
cblr-10944	336	19	the	the	DET
cblr-10944	336	20	phrase	phrase	NOUN
cblr-10944	336	21	’s	’s	PART
cblr-10944	336	22	use	use	NOUN
cblr-10944	336	23	in	in	ADP
cblr-10944	336	24	section	section	NOUN
cblr-10944	336	25	11(e	11(e	NUM
cblr-10944	336	26	)	)	PUNCT
cblr-10944	336	27	,	,	PUNCT
cblr-10944	336	28	which	which	PRON
cblr-10944	336	29	details	detail	VERB
cblr-10944	336	30	how	how	SCONJ
cblr-10944	336	31	damages	damage	NOUN
cblr-10944	336	32	are	be	AUX
cblr-10944	336	33	calculated.126	calculated.126	NOUN
cblr-10944	336	34	section	section	NOUN
cblr-10944	336	35	11(e	11(e	NUM
cblr-10944	336	36	)	)	PUNCT
cblr-10944	336	37	caps	cap	VERB
cblr-10944	336	38	damages	damage	NOUN
cblr-10944	336	39	to	to	ADP
cblr-10944	336	40	the	the	DET
cblr-10944	336	41	“	"	PUNCT
cblr-10944	336	42	difference	difference	NOUN
cblr-10944	336	43	between	between	ADP
cblr-10944	336	44	the	the	DET
cblr-10944	336	45	amount	amount	NOUN
cblr-10944	336	46	paid	pay	VERB
cblr-10944	336	47	for	for	ADP
cblr-10944	336	48	the	the	DET
cblr-10944	336	49	security	security	NOUN
cblr-10944	336	50	”	"	PUNCT
cblr-10944	336	51	and	and	CCONJ
cblr-10944	336	52	the	the	DET
cblr-10944	336	53	“	"	PUNCT
cblr-10944	336	54	price	price	NOUN
cblr-10944	336	55	at	at	ADP
cblr-10944	336	56	which	which	PRON
cblr-10944	336	57	such	such	ADJ
cblr-10944	336	58	security	security	NOUN
cblr-10944	336	59	shall	shall	AUX
cblr-10944	336	60	have	have	AUX
cblr-10944	336	61	been	be	AUX
cblr-10944	336	62	disposed	dispose	VERB
cblr-10944	336	63	of	of	ADP
cblr-10944	336	64	in	in	ADP
cblr-10944	336	65	the	the	DET
cblr-10944	336	66	market	market	NOUN
cblr-10944	336	67	before	before	ADP
cblr-10944	336	68	suit	suit	NOUN
cblr-10944	336	69	.	.	PUNCT
cblr-10944	337	1	”127	”127	PUNCT
cblr-10944	337	2	under	under	ADP
cblr-10944	337	3	section	section	NOUN
cblr-10944	337	4	11(e	11(e	NUM
cblr-10944	337	5	)	)	PUNCT
cblr-10944	337	6	,	,	PUNCT
cblr-10944	337	7	“	"	PUNCT
cblr-10944	337	8	such	such	ADJ
cblr-10944	337	9	security	security	NOUN
cblr-10944	337	10	”	"	PUNCT
cblr-10944	337	11	refers	refer	VERB
cblr-10944	337	12	to	to	ADP
cblr-10944	337	13	the	the	DET
cblr-10944	337	14	specific	specific	ADJ
cblr-10944	337	15	shares	share	NOUN
cblr-10944	337	16	owned	own	VERB
cblr-10944	337	17	by	by	ADP
cblr-10944	337	18	a	a	DET
cblr-10944	337	19	plaintiff	plaintiff	NOUN
cblr-10944	337	20	and	and	CCONJ
cblr-10944	337	21	not	not	PART
cblr-10944	337	22	some	some	DET
cblr-10944	337	23	hypothetical	hypothetical	ADJ
cblr-10944	337	24	equivalent	equivalent	NOUN
cblr-10944	337	25	.	.	PUNCT
cblr-10944	338	1	damages	damage	NOUN
cblr-10944	338	2	can	can	AUX
cblr-10944	338	3	only	only	ADV
cblr-10944	338	4	be	be	AUX
cblr-10944	338	5	calculated	calculate	VERB
cblr-10944	338	6	if	if	SCONJ
cblr-10944	338	7	the	the	DET
cblr-10944	338	8	plaintiff	plaintiff	NOUN
cblr-10944	338	9	can	can	AUX
cblr-10944	338	10	identify	identify	VERB
cblr-10944	338	11	the	the	DET
cblr-10944	338	12	price	price	NOUN
cblr-10944	338	13	at	at	ADP
cblr-10944	338	14	which	which	PRON
cblr-10944	338	15	her	her	PRON
cblr-10944	338	16	specific	specific	ADJ
cblr-10944	338	17	share	share	NOUN
cblr-10944	338	18	was	be	AUX
cblr-10944	338	19	purchased	purchase	VERB
cblr-10944	338	20	and	and	CCONJ
cblr-10944	338	21	then	then	ADV
cblr-10944	338	22	the	the	DET
cblr-10944	338	23	price	price	NOUN
cblr-10944	338	24	at	at	ADP
cblr-10944	338	25	which	which	PRON
cblr-10944	338	26	it	it	PRON
cblr-10944	338	27	was	be	AUX
cblr-10944	338	28	sold.128	sold.128	VERB
cblr-10944	338	29	the	the	DET
cblr-10944	338	30	majority	majority	NOUN
cblr-10944	338	31	’s	’s	PART
cblr-10944	338	32	reading	reading	NOUN
cblr-10944	338	33	of	of	ADP
cblr-10944	338	34	“	"	PUNCT
cblr-10944	338	35	such	such	ADJ
cblr-10944	338	36	security	security	NOUN
cblr-10944	338	37	”	"	PUNCT
cblr-10944	338	38	means	mean	VERB
cblr-10944	338	39	that	that	SCONJ
cblr-10944	338	40	it	it	PRON
cblr-10944	338	41	becomes	become	VERB
cblr-10944	338	42	“	"	PUNCT
cblr-10944	338	43	impossible	impossible	ADJ
cblr-10944	338	44	to	to	PART
cblr-10944	338	45	calculate	calculate	VERB
cblr-10944	338	46	damages	damage	NOUN
cblr-10944	338	47	for	for	ADP
cblr-10944	338	48	a	a	DET
cblr-10944	338	49	specific	specific	ADJ
cblr-10944	338	50	share	share	NOUN
cblr-10944	338	51	”	"	PUNCT
cblr-10944	338	52	because	because	SCONJ
cblr-10944	338	53	such	such	DET
cblr-10944	338	54	an	an	DET
cblr-10944	338	55	123	123	NUM
cblr-10944	338	56	for	for	ADP
cblr-10944	338	57	example	example	NOUN
cblr-10944	338	58	,	,	PUNCT
cblr-10944	338	59	section	section	NOUN
cblr-10944	338	60	5	5	NUM
cblr-10944	338	61	,	,	PUNCT
cblr-10944	338	62	section	section	NOUN
cblr-10944	338	63	11(e	11(e	NUM
cblr-10944	338	64	)	)	PUNCT
cblr-10944	338	65	,	,	PUNCT
cblr-10944	338	66	and	and	CCONJ
cblr-10944	338	67	section	section	NOUN
cblr-10944	338	68	12	12	NUM
cblr-10944	338	69	all	all	PRON
cblr-10944	338	70	use	use	VERB
cblr-10944	338	71	the	the	DET
cblr-10944	338	72	phrase	phrase	NOUN
cblr-10944	338	73	“	"	PUNCT
cblr-10944	338	74	such	such	ADJ
cblr-10944	338	75	security	security	NOUN
cblr-10944	338	76	.	.	PUNCT
cblr-10944	338	77	”	"	PUNCT
cblr-10944	339	1	see	see	VERB
cblr-10944	339	2	15	15	NUM
cblr-10944	339	3	u.s.c	u.s.c	ADJ
cblr-10944	339	4	.	.	PUNCT
cblr-10944	340	1	§	§	PROPN
cblr-10944	340	2	77e	77e	NUM
cblr-10944	340	3	;	;	PUNCT
cblr-10944	340	4	15	15	NUM
cblr-10944	340	5	u.s.c	u.s.c	NOUN
cblr-10944	340	6	.	.	PUNCT
cblr-10944	341	1	§	§	PROPN
cblr-10944	341	2	77k	77k	NUM
cblr-10944	341	3	;	;	PUNCT
cblr-10944	341	4	15	15	NUM
cblr-10944	341	5	u.s.c	u.s.c	NOUN
cblr-10944	341	6	.	.	PUNCT
cblr-10944	342	1	§	§	PROPN
cblr-10944	342	2	77e	77e	PROPN
cblr-10944	342	3	.	.	PUNCT
cblr-10944	343	1	124	124	NUM
cblr-10944	343	2	brief	brief	NOUN
cblr-10944	343	3	of	of	ADP
cblr-10944	343	4	amicus	amicus	PROPN
cblr-10944	343	5	curiae	curiae	NOUN
cblr-10944	343	6	former	former	ADJ
cblr-10944	343	7	sec	sec	PROPN
cblr-10944	343	8	commissioner	commissioner	NOUN
cblr-10944	343	9	joseph	joseph	PROPN
cblr-10944	343	10	a.	a.	PROPN
cblr-10944	343	11	grundfest	grundfest	PROPN
cblr-10944	343	12	in	in	ADP
cblr-10944	343	13	support	support	NOUN
cblr-10944	343	14	of	of	ADP
cblr-10944	343	15	defendants’-appellants	defendants’-appellant	NOUN
cblr-10944	343	16	’	’	PART
cblr-10944	343	17	petition	petition	NOUN
cblr-10944	343	18	for	for	ADP
cblr-10944	343	19	rehearing	rehear	VERB
cblr-10944	343	20	and	and	CCONJ
cblr-10944	343	21	rehearing	rehear	VERB
cblr-10944	343	22	en	en	ADP
cblr-10944	343	23	banc	banc	PROPN
cblr-10944	343	24	at	at	ADP
cblr-10944	343	25	10–11	10–11	NUM
cblr-10944	343	26	,	,	PUNCT
cblr-10944	343	27	pirani	pirani	PROPN
cblr-10944	343	28	v.	v.	PROPN
cblr-10944	343	29	slack	slack	PROPN
cblr-10944	343	30	technologies	technologies	PROPN
cblr-10944	343	31	,	,	PUNCT
cblr-10944	343	32	inc	inc	PROPN
cblr-10944	343	33	.	.	PROPN
cblr-10944	343	34	,	,	PUNCT
cblr-10944	343	35	13	13	NUM
cblr-10944	343	36	f.4th	f.4th	NOUN
cblr-10944	343	37	940	940	NUM
cblr-10944	343	38	(	(	PUNCT
cblr-10944	343	39	9th	9th	ADJ
cblr-10944	343	40	cir	cir	NOUN
cblr-10944	343	41	.	.	PROPN
cblr-10944	343	42	2021	2021	NUM
cblr-10944	343	43	)	)	PUNCT
cblr-10944	343	44	(	(	PUNCT
cblr-10944	343	45	no	no	INTJ
cblr-10944	343	46	.	.	NOUN
cblr-10944	343	47	204	204	NUM
cblr-10944	343	48	-	-	SYM
cblr-10944	343	49	16419	16419	NUM
cblr-10944	343	50	)	)	PUNCT
cblr-10944	344	1	[	[	X
cblr-10944	344	2	hereinafter	hereinafter	NOUN
cblr-10944	344	3	brief	brief	NOUN
cblr-10944	344	4	of	of	ADP
cblr-10944	344	5	grundfest	grundfest	NOUN
cblr-10944	344	6	]	]	PUNCT
cblr-10944	344	7	.	.	PUNCT
cblr-10944	345	1	125	125	NUM
cblr-10944	345	2	i	i	PRON
cblr-10944	345	3	d.	d.	PROPN
cblr-10944	345	4	at	at	ADP
cblr-10944	345	5	11	11	NUM
cblr-10944	345	6	.	.	PUNCT
cblr-10944	346	1	126	126	NUM
cblr-10944	346	2	feldman	feldman	PROPN
cblr-10944	346	3	et	et	PROPN
cblr-10944	346	4	al	al	PROPN
cblr-10944	346	5	.	.	PROPN
cblr-10944	346	6	,	,	PUNCT
cblr-10944	346	7	supra	supra	PROPN
cblr-10944	346	8	note	note	NOUN
cblr-10944	346	9	12	12	NUM
cblr-10944	346	10	.	.	PUNCT
cblr-10944	347	1	127	127	NUM
cblr-10944	347	2	15	15	NUM
cblr-10944	347	3	u.s.c	u.s.c	NOUN
cblr-10944	347	4	.	.	PUNCT
cblr-10944	348	1	§	§	PROPN
cblr-10944	348	2	77k(e	77k(e	PROPN
cblr-10944	348	3	)	)	PUNCT
cblr-10944	348	4	(	(	PUNCT
cblr-10944	348	5	emphasis	emphasis	NOUN
cblr-10944	348	6	added	add	VERB
cblr-10944	348	7	)	)	PUNCT
cblr-10944	348	8	.	.	PUNCT
cblr-10944	349	1	128	128	NUM
cblr-10944	349	2	feldman	feldman	PROPN
cblr-10944	349	3	et	et	PROPN
cblr-10944	349	4	al	al	PROPN
cblr-10944	349	5	.	.	PROPN
cblr-10944	349	6	,	,	PUNCT
cblr-10944	349	7	supra	supra	PROPN
cblr-10944	349	8	note	note	NOUN
cblr-10944	349	9	12	12	NUM
cblr-10944	349	10	.	.	X
cblr-10944	349	11	1052	1052	NUM
cblr-10944	350	1	columbia	columbia	PROPN
cblr-10944	350	2	business	business	NOUN
cblr-10944	350	3	law	law	PROPN
cblr-10944	350	4	review	review	NOUN
cblr-10944	350	5	[	[	X
cblr-10944	350	6	vol	vol	NOUN
cblr-10944	350	7	.	.	PUNCT
cblr-10944	351	1	2022	2022	NUM
cblr-10944	351	2	interpretation	interpretation	NOUN
cblr-10944	351	3	includes	include	VERB
cblr-10944	351	4	securities	security	NOUN
cblr-10944	351	5	that	that	PRON
cblr-10944	351	6	are	be	AUX
cblr-10944	351	7	alike	alike	ADV
cblr-10944	351	8	,	,	PUNCT
cblr-10944	351	9	instead	instead	ADV
cblr-10944	351	10	of	of	ADP
cblr-10944	351	11	being	be	AUX
cblr-10944	351	12	limited	limit	VERB
cblr-10944	351	13	to	to	ADP
cblr-10944	351	14	the	the	DET
cblr-10944	351	15	specific	specific	ADJ
cblr-10944	351	16	shares	share	NOUN
cblr-10944	351	17	purchased.129	purchased.129	PROPN
cblr-10944	351	18	thus	thus	ADV
cblr-10944	351	19	,	,	PUNCT
cblr-10944	351	20	the	the	DET
cblr-10944	351	21	majority	majority	NOUN
cblr-10944	351	22	’s	’s	PART
cblr-10944	351	23	new	new	ADJ
cblr-10944	351	24	interpretation	interpretation	NOUN
cblr-10944	351	25	of	of	ADP
cblr-10944	351	26	“	"	PUNCT
cblr-10944	351	27	such	such	ADJ
cblr-10944	351	28	security	security	NOUN
cblr-10944	351	29	”	"	PUNCT
cblr-10944	351	30	is	be	AUX
cblr-10944	351	31	untenable	untenable	ADJ
cblr-10944	351	32	because	because	SCONJ
cblr-10944	351	33	it	it	PRON
cblr-10944	351	34	contradicts	contradict	VERB
cblr-10944	351	35	the	the	DET
cblr-10944	351	36	phrase	phrase	NOUN
cblr-10944	351	37	’s	’s	PART
cblr-10944	351	38	meaning	meaning	NOUN
cblr-10944	351	39	in	in	ADP
cblr-10944	351	40	both	both	CCONJ
cblr-10944	351	41	the	the	DET
cblr-10944	351	42	securities	security	NOUN
cblr-10944	351	43	act	act	NOUN
cblr-10944	351	44	and	and	CCONJ
cblr-10944	351	45	within	within	ADP
cblr-10944	351	46	section	section	NOUN
cblr-10944	351	47	11	11	NUM
cblr-10944	351	48	.	.	PUNCT
cblr-10944	352	1	3	3	X
cblr-10944	352	2	.	.	X
cblr-10944	353	1	the	the	DET
cblr-10944	353	2	majority	majority	NOUN
cblr-10944	353	3	’s	’s	PART
cblr-10944	353	4	interpretation	interpretation	NOUN
cblr-10944	353	5	conflicts	conflict	NOUN
cblr-10944	353	6	with	with	ADP
cblr-10944	353	7	other	other	ADJ
cblr-10944	353	8	circuits	circuit	NOUN
cblr-10944	353	9	’	'	PUNCT
cblr-10944	353	10	interpretations	interpretation	NOUN
cblr-10944	353	11	of	of	ADP
cblr-10944	353	12	section	section	NOUN
cblr-10944	353	13	11	11	NUM
cblr-10944	353	14	liability	liability	NOUN
cblr-10944	353	15	and	and	CCONJ
cblr-10944	353	16	with	with	ADP
cblr-10944	353	17	the	the	DET
cblr-10944	353	18	ninth	ninth	ADJ
cblr-10944	353	19	circuit	circuit	NOUN
cblr-10944	353	20	’s	’s	PART
cblr-10944	353	21	own	own	ADJ
cblr-10944	353	22	precedent	precedent	NOUN
cblr-10944	353	23	the	the	DET
cblr-10944	353	24	slack	slack	NOUN
cblr-10944	353	25	decision	decision	NOUN
cblr-10944	353	26	chooses	choose	VERB
cblr-10944	353	27	to	to	PART
cblr-10944	353	28	adopt	adopt	VERB
cblr-10944	353	29	neither	neither	CCONJ
cblr-10944	353	30	the	the	DET
cblr-10944	353	31	narrow	narrow	ADJ
cblr-10944	353	32	nor	nor	CCONJ
cblr-10944	353	33	the	the	DET
cblr-10944	353	34	broad	broad	ADJ
cblr-10944	353	35	reading	reading	NOUN
cblr-10944	353	36	of	of	ADP
cblr-10944	353	37	“	"	PUNCT
cblr-10944	353	38	such	such	ADJ
cblr-10944	353	39	security	security	NOUN
cblr-10944	353	40	.	.	PUNCT
cblr-10944	353	41	”	"	PUNCT
cblr-10944	354	1	other	other	ADJ
cblr-10944	354	2	circuits	circuit	NOUN
cblr-10944	354	3	have	have	AUX
cblr-10944	354	4	consistently	consistently	ADV
cblr-10944	354	5	interpreted	interpret	VERB
cblr-10944	354	6	the	the	DET
cblr-10944	354	7	phrase	phrase	NOUN
cblr-10944	354	8	“	"	PUNCT
cblr-10944	354	9	such	such	ADJ
cblr-10944	354	10	security	security	NOUN
cblr-10944	354	11	”	"	PUNCT
cblr-10944	354	12	using	use	VERB
cblr-10944	354	13	the	the	DET
cblr-10944	354	14	narrow	narrow	ADJ
cblr-10944	354	15	reading	reading	NOUN
cblr-10944	354	16	for	for	ADP
cblr-10944	354	17	the	the	DET
cblr-10944	354	18	last	last	ADJ
cblr-10944	354	19	fifty	fifty	NUM
cblr-10944	354	20	years.130	years.130	NOUN
cblr-10944	354	21	the	the	DET
cblr-10944	354	22	majority	majority	NOUN
cblr-10944	354	23	based	base	VERB
cblr-10944	354	24	its	its	PRON
cblr-10944	354	25	departure	departure	NOUN
cblr-10944	354	26	from	from	ADP
cblr-10944	354	27	precedent	precedent	NOUN
cblr-10944	354	28	on	on	ADP
cblr-10944	354	29	slack	slack	NOUN
cblr-10944	354	30	being	be	AUX
cblr-10944	354	31	a	a	DET
cblr-10944	354	32	case	case	NOUN
cblr-10944	354	33	of	of	ADP
cblr-10944	354	34	first	first	ADJ
cblr-10944	354	35	impression	impression	NOUN
cblr-10944	354	36	and	and	CCONJ
cblr-10944	354	37	the	the	DET
cblr-10944	354	38	case	case	NOUN
cblr-10944	354	39	not	not	PART
cblr-10944	354	40	involving	involve	VERB
cblr-10944	354	41	successive	successive	ADJ
cblr-10944	354	42	registrations	registration	NOUN
cblr-10944	354	43	,	,	PUNCT
cblr-10944	354	44	but	but	CCONJ
cblr-10944	354	45	the	the	DET
cblr-10944	354	46	majority	majority	NOUN
cblr-10944	354	47	did	do	AUX
cblr-10944	354	48	not	not	PART
cblr-10944	354	49	explain	explain	VERB
cblr-10944	354	50	why	why	SCONJ
cblr-10944	354	51	these	these	DET
cblr-10944	354	52	distinctions	distinction	NOUN
cblr-10944	354	53	matter.131	matter.131	PROPN
cblr-10944	354	54	as	as	SCONJ
cblr-10944	354	55	judge	judge	NOUN
cblr-10944	354	56	miller	miller	PROPN
cblr-10944	354	57	correctly	correctly	ADV
cblr-10944	354	58	pointed	point	VERB
cblr-10944	354	59	out	out	ADP
cblr-10944	354	60	in	in	ADP
cblr-10944	354	61	his	his	PRON
cblr-10944	354	62	dissent	dissent	NOUN
cblr-10944	354	63	,	,	PUNCT
cblr-10944	354	64	these	these	DET
cblr-10944	354	65	distinctions	distinction	NOUN
cblr-10944	354	66	make	make	VERB
cblr-10944	354	67	no	no	DET
cblr-10944	354	68	difference	difference	NOUN
cblr-10944	354	69	,	,	PUNCT
cblr-10944	354	70	because	because	SCONJ
cblr-10944	354	71	in	in	ADP
cblr-10944	354	72	both	both	CCONJ
cblr-10944	354	73	direct	direct	ADJ
cblr-10944	354	74	listings	listing	NOUN
cblr-10944	354	75	and	and	CCONJ
cblr-10944	354	76	successive	successive	ADJ
cblr-10944	354	77	registrations	registration	NOUN
cblr-10944	354	78	,	,	PUNCT
cblr-10944	354	79	there	there	PRON
cblr-10944	354	80	is	be	VERB
cblr-10944	354	81	a	a	DET
cblr-10944	354	82	mix	mix	NOUN
cblr-10944	354	83	of	of	ADP
cblr-10944	354	84	registered	register	VERB
cblr-10944	354	85	shares	share	NOUN
cblr-10944	354	86	and	and	CCONJ
cblr-10944	354	87	unregistered	unregistered	ADJ
cblr-10944	354	88	,	,	PUNCT
cblr-10944	354	89	exempt	exempt	ADJ
cblr-10944	354	90	shares.132	shares.132	NOUN
cblr-10944	354	91	thus	thus	ADV
cblr-10944	354	92	,	,	PUNCT
cblr-10944	354	93	even	even	ADV
cblr-10944	354	94	though	though	SCONJ
cblr-10944	354	95	slack	slack	NOUN
cblr-10944	354	96	was	be	AUX
cblr-10944	354	97	a	a	DET
cblr-10944	354	98	case	case	NOUN
cblr-10944	354	99	of	of	ADP
cblr-10944	354	100	first	first	ADJ
cblr-10944	354	101	impression	impression	NOUN
cblr-10944	354	102	,	,	PUNCT
cblr-10944	354	103	the	the	DET
cblr-10944	354	104	facts	fact	NOUN
cblr-10944	354	105	were	be	AUX
cblr-10944	354	106	not	not	PART
cblr-10944	354	107	new	new	ADJ
cblr-10944	354	108	at	at	ADV
cblr-10944	354	109	all	all	ADV
cblr-10944	354	110	,	,	PUNCT
cblr-10944	354	111	and	and	CCONJ
cblr-10944	354	112	plenty	plenty	NOUN
cblr-10944	354	113	of	of	ADP
cblr-10944	354	114	prior	prior	ADJ
cblr-10944	354	115	cases	case	NOUN
cblr-10944	354	116	have	have	AUX
cblr-10944	354	117	dealt	deal	VERB
cblr-10944	354	118	with	with	ADP
cblr-10944	354	119	a	a	DET
cblr-10944	354	120	mix	mix	NOUN
cblr-10944	354	121	of	of	ADP
cblr-10944	354	122	both	both	CCONJ
cblr-10944	354	123	registered	register	VERB
cblr-10944	354	124	and	and	CCONJ
cblr-10944	354	125	unregistered	unregistered	ADJ
cblr-10944	354	126	shares	share	NOUN
cblr-10944	354	127	.	.	PUNCT
cblr-10944	355	1	in	in	ADP
cblr-10944	355	2	addition	addition	NOUN
cblr-10944	355	3	,	,	PUNCT
cblr-10944	355	4	the	the	DET
cblr-10944	355	5	slack	slack	NOUN
cblr-10944	355	6	decision	decision	NOUN
cblr-10944	355	7	departs	depart	VERB
cblr-10944	355	8	from	from	ADP
cblr-10944	355	9	the	the	DET
cblr-10944	355	10	ninth	ninth	ADJ
cblr-10944	355	11	circuit	circuit	NOUN
cblr-10944	355	12	’s	’s	PART
cblr-10944	355	13	own	own	ADJ
cblr-10944	355	14	precedent	precedent	NOUN
cblr-10944	355	15	.	.	PUNCT
cblr-10944	356	1	as	as	SCONJ
cblr-10944	356	2	explained	explain	VERB
cblr-10944	356	3	in	in	ADP
cblr-10944	356	4	section	section	NOUN
cblr-10944	356	5	iii.a	iii.a	PROPN
cblr-10944	356	6	,	,	PUNCT
cblr-10944	356	7	the	the	DET
cblr-10944	356	8	ninth	ninth	ADJ
cblr-10944	356	9	circuit	circuit	NOUN
cblr-10944	356	10	adopted	adopt	VERB
cblr-10944	356	11	the	the	DET
cblr-10944	356	12	narrow	narrow	ADJ
cblr-10944	356	13	reading	reading	NOUN
cblr-10944	356	14	of	of	ADP
cblr-10944	356	15	“	"	PUNCT
cblr-10944	356	16	such	such	ADJ
cblr-10944	356	17	security	security	NOUN
cblr-10944	356	18	”	"	PUNCT
cblr-10944	356	19	in	in	ADP
cblr-10944	356	20	hertzberg	hertzberg	NOUN
cblr-10944	356	21	.	.	PUNCT
cblr-10944	357	1	the	the	DET
cblr-10944	357	2	majority	majority	NOUN
cblr-10944	357	3	tried	try	VERB
cblr-10944	357	4	to	to	PART
cblr-10944	357	5	avoid	avoid	VERB
cblr-10944	357	6	hertzberg	hertzberg	NOUN
cblr-10944	357	7	by	by	ADP
cblr-10944	357	8	attempting	attempt	VERB
cblr-10944	357	9	again	again	ADV
cblr-10944	357	10	to	to	PART
cblr-10944	357	11	make	make	VERB
cblr-10944	357	12	a	a	DET
cblr-10944	357	13	distinction	distinction	NOUN
cblr-10944	357	14	between	between	ADP
cblr-10944	357	15	cases	case	NOUN
cblr-10944	357	16	that	that	SCONJ
cblr-10944	357	17	129	129	NUM
cblr-10944	357	18	brief	brief	NOUN
cblr-10944	357	19	of	of	ADP
cblr-10944	357	20	grundfest	grundfest	NOUN
cblr-10944	357	21	,	,	PUNCT
cblr-10944	357	22	supra	supra	PROPN
cblr-10944	357	23	note	note	NOUN
cblr-10944	357	24	124	124	NUM
cblr-10944	357	25	,	,	PUNCT
cblr-10944	357	26	at	at	ADP
cblr-10944	357	27	12	12	NUM
cblr-10944	357	28	.	.	PUNCT
cblr-10944	357	29	130	130	NUM
cblr-10944	357	30	feldman	feldman	PROPN
cblr-10944	357	31	et	et	PROPN
cblr-10944	357	32	al	al	PROPN
cblr-10944	357	33	.	.	PROPN
cblr-10944	357	34	,	,	PUNCT
cblr-10944	357	35	supra	supra	PROPN
cblr-10944	357	36	note	note	PROPN
cblr-10944	357	37	12	12	NUM
cblr-10944	357	38	;	;	PUNCT
cblr-10944	357	39	see	see	VERB
cblr-10944	357	40	also	also	ADV
cblr-10944	357	41	plumbers	plumber	NOUN
cblr-10944	357	42	’	’	PART
cblr-10944	357	43	union	union	NOUN
cblr-10944	357	44	local	local	ADJ
cblr-10944	357	45	no	no	NOUN
cblr-10944	357	46	.	.	PROPN
cblr-10944	357	47	12	12	NUM
cblr-10944	357	48	pension	pension	NOUN
cblr-10944	357	49	fund	fund	NOUN
cblr-10944	357	50	v.	v.	ADP
cblr-10944	357	51	nomura	nomura	PROPN
cblr-10944	357	52	asset	asset	PROPN
cblr-10944	357	53	acceptance	acceptance	PROPN
cblr-10944	357	54	corp	corp	PROPN
cblr-10944	357	55	.	.	PROPN
cblr-10944	357	56	,	,	PUNCT
cblr-10944	357	57	632	632	NUM
cblr-10944	357	58	f.3d	f.3d	NUM
cblr-10944	357	59	762	762	NUM
cblr-10944	357	60	,	,	PUNCT
cblr-10944	357	61	768	768	NUM
cblr-10944	357	62	&	&	CCONJ
cblr-10944	357	63	n.5	n.5	PROPN
cblr-10944	357	64	(	(	PUNCT
cblr-10944	357	65	1st	1st	ADJ
cblr-10944	357	66	cir	cir	NOUN
cblr-10944	357	67	.	.	PUNCT
cblr-10944	357	68	2011	2011	NUM
cblr-10944	357	69	)	)	PUNCT
cblr-10944	357	70	;	;	PUNCT
cblr-10944	358	1	apa	apa	PROPN
cblr-10944	358	2	excelsior	excelsior	PROPN
cblr-10944	358	3	iii	iii	PROPN
cblr-10944	358	4	l.p	l.p	PROPN
cblr-10944	358	5	.	.	PROPN
cblr-10944	359	1	v.	v.	ADP
cblr-10944	359	2	premiere	premiere	ADJ
cblr-10944	359	3	techs	tech	NOUN
cblr-10944	359	4	.	.	PROPN
cblr-10944	359	5	,	,	PUNCT
cblr-10944	359	6	inc	inc	PROPN
cblr-10944	359	7	.	.	PROPN
cblr-10944	359	8	,	,	PUNCT
cblr-10944	359	9	476	476	NUM
cblr-10944	359	10	f.3d	f.3d	NUM
cblr-10944	359	11	1261	1261	NUM
cblr-10944	359	12	,	,	PUNCT
cblr-10944	359	13	1271	1271	NUM
cblr-10944	359	14	(	(	PUNCT
cblr-10944	359	15	11th	11th	ADJ
cblr-10944	359	16	cir	cir	NOUN
cblr-10944	359	17	.	.	PUNCT
cblr-10944	359	18	2007	2007	NUM
cblr-10944	359	19	)	)	PUNCT
cblr-10944	360	1	;	;	PUNCT
cblr-10944	360	2	rosenzweig	rosenzweig	PROPN
cblr-10944	360	3	v.	v.	ADP
cblr-10944	360	4	azurix	azurix	PROPN
cblr-10944	360	5	corp	corp	PROPN
cblr-10944	360	6	.	.	PROPN
cblr-10944	360	7	,	,	PUNCT
cblr-10944	360	8	332	332	NUM
cblr-10944	360	9	f.3d	f.3d	NUM
cblr-10944	360	10	854	854	NUM
cblr-10944	360	11	,	,	PUNCT
cblr-10944	360	12	873	873	NUM
cblr-10944	360	13	(	(	PUNCT
cblr-10944	360	14	5th	5th	ADJ
cblr-10944	360	15	cir	cir	NOUN
cblr-10944	360	16	.	.	PUNCT
cblr-10944	360	17	2003	2003	NUM
cblr-10944	360	18	)	)	PUNCT
cblr-10944	360	19	;	;	PUNCT
cblr-10944	360	20	lee	lee	PROPN
cblr-10944	360	21	v.	v.	PROPN
cblr-10944	360	22	ernst	ernst	PROPN
cblr-10944	360	23	&	&	CCONJ
cblr-10944	360	24	young	young	PROPN
cblr-10944	360	25	,	,	PUNCT
cblr-10944	360	26	llp	llp	PROPN
cblr-10944	360	27	,	,	PUNCT
cblr-10944	360	28	294	294	NUM
cblr-10944	360	29	f.3d	f.3d	NUM
cblr-10944	360	30	969	969	NUM
cblr-10944	360	31	,	,	PUNCT
cblr-10944	360	32	975–78	975–78	X
cblr-10944	360	33	(	(	PUNCT
cblr-10944	360	34	8th	8th	ADJ
cblr-10944	360	35	cir	cir	NOUN
cblr-10944	360	36	.	.	PUNCT
cblr-10944	360	37	2002	2002	NUM
cblr-10944	360	38	)	)	PUNCT
cblr-10944	360	39	;	;	PUNCT
cblr-10944	360	40	joseph	joseph	PROPN
cblr-10944	360	41	v.	v.	ADP
cblr-10944	360	42	wiles	wile	NOUN
cblr-10944	360	43	,	,	PUNCT
cblr-10944	360	44	223	223	NUM
cblr-10944	360	45	f.3d	f.3d	NUM
cblr-10944	360	46	1155	1155	NUM
cblr-10944	360	47	,	,	PUNCT
cblr-10944	360	48	1159–60	1159–60	NUM
cblr-10944	360	49	(	(	PUNCT
cblr-10944	360	50	10th	10th	ADJ
cblr-10944	360	51	cir	cir	NOUN
cblr-10944	360	52	.	.	PROPN
cblr-10944	360	53	2000	2000	NUM
cblr-10944	360	54	)	)	PUNCT
cblr-10944	360	55	.	.	PUNCT
cblr-10944	361	1	131	131	NUM
cblr-10944	361	2	feldman	feldman	PROPN
cblr-10944	361	3	et	et	PROPN
cblr-10944	361	4	al	al	PROPN
cblr-10944	361	5	.	.	PROPN
cblr-10944	361	6	,	,	PUNCT
cblr-10944	361	7	supra	supra	PROPN
cblr-10944	361	8	note	note	NOUN
cblr-10944	361	9	12	12	NUM
cblr-10944	361	10	.	.	PUNCT
cblr-10944	362	1	132	132	NUM
cblr-10944	363	1	i	i	NOUN
cblr-10944	363	2	d.	d.	PROPN
cblr-10944	363	3	no	no	INTJ
cblr-10944	363	4	.	.	PUNCT
cblr-10944	364	1	2:1026	2:1026	NUM
cblr-10944	364	2	]	]	X
cblr-10944	364	3	direct	direct	ADJ
cblr-10944	364	4	listings	listing	NOUN
cblr-10944	364	5	and	and	CCONJ
cblr-10944	364	6	the	the	DET
cblr-10944	364	7	tracing	tracing	ADJ
cblr-10944	364	8	doctrine	doctrine	NOUN
cblr-10944	364	9	1053	1053	NUM
cblr-10944	364	10	involve	involve	VERB
cblr-10944	364	11	multiple	multiple	ADJ
cblr-10944	364	12	registration	registration	NOUN
cblr-10944	364	13	statements	statement	NOUN
cblr-10944	364	14	,	,	PUNCT
cblr-10944	364	15	but	but	CCONJ
cblr-10944	364	16	like	like	ADP
cblr-10944	364	17	before	before	ADV
cblr-10944	364	18	,	,	PUNCT
cblr-10944	364	19	this	this	DET
cblr-10944	364	20	distinction	distinction	NOUN
cblr-10944	364	21	misses	miss	VERB
cblr-10944	364	22	the	the	DET
cblr-10944	364	23	point	point	NOUN
cblr-10944	364	24	.	.	PUNCT
cblr-10944	365	1	the	the	DET
cblr-10944	365	2	slack	slack	NOUN
cblr-10944	365	3	majority	majority	NOUN
cblr-10944	365	4	effectively	effectively	ADV
cblr-10944	365	5	eliminated	eliminate	VERB
cblr-10944	365	6	the	the	DET
cblr-10944	365	7	tracing	trace	VERB
cblr-10944	365	8	requirement	requirement	NOUN
cblr-10944	365	9	in	in	ADP
cblr-10944	365	10	the	the	DET
cblr-10944	365	11	direct	direct	ADJ
cblr-10944	365	12	listing	listing	NOUN
cblr-10944	365	13	,	,	PUNCT
cblr-10944	365	14	which	which	PRON
cblr-10944	365	15	undermines	undermine	VERB
cblr-10944	365	16	the	the	DET
cblr-10944	365	17	entire	entire	ADJ
cblr-10944	365	18	legal	legal	ADJ
cblr-10944	365	19	framework	framework	NOUN
cblr-10944	365	20	underlying	underlying	ADJ
cblr-10944	365	21	section	section	NOUN
cblr-10944	365	22	11	11	NUM
cblr-10944	365	23	.	.	PUNCT
cblr-10944	366	1	b.	b.	PROPN
cblr-10944	366	2	supreme	supreme	PROPN
cblr-10944	366	3	court	court	PROPN
cblr-10944	366	4	reversal	reversal	NOUN
cblr-10944	366	5	is	be	AUX
cblr-10944	366	6	imminent	imminent	ADJ
cblr-10944	366	7	,	,	PUNCT
cblr-10944	366	8	but	but	CCONJ
cblr-10944	366	9	slack	slack	NOUN
cblr-10944	366	10	’s	’s	PART
cblr-10944	366	11	reversal	reversal	NOUN
cblr-10944	366	12	could	could	AUX
cblr-10944	366	13	threaten	threaten	VERB
cblr-10944	366	14	investor	investor	NOUN
cblr-10944	366	15	protections	protection	NOUN
cblr-10944	366	16	as	as	SCONJ
cblr-10944	366	17	explained	explain	VERB
cblr-10944	366	18	in	in	ADP
cblr-10944	366	19	section	section	NOUN
cblr-10944	366	20	iv.a.3	iv.a.3	PROPN
cblr-10944	366	21	,	,	PUNCT
cblr-10944	366	22	the	the	DET
cblr-10944	366	23	ninth	ninth	ADJ
cblr-10944	366	24	circuit	circuit	NOUN
cblr-10944	366	25	’s	’s	PART
cblr-10944	366	26	ruling	rule	VERB
cblr-10944	366	27	“	"	PUNCT
cblr-10944	366	28	disrupts	disrupt	VERB
cblr-10944	366	29	decades	decade	NOUN
cblr-10944	366	30	of	of	ADP
cblr-10944	366	31	predictable	predictable	ADJ
cblr-10944	366	32	,	,	PUNCT
cblr-10944	366	33	well	well	ADV
cblr-10944	366	34	-	-	PUNCT
cblr-10944	366	35	established	establish	VERB
cblr-10944	366	36	jurisprudence	jurisprudence	NOUN
cblr-10944	366	37	”	"	PUNCT
cblr-10944	366	38	and	and	CCONJ
cblr-10944	366	39	departs	depart	VERB
cblr-10944	366	40	from	from	ADP
cblr-10944	366	41	other	other	ADJ
cblr-10944	366	42	circuits	circuit	NOUN
cblr-10944	366	43	’	'	PUNCT
cblr-10944	366	44	and	and	CCONJ
cblr-10944	366	45	the	the	DET
cblr-10944	366	46	ninth	ninth	ADJ
cblr-10944	366	47	circuit	circuit	NOUN
cblr-10944	366	48	’s	’s	PART
cblr-10944	366	49	own	own	ADJ
cblr-10944	366	50	precedent.133	precedent.133	PROPN
cblr-10944	366	51	legal	legal	ADJ
cblr-10944	366	52	commentators	commentator	NOUN
cblr-10944	366	53	believe	believe	VERB
cblr-10944	366	54	this	this	DET
cblr-10944	366	55	warrants	warrant	NOUN
cblr-10944	366	56	the	the	DET
cblr-10944	366	57	supreme	supreme	PROPN
cblr-10944	366	58	court	court	PROPN
cblr-10944	366	59	’s	’s	PART
cblr-10944	366	60	review	review	NOUN
cblr-10944	366	61	and	and	CCONJ
cblr-10944	366	62	reversal.134	reversal.134	VERB
cblr-10944	366	63	as	as	ADP
cblr-10944	366	64	of	of	ADP
cblr-10944	366	65	december	december	PROPN
cblr-10944	366	66	13	13	NUM
cblr-10944	366	67	,	,	PUNCT
cblr-10944	366	68	2022	2022	NUM
cblr-10944	366	69	,	,	PUNCT
cblr-10944	366	70	the	the	DET
cblr-10944	366	71	supreme	supreme	PROPN
cblr-10944	366	72	court	court	PROPN
cblr-10944	366	73	has	have	AUX
cblr-10944	366	74	agreed	agree	VERB
cblr-10944	366	75	to	to	PART
cblr-10944	366	76	hear	hear	VERB
cblr-10944	366	77	slack	slack	NOUN
cblr-10944	366	78	’s	’s	PART
cblr-10944	366	79	appeal.135	appeal.135	NOUN
cblr-10944	366	80	if	if	SCONJ
cblr-10944	366	81	the	the	DET
cblr-10944	366	82	supreme	supreme	PROPN
cblr-10944	366	83	court	court	PROPN
cblr-10944	366	84	were	be	AUX
cblr-10944	366	85	to	to	PART
cblr-10944	366	86	reverse	reverse	VERB
cblr-10944	366	87	slack	slack	NOUN
cblr-10944	366	88	,	,	PUNCT
cblr-10944	366	89	its	its	PRON
cblr-10944	366	90	ruling	ruling	NOUN
cblr-10944	366	91	would	would	AUX
cblr-10944	366	92	effectively	effectively	ADV
cblr-10944	366	93	prevent	prevent	VERB
cblr-10944	366	94	investors	investor	NOUN
cblr-10944	366	95	from	from	ADP
cblr-10944	366	96	bringing	bring	VERB
cblr-10944	366	97	section	section	NOUN
cblr-10944	366	98	11	11	NUM
cblr-10944	366	99	claims	claim	NOUN
cblr-10944	366	100	in	in	ADP
cblr-10944	366	101	a	a	DET
cblr-10944	366	102	direct	direct	ADJ
cblr-10944	366	103	listing	listing	NOUN
cblr-10944	366	104	context	context	NOUN
cblr-10944	366	105	because	because	SCONJ
cblr-10944	366	106	it	it	PRON
cblr-10944	366	107	is	be	AUX
cblr-10944	366	108	impossible	impossible	ADJ
cblr-10944	366	109	to	to	PART
cblr-10944	366	110	trace	trace	VERB
cblr-10944	366	111	shares	share	NOUN
cblr-10944	366	112	due	due	ADP
cblr-10944	366	113	to	to	ADP
cblr-10944	366	114	the	the	DET
cblr-10944	366	115	simultaneous	simultaneous	ADJ
cblr-10944	366	116	offering	offering	NOUN
cblr-10944	366	117	of	of	ADP
cblr-10944	366	118	unregistered	unregistered	ADJ
cblr-10944	366	119	and	and	CCONJ
cblr-10944	366	120	registered	register	VERB
cblr-10944	366	121	shares.136	shares.136	NOUN
cblr-10944	366	122	judge	judge	NOUN
cblr-10944	366	123	restani	restani	NOUN
cblr-10944	366	124	feared	fear	VERB
cblr-10944	366	125	this	this	PRON
cblr-10944	366	126	when	when	SCONJ
cblr-10944	366	127	she	she	PRON
cblr-10944	366	128	wrote	write	VERB
cblr-10944	366	129	in	in	ADP
cblr-10944	366	130	her	her	PRON
cblr-10944	366	131	majority	majority	NOUN
cblr-10944	366	132	opinion	opinion	NOUN
cblr-10944	366	133	that	that	SCONJ
cblr-10944	366	134	“	"	PUNCT
cblr-10944	366	135	interpreting	interpret	VERB
cblr-10944	366	136	section	section	NOUN
cblr-10944	366	137	11	11	NUM
cblr-10944	366	138	to	to	PART
cblr-10944	366	139	apply	apply	VERB
cblr-10944	366	140	only	only	ADV
cblr-10944	366	141	to	to	ADP
cblr-10944	366	142	registered	register	VERB
cblr-10944	366	143	shares	share	NOUN
cblr-10944	366	144	in	in	ADP
cblr-10944	366	145	a	a	DET
cblr-10944	366	146	direct	direct	ADJ
cblr-10944	366	147	listing	listing	NOUN
cblr-10944	366	148	context	context	NOUN
cblr-10944	366	149	would	would	AUX
cblr-10944	366	150	essentially	essentially	ADV
cblr-10944	366	151	eliminate	eliminate	VERB
cblr-10944	366	152	section	section	NOUN
cblr-10944	366	153	11	11	NUM
cblr-10944	366	154	liability	liability	NOUN
cblr-10944	366	155	for	for	ADP
cblr-10944	366	156	misleading	misleading	ADJ
cblr-10944	366	157	or	or	CCONJ
cblr-10944	366	158	false	false	ADJ
cblr-10944	366	159	statements	statement	NOUN
cblr-10944	366	160	made	make	VERB
cblr-10944	366	161	in	in	ADP
cblr-10944	366	162	a	a	DET
cblr-10944	366	163	registration	registration	NOUN
cblr-10944	366	164	statement	statement	NOUN
cblr-10944	366	165	in	in	ADP
cblr-10944	366	166	a	a	DET
cblr-10944	366	167	direct	direct	ADJ
cblr-10944	366	168	listing	listing	NOUN
cblr-10944	366	169	for	for	ADP
cblr-10944	366	170	both	both	CCONJ
cblr-10944	366	171	registered	register	VERB
cblr-10944	366	172	and	and	CCONJ
cblr-10944	366	173	unregistered	unregistered	ADJ
cblr-10944	366	174	shares	share	NOUN
cblr-10944	366	175	.	.	PUNCT
cblr-10944	366	176	”137	”137	PUNCT
cblr-10944	367	1	this	this	DET
cblr-10944	367	2	result	result	NOUN
cblr-10944	367	3	is	be	AUX
cblr-10944	367	4	undesirable	undesirable	ADJ
cblr-10944	367	5	for	for	ADP
cblr-10944	367	6	several	several	ADJ
cblr-10944	367	7	reasons	reason	NOUN
cblr-10944	367	8	.	.	PUNCT
cblr-10944	368	1	first	first	ADV
cblr-10944	368	2	,	,	PUNCT
cblr-10944	368	3	section	section	NOUN
cblr-10944	368	4	11	11	NUM
cblr-10944	368	5	is	be	AUX
cblr-10944	368	6	an	an	DET
cblr-10944	368	7	important	important	ADJ
cblr-10944	368	8	provision	provision	NOUN
cblr-10944	368	9	for	for	ADP
cblr-10944	368	10	investor	investor	NOUN
cblr-10944	368	11	protections	protection	NOUN
cblr-10944	368	12	.	.	PUNCT
cblr-10944	369	1	both	both	PRON
cblr-10944	369	2	judge	judge	VERB
cblr-10944	369	3	miller	miller	PROPN
cblr-10944	369	4	and	and	CCONJ
cblr-10944	369	5	several	several	ADJ
cblr-10944	369	6	legal	legal	ADJ
cblr-10944	369	7	commentators	commentator	NOUN
cblr-10944	369	8	have	have	AUX
cblr-10944	369	9	argued	argue	VERB
cblr-10944	369	10	that	that	SCONJ
cblr-10944	369	11	other	other	ADJ
cblr-10944	369	12	provisions	provision	NOUN
cblr-10944	369	13	of	of	ADP
cblr-10944	369	14	the	the	DET
cblr-10944	369	15	federal	federal	ADJ
cblr-10944	369	16	securities	security	NOUN
cblr-10944	369	17	laws	law	NOUN
cblr-10944	369	18	,	,	PUNCT
cblr-10944	369	19	including	include	VERB
cblr-10944	369	20	sections	section	NOUN
cblr-10944	369	21	10(b	10(b	NUM
cblr-10944	369	22	)	)	PUNCT
cblr-10944	369	23	and	and	CCONJ
cblr-10944	369	24	14(a	14(a	NUM
cblr-10944	369	25	)	)	PUNCT
cblr-10944	369	26	of	of	ADP
cblr-10944	369	27	the	the	DET
cblr-10944	369	28	133	133	NUM
cblr-10944	369	29	i	i	PROPN
cblr-10944	369	30	d.	d.	PROPN
cblr-10944	369	31	134	134	NUM
cblr-10944	369	32	see	see	VERB
cblr-10944	369	33	i	i	PROPN
cblr-10944	369	34	d.	d.	PROPN
cblr-10944	369	35	(	(	PUNCT
cblr-10944	369	36	“	"	PUNCT
cblr-10944	369	37	slack	slack	NOUN
cblr-10944	369	38	represents	represent	VERB
cblr-10944	369	39	a	a	DET
cblr-10944	369	40	significant	significant	ADJ
cblr-10944	369	41	departure	departure	NOUN
cblr-10944	369	42	in	in	ADP
cblr-10944	369	43	the	the	DET
cblr-10944	369	44	imposition	imposition	NOUN
cblr-10944	369	45	of	of	ADP
cblr-10944	369	46	strict	strict	ADJ
cblr-10944	369	47	liability	liability	NOUN
cblr-10944	369	48	in	in	ADP
cblr-10944	369	49	securities	security	NOUN
cblr-10944	369	50	regulation	regulation	NOUN
cblr-10944	369	51	.	.	PUNCT
cblr-10944	369	52	.	.	PUNCT
cblr-10944	370	1	.	.	PUNCT
cblr-10944	371	1	.	.	PUNCT
cblr-10944	372	1	we	we	PRON
cblr-10944	372	2	believe	believe	VERB
cblr-10944	372	3	this	this	DET
cblr-10944	372	4	decision	decision	NOUN
cblr-10944	372	5	warrants	warrant	NOUN
cblr-10944	372	6	reversal	reversal	NOUN
cblr-10944	372	7	by	by	ADP
cblr-10944	372	8	the	the	DET
cblr-10944	372	9	supreme	supreme	PROPN
cblr-10944	372	10	court	court	PROPN
cblr-10944	372	11	.	.	PUNCT
cblr-10944	372	12	”	"	PUNCT
cblr-10944	372	13	)	)	PUNCT
cblr-10944	372	14	.	.	PUNCT
cblr-10944	373	1	135	135	NUM
cblr-10944	373	2	godoy	godoy	PROPN
cblr-10944	373	3	,	,	PUNCT
cblr-10944	373	4	supra	supra	PROPN
cblr-10944	373	5	note	note	PROPN
cblr-10944	373	6	18	18	NUM
cblr-10944	373	7	.	.	SYM
cblr-10944	373	8	136	136	NUM
cblr-10944	373	9	see	see	VERB
cblr-10944	373	10	supra	supra	PROPN
cblr-10944	373	11	section	section	PROPN
cblr-10944	373	12	iii.c	iii.c	PROPN
cblr-10944	373	13	.	.	PUNCT
cblr-10944	373	14	137	137	NUM
cblr-10944	373	15	pirani	pirani	PROPN
cblr-10944	373	16	v.	v.	ADP
cblr-10944	373	17	slack	slack	PROPN
cblr-10944	373	18	technologies	technologies	PROPN
cblr-10944	373	19	,	,	PUNCT
cblr-10944	373	20	inc	inc	PROPN
cblr-10944	373	21	.	.	PROPN
cblr-10944	373	22	,	,	PUNCT
cblr-10944	373	23	13	13	NUM
cblr-10944	373	24	f.4th	f.4th	NOUN
cblr-10944	373	25	940	940	NUM
cblr-10944	373	26	,	,	PUNCT
cblr-10944	373	27	948	948	NUM
cblr-10944	373	28	(	(	PUNCT
cblr-10944	373	29	9th	9th	ADJ
cblr-10944	373	30	cir	cir	NOUN
cblr-10944	373	31	.	.	PROPN
cblr-10944	373	32	2021	2021	NUM
cblr-10944	373	33	)	)	PUNCT
cblr-10944	373	34	.	.	PUNCT
cblr-10944	374	1	1054	1054	NUM
cblr-10944	374	2	columbia	columbia	PROPN
cblr-10944	374	3	business	business	PROPN
cblr-10944	374	4	law	law	PROPN
cblr-10944	374	5	review	review	NOUN
cblr-10944	374	6	[	[	X
cblr-10944	374	7	vol	vol	NOUN
cblr-10944	374	8	.	.	PUNCT
cblr-10944	375	1	2022	2022	NUM
cblr-10944	375	2	securities	securities	PROPN
cblr-10944	375	3	exchange	exchange	PROPN
cblr-10944	375	4	act	act	PROPN
cblr-10944	375	5	,	,	PUNCT
cblr-10944	375	6	can	can	AUX
cblr-10944	375	7	protect	protect	VERB
cblr-10944	375	8	investors.138	investors.138	PROPN
cblr-10944	375	9	while	while	SCONJ
cblr-10944	375	10	these	these	DET
cblr-10944	375	11	arguments	argument	NOUN
cblr-10944	375	12	have	have	VERB
cblr-10944	375	13	merit	merit	NOUN
cblr-10944	375	14	,	,	PUNCT
cblr-10944	375	15	section	section	NOUN
cblr-10944	375	16	11	11	NUM
cblr-10944	375	17	is	be	AUX
cblr-10944	375	18	important	important	ADJ
cblr-10944	375	19	because	because	SCONJ
cblr-10944	375	20	it	it	PRON
cblr-10944	375	21	offers	offer	VERB
cblr-10944	375	22	investors	investor	NOUN
cblr-10944	375	23	access	access	NOUN
cblr-10944	375	24	to	to	ADP
cblr-10944	375	25	a	a	DET
cblr-10944	375	26	strict	strict	ADJ
cblr-10944	375	27	liability	liability	NOUN
cblr-10944	375	28	standard	standard	NOUN
cblr-10944	375	29	,	,	PUNCT
cblr-10944	375	30	and	and	CCONJ
cblr-10944	375	31	the	the	DET
cblr-10944	375	32	sec	sec	PROPN
cblr-10944	375	33	intentionally	intentionally	ADV
cblr-10944	375	34	chose	choose	VERB
cblr-10944	375	35	to	to	PART
cblr-10944	375	36	subject	subject	VERB
cblr-10944	375	37	companies	company	NOUN
cblr-10944	375	38	that	that	PRON
cblr-10944	375	39	performed	perform	VERB
cblr-10944	375	40	direct	direct	ADJ
cblr-10944	375	41	listings	listing	NOUN
cblr-10944	375	42	to	to	PART
cblr-10944	375	43	section	section	VERB
cblr-10944	375	44	11	11	NUM
cblr-10944	375	45	liability	liability	NOUN
cblr-10944	375	46	when	when	SCONJ
cblr-10944	375	47	it	it	PRON
cblr-10944	375	48	approved	approve	VERB
cblr-10944	375	49	the	the	DET
cblr-10944	375	50	nyse	nyse	PROPN
cblr-10944	375	51	section	section	NOUN
cblr-10944	375	52	102.01b	102.01b	NUM
cblr-10944	375	53	,	,	PUNCT
cblr-10944	375	54	footnote	footnote	ADJ
cblr-10944	375	55	e	e	X
cblr-10944	375	56	(	(	PUNCT
cblr-10944	375	57	the	the	DET
cblr-10944	375	58	provision	provision	NOUN
cblr-10944	375	59	that	that	PRON
cblr-10944	375	60	allowed	allow	VERB
cblr-10944	375	61	companies	company	NOUN
cblr-10944	375	62	to	to	PART
cblr-10944	375	63	perform	perform	VERB
cblr-10944	375	64	direct	direct	ADJ
cblr-10944	375	65	listings	listing	NOUN
cblr-10944	375	66	on	on	ADP
cblr-10944	375	67	the	the	DET
cblr-10944	375	68	nyse).139	nyse).139	NOUN
cblr-10944	375	69	thus	thus	ADV
cblr-10944	375	70	,	,	PUNCT
cblr-10944	375	71	reversing	reverse	VERB
cblr-10944	375	72	slack	slack	NOUN
cblr-10944	375	73	would	would	AUX
cblr-10944	375	74	run	run	VERB
cblr-10944	375	75	contrary	contrary	ADV
cblr-10944	375	76	to	to	ADP
cblr-10944	375	77	the	the	DET
cblr-10944	375	78	sec	sec	PROPN
cblr-10944	375	79	’s	’s	PART
cblr-10944	375	80	specific	specific	ADJ
cblr-10944	375	81	intention	intention	NOUN
cblr-10944	375	82	to	to	PART
cblr-10944	375	83	subject	subject	VERB
cblr-10944	375	84	companies	company	NOUN
cblr-10944	375	85	who	who	PRON
cblr-10944	375	86	conduct	conduct	VERB
cblr-10944	375	87	direct	direct	ADJ
cblr-10944	375	88	listings	listing	NOUN
cblr-10944	375	89	to	to	PART
cblr-10944	375	90	section	section	VERB
cblr-10944	375	91	11	11	NUM
cblr-10944	375	92	liability	liability	NOUN
cblr-10944	375	93	.	.	PUNCT
cblr-10944	376	1	in	in	ADP
cblr-10944	376	2	addition	addition	NOUN
cblr-10944	376	3	,	,	PUNCT
cblr-10944	376	4	shareholders	shareholder	NOUN
cblr-10944	376	5	bear	bear	VERB
cblr-10944	376	6	much	much	ADV
cblr-10944	376	7	more	more	ADJ
cblr-10944	376	8	of	of	ADP
cblr-10944	376	9	the	the	DET
cblr-10944	376	10	costs	cost	NOUN
cblr-10944	376	11	of	of	ADP
cblr-10944	376	12	going	go	VERB
cblr-10944	376	13	public	public	ADJ
cblr-10944	376	14	in	in	ADP
cblr-10944	376	15	a	a	DET
cblr-10944	376	16	direct	direct	ADJ
cblr-10944	376	17	listing	listing	NOUN
cblr-10944	376	18	compared	compare	VERB
cblr-10944	376	19	to	to	ADP
cblr-10944	376	20	ipos	ipos	NOUN
cblr-10944	376	21	,	,	PUNCT
cblr-10944	376	22	thereby	thereby	ADV
cblr-10944	376	23	justifying	justify	VERB
cblr-10944	376	24	access	access	NOUN
cblr-10944	376	25	to	to	ADP
cblr-10944	376	26	section	section	NOUN
cblr-10944	376	27	11	11	NUM
cblr-10944	376	28	claims	claim	NOUN
cblr-10944	376	29	.	.	PUNCT
cblr-10944	377	1	as	as	SCONJ
cblr-10944	377	2	detailed	detailed	ADJ
cblr-10944	377	3	in	in	ADP
cblr-10944	377	4	part	part	NOUN
cblr-10944	377	5	i	i	PROPN
cblr-10944	377	6	,	,	PUNCT
cblr-10944	377	7	in	in	ADP
cblr-10944	377	8	an	an	DET
cblr-10944	377	9	ipo	ipo	NOUN
cblr-10944	377	10	,	,	PUNCT
cblr-10944	377	11	underwriters	underwriter	NOUN
cblr-10944	377	12	or	or	CCONJ
cblr-10944	377	13	banks	bank	NOUN
cblr-10944	377	14	get	get	VERB
cblr-10944	377	15	to	to	PART
cblr-10944	377	16	buy	buy	VERB
cblr-10944	377	17	a	a	DET
cblr-10944	377	18	company	company	NOUN
cblr-10944	377	19	’s	’s	PART
cblr-10944	377	20	stock	stock	NOUN
cblr-10944	377	21	at	at	ADP
cblr-10944	377	22	a	a	DET
cblr-10944	377	23	discount	discount	NOUN
cblr-10944	377	24	,	,	PUNCT
cblr-10944	377	25	while	while	SCONJ
cblr-10944	377	26	new	new	ADJ
cblr-10944	377	27	investors	investor	NOUN
cblr-10944	377	28	“	"	PUNCT
cblr-10944	377	29	pay	pay	VERB
cblr-10944	377	30	around	around	ADP
cblr-10944	377	31	half	half	NOUN
cblr-10944	377	32	of	of	ADP
cblr-10944	377	33	the	the	DET
cblr-10944	377	34	bankers	banker	NOUN
cblr-10944	377	35	’	'	PUNCT
cblr-10944	377	36	fees	fee	NOUN
cblr-10944	377	37	”	"	PUNCT
cblr-10944	377	38	since	since	SCONJ
cblr-10944	377	39	they	they	PRON
cblr-10944	377	40	bear	bear	VERB
cblr-10944	377	41	the	the	DET
cblr-10944	377	42	cost	cost	NOUN
cblr-10944	377	43	of	of	ADP
cblr-10944	377	44	that	that	DET
cblr-10944	377	45	discount.140	discount.140	NOUN
cblr-10944	377	46	in	in	ADP
cblr-10944	377	47	a	a	DET
cblr-10944	377	48	direct	direct	ADJ
cblr-10944	377	49	listing	listing	NOUN
cblr-10944	377	50	,	,	PUNCT
cblr-10944	377	51	the	the	DET
cblr-10944	377	52	company	company	NOUN
cblr-10944	377	53	bears	bear	VERB
cblr-10944	377	54	the	the	DET
cblr-10944	377	55	cost	cost	NOUN
cblr-10944	377	56	of	of	ADP
cblr-10944	377	57	all	all	DET
cblr-10944	377	58	the	the	DET
cblr-10944	377	59	bank	bank	NOUN
cblr-10944	377	60	’s	’s	PART
cblr-10944	377	61	fees	fee	NOUN
cblr-10944	377	62	because	because	SCONJ
cblr-10944	377	63	no	no	DET
cblr-10944	377	64	new	new	ADJ
cblr-10944	377	65	shares	share	NOUN
cblr-10944	377	66	are	be	AUX
cblr-10944	377	67	issued	issue	VERB
cblr-10944	377	68	,	,	PUNCT
cblr-10944	377	69	which	which	PRON
cblr-10944	377	70	is	be	AUX
cblr-10944	377	71	directly	directly	ADV
cblr-10944	377	72	passed	pass	VERB
cblr-10944	377	73	onto	onto	ADP
cblr-10944	377	74	existing	exist	VERB
cblr-10944	377	75	shareholders	shareholder	NOUN
cblr-10944	377	76	.	.	PUNCT
cblr-10944	378	1	thus	thus	ADV
cblr-10944	378	2	,	,	PUNCT
cblr-10944	378	3	since	since	SCONJ
cblr-10944	378	4	investors	investor	NOUN
cblr-10944	378	5	in	in	ADP
cblr-10944	378	6	an	an	DET
cblr-10944	378	7	ipo	ipo	NOUN
cblr-10944	378	8	pay	pay	VERB
cblr-10944	378	9	less	less	ADJ
cblr-10944	378	10	costs	cost	NOUN
cblr-10944	378	11	and	and	CCONJ
cblr-10944	378	12	have	have	VERB
cblr-10944	378	13	access	access	NOUN
cblr-10944	378	14	to	to	ADP
cblr-10944	378	15	section	section	NOUN
cblr-10944	378	16	11	11	NUM
cblr-10944	378	17	liability	liability	NOUN
cblr-10944	378	18	,	,	PUNCT
cblr-10944	378	19	it	it	PRON
cblr-10944	378	20	follows	follow	VERB
cblr-10944	378	21	that	that	SCONJ
cblr-10944	378	22	investors	investor	NOUN
cblr-10944	378	23	in	in	ADP
cblr-10944	378	24	a	a	DET
cblr-10944	378	25	direct	direct	ADJ
cblr-10944	378	26	listing	listing	NOUN
cblr-10944	378	27	also	also	ADV
cblr-10944	378	28	ought	ought	AUX
cblr-10944	378	29	to	to	PART
cblr-10944	378	30	have	have	VERB
cblr-10944	378	31	access	access	NOUN
cblr-10944	378	32	to	to	ADP
cblr-10944	378	33	section	section	NOUN
cblr-10944	378	34	11	11	NUM
cblr-10944	378	35	because	because	SCONJ
cblr-10944	378	36	they	they	PRON
cblr-10944	378	37	pay	pay	VERB
cblr-10944	378	38	more	more	ADJ
cblr-10944	378	39	than	than	SCONJ
cblr-10944	378	40	ipo	ipo	NOUN
cblr-10944	378	41	investors	investor	NOUN
cblr-10944	378	42	do	do	VERB
cblr-10944	378	43	.	.	PUNCT
cblr-10944	379	1	second	second	ADJ
cblr-10944	379	2	,	,	PUNCT
cblr-10944	379	3	slack	slack	PROPN
cblr-10944	379	4	’s	’s	PART
cblr-10944	379	5	reversal	reversal	NOUN
cblr-10944	379	6	would	would	AUX
cblr-10944	379	7	encourage	encourage	VERB
cblr-10944	379	8	companies	company	NOUN
cblr-10944	379	9	to	to	PART
cblr-10944	379	10	engage	engage	VERB
cblr-10944	379	11	in	in	ADP
cblr-10944	379	12	riskier	risky	ADJ
cblr-10944	379	13	behavior	behavior	NOUN
cblr-10944	379	14	.	.	PUNCT
cblr-10944	380	1	because	because	SCONJ
cblr-10944	380	2	it	it	PRON
cblr-10944	380	3	would	would	AUX
cblr-10944	380	4	be	be	AUX
cblr-10944	380	5	impossible	impossible	ADJ
cblr-10944	380	6	for	for	SCONJ
cblr-10944	380	7	investors	investor	NOUN
cblr-10944	380	8	to	to	PART
cblr-10944	380	9	have	have	AUX
cblr-10944	380	10	standing	stand	VERB
cblr-10944	380	11	for	for	ADP
cblr-10944	380	12	section	section	NOUN
cblr-10944	380	13	11	11	NUM
cblr-10944	380	14	claims	claim	NOUN
cblr-10944	380	15	,	,	PUNCT
cblr-10944	380	16	companies	company	NOUN
cblr-10944	380	17	could	could	AUX
cblr-10944	380	18	file	file	VERB
cblr-10944	380	19	overly	overly	ADV
cblr-10944	380	20	optimistic	optimistic	ADJ
cblr-10944	380	21	registration	registration	NOUN
cblr-10944	380	22	statements	statement	NOUN
cblr-10944	380	23	“	"	PUNCT
cblr-10944	380	24	knowing	know	VERB
cblr-10944	380	25	that	that	SCONJ
cblr-10944	380	26	they	they	PRON
cblr-10944	380	27	would	would	AUX
cblr-10944	380	28	face	face	VERB
cblr-10944	380	29	no	no	DET
cblr-10944	380	30	shareholder	shareholder	NOUN
cblr-10944	380	31	liability	liability	NOUN
cblr-10944	380	32	under	under	ADP
cblr-10944	380	33	section	section	NOUN
cblr-10944	380	34	11	11	NUM
cblr-10944	380	35	for	for	ADP
cblr-10944	380	36	any	any	DET
cblr-10944	380	37	arguably	arguably	ADV
cblr-10944	380	38	false	false	ADJ
cblr-10944	380	39	or	or	CCONJ
cblr-10944	380	40	misleading	misleading	ADJ
cblr-10944	380	41	statements	statement	NOUN
cblr-10944	380	42	,	,	PUNCT
cblr-10944	380	43	”	"	PUNCT
cblr-10944	380	44	which	which	PRON
cblr-10944	380	45	would	would	AUX
cblr-10944	380	46	138	138	NUM
cblr-10944	380	47	see	see	VERB
cblr-10944	380	48	brief	brief	NOUN
cblr-10944	380	49	of	of	ADP
cblr-10944	380	50	amici	amici	PROPN
cblr-10944	380	51	curiae	curiae	NOUN
cblr-10944	380	52	securities	security	NOUN
cblr-10944	380	53	industry	industry	NOUN
cblr-10944	380	54	and	and	CCONJ
cblr-10944	380	55	financial	financial	ADJ
cblr-10944	380	56	markets	market	NOUN
cblr-10944	380	57	association	association	PROPN
cblr-10944	380	58	,	,	PUNCT
cblr-10944	380	59	chamber	chamber	PROPN
cblr-10944	380	60	of	of	ADP
cblr-10944	380	61	commerce	commerce	PROPN
cblr-10944	380	62	of	of	ADP
cblr-10944	380	63	the	the	DET
cblr-10944	380	64	united	united	PROPN
cblr-10944	380	65	states	states	PROPN
cblr-10944	380	66	of	of	ADP
cblr-10944	380	67	america	america	PROPN
cblr-10944	380	68	,	,	PUNCT
cblr-10944	380	69	and	and	CCONJ
cblr-10944	380	70	national	national	ADJ
cblr-10944	380	71	venture	venture	PROPN
cblr-10944	380	72	capital	capital	PROPN
cblr-10944	380	73	association	association	PROPN
cblr-10944	380	74	in	in	ADP
cblr-10944	380	75	support	support	NOUN
cblr-10944	380	76	of	of	ADP
cblr-10944	380	77	defendants	defendant	NOUN
cblr-10944	380	78	-	-	PUNCT
cblr-10944	380	79	appellants	appellant	NOUN
cblr-10944	380	80	at	at	ADP
cblr-10944	380	81	6	6	NUM
cblr-10944	380	82	,	,	PUNCT
cblr-10944	380	83	pirani	pirani	PROPN
cblr-10944	380	84	v.	v.	PROPN
cblr-10944	380	85	slack	slack	PROPN
cblr-10944	380	86	technologies	technologies	PROPN
cblr-10944	380	87	,	,	PUNCT
cblr-10944	380	88	inc	inc	PROPN
cblr-10944	380	89	.	.	PROPN
cblr-10944	380	90	,	,	PUNCT
cblr-10944	380	91	13	13	NUM
cblr-10944	380	92	f.4th	f.4th	NOUN
cblr-10944	380	93	940	940	NUM
cblr-10944	380	94	(	(	PUNCT
cblr-10944	380	95	9th	9th	ADJ
cblr-10944	380	96	cir	cir	NOUN
cblr-10944	380	97	.	.	PROPN
cblr-10944	380	98	2021	2021	NUM
cblr-10944	380	99	)	)	PUNCT
cblr-10944	381	1	(	(	PUNCT
cblr-10944	381	2	no	no	INTJ
cblr-10944	381	3	.	.	NOUN
cblr-10944	381	4	20	20	NUM
cblr-10944	381	5	-	-	SYM
cblr-10944	381	6	16419	16419	NUM
cblr-10944	381	7	)	)	PUNCT
cblr-10944	381	8	.	.	PUNCT
cblr-10944	382	1	139	139	NUM
cblr-10944	382	2	see	see	VERB
cblr-10944	382	3	nickerson	nickerson	PROPN
cblr-10944	382	4	,	,	PUNCT
cblr-10944	382	5	supra	supra	PROPN
cblr-10944	382	6	note	note	PROPN
cblr-10944	382	7	6	6	NUM
cblr-10944	382	8	,	,	PUNCT
cblr-10944	382	9	at	at	ADP
cblr-10944	382	10	1001	1001	NUM
cblr-10944	382	11	.	.	PUNCT
cblr-10944	383	1	140	140	NUM
cblr-10944	383	2	tatum	tatum	NOUN
cblr-10944	383	3	sornborger	sornborger	NOUN
cblr-10944	383	4	,	,	PUNCT
cblr-10944	383	5	move	move	VERB
cblr-10944	383	6	over	over	ADP
cblr-10944	383	7	ipos	ipos	NOUN
cblr-10944	383	8	:	:	PUNCT
cblr-10944	383	9	unicorn	unicorn	ADJ
cblr-10944	383	10	direct	direct	ADJ
cblr-10944	383	11	listings	listing	NOUN
cblr-10944	383	12	may	may	AUX
cblr-10944	383	13	be	be	AUX
cblr-10944	383	14	the	the	DET
cblr-10944	383	15	new	new	ADJ
cblr-10944	383	16	mythical	mythical	ADJ
cblr-10944	383	17	beasts	beast	NOUN
cblr-10944	383	18	in	in	ADP
cblr-10944	383	19	town	town	NOUN
cblr-10944	383	20	,	,	PUNCT
cblr-10944	383	21	26	26	NUM
cblr-10944	383	22	fordham	fordham	PROPN
cblr-10944	383	23	j.	j.	PROPN
cblr-10944	383	24	corp	corp	PROPN
cblr-10944	383	25	.	.	PROPN
cblr-10944	383	26	&	&	CCONJ
cblr-10944	383	27	fin	fin	PROPN
cblr-10944	383	28	.	.	PUNCT
cblr-10944	384	1	l.	l.	PROPN
cblr-10944	384	2	215	215	NUM
cblr-10944	384	3	,	,	PUNCT
cblr-10944	384	4	233	233	NUM
cblr-10944	384	5	(	(	PUNCT
cblr-10944	384	6	2021	2021	NUM
cblr-10944	384	7	)	)	PUNCT
cblr-10944	384	8	.	.	PUNCT
cblr-10944	385	1	no	no	INTJ
cblr-10944	385	2	.	.	PUNCT
cblr-10944	386	1	2:1026	2:1026	NUM
cblr-10944	386	2	]	]	X
cblr-10944	386	3	direct	direct	ADJ
cblr-10944	386	4	listings	listing	NOUN
cblr-10944	386	5	and	and	CCONJ
cblr-10944	386	6	the	the	DET
cblr-10944	386	7	tracing	tracing	ADJ
cblr-10944	386	8	doctrine	doctrine	NOUN
cblr-10944	386	9	1055	1055	NUM
cblr-10944	386	10	create	create	VERB
cblr-10944	386	11	a	a	DET
cblr-10944	386	12	“	"	PUNCT
cblr-10944	386	13	loophole	loophole	NOUN
cblr-10944	386	14	large	large	ADJ
cblr-10944	386	15	enough	enough	ADV
cblr-10944	386	16	to	to	PART
cblr-10944	386	17	undermine	undermine	VERB
cblr-10944	386	18	the	the	DET
cblr-10944	386	19	purpose	purpose	NOUN
cblr-10944	386	20	of	of	ADP
cblr-10944	386	21	section	section	NOUN
cblr-10944	386	22	11	11	NUM
cblr-10944	386	23	as	as	SCONJ
cblr-10944	386	24	it	it	PRON
cblr-10944	386	25	has	have	AUX
cblr-10944	386	26	been	be	AUX
cblr-10944	386	27	understood	understand	VERB
cblr-10944	386	28	since	since	SCONJ
cblr-10944	386	29	its	its	PRON
cblr-10944	386	30	inception	inception	NOUN
cblr-10944	386	31	.	.	PUNCT
cblr-10944	387	1	”141	”141	NOUN
cblr-10944	387	2	while	while	SCONJ
cblr-10944	387	3	there	there	PRON
cblr-10944	387	4	are	be	VERB
cblr-10944	387	5	business	business	NOUN
cblr-10944	387	6	-	-	PUNCT
cblr-10944	387	7	related	relate	VERB
cblr-10944	387	8	reasons	reason	NOUN
cblr-10944	387	9	for	for	SCONJ
cblr-10944	387	10	a	a	DET
cblr-10944	387	11	company	company	NOUN
cblr-10944	387	12	to	to	PART
cblr-10944	387	13	choose	choose	VERB
cblr-10944	387	14	a	a	DET
cblr-10944	387	15	direct	direct	ADJ
cblr-10944	387	16	listing	listing	NOUN
cblr-10944	387	17	over	over	ADP
cblr-10944	387	18	an	an	DET
cblr-10944	387	19	ipo	ipo	NOUN
cblr-10944	387	20	,	,	PUNCT
cblr-10944	387	21	slack	slack	PROPN
cblr-10944	387	22	’s	’s	PART
cblr-10944	387	23	reversal	reversal	NOUN
cblr-10944	387	24	would	would	AUX
cblr-10944	387	25	certainly	certainly	ADV
cblr-10944	387	26	open	open	VERB
cblr-10944	387	27	the	the	DET
cblr-10944	387	28	possibility	possibility	NOUN
cblr-10944	387	29	for	for	SCONJ
cblr-10944	387	30	companies	company	NOUN
cblr-10944	387	31	to	to	PART
cblr-10944	387	32	abuse	abuse	VERB
cblr-10944	387	33	section	section	NOUN
cblr-10944	387	34	11	11	NUM
cblr-10944	387	35	’s	’s	PART
cblr-10944	387	36	current	current	ADJ
cblr-10944	387	37	legal	legal	ADJ
cblr-10944	387	38	regime	regime	NOUN
cblr-10944	387	39	.	.	PUNCT
cblr-10944	388	1	in	in	ADP
cblr-10944	388	2	fact	fact	NOUN
cblr-10944	388	3	,	,	PUNCT
cblr-10944	388	4	one	one	NUM
cblr-10944	388	5	law	law	NOUN
cblr-10944	388	6	firm	firm	NOUN
cblr-10944	388	7	has	have	AUX
cblr-10944	388	8	praised	praise	VERB
cblr-10944	388	9	this	this	DET
cblr-10944	388	10	feature	feature	NOUN
cblr-10944	388	11	of	of	ADP
cblr-10944	388	12	direct	direct	ADJ
cblr-10944	388	13	listings	listing	NOUN
cblr-10944	388	14	.	.	PUNCT
cblr-10944	389	1	latham	latham	PROPN
cblr-10944	389	2	&	&	CCONJ
cblr-10944	389	3	watkins	watkins	PROPN
cblr-10944	389	4	,	,	PUNCT
cblr-10944	389	5	the	the	DET
cblr-10944	389	6	law	law	NOUN
cblr-10944	389	7	firm	firm	NOUN
cblr-10944	389	8	that	that	PRON
cblr-10944	389	9	acted	act	VERB
cblr-10944	389	10	as	as	ADP
cblr-10944	389	11	counsel	counsel	NOUN
cblr-10944	389	12	to	to	PART
cblr-10944	389	13	spotify	spotify	VERB
cblr-10944	389	14	in	in	ADP
cblr-10944	389	15	their	their	PRON
cblr-10944	389	16	direct	direct	ADJ
cblr-10944	389	17	listing	listing	NOUN
cblr-10944	389	18	,	,	PUNCT
cblr-10944	389	19	proclaimed	proclaim	VERB
cblr-10944	389	20	that	that	SCONJ
cblr-10944	389	21	an	an	DET
cblr-10944	389	22	important	important	ADJ
cblr-10944	389	23	advantage	advantage	NOUN
cblr-10944	389	24	of	of	ADP
cblr-10944	389	25	performing	perform	VERB
cblr-10944	389	26	a	a	DET
cblr-10944	389	27	direct	direct	ADJ
cblr-10944	389	28	listing	listing	NOUN
cblr-10944	389	29	is	be	AUX
cblr-10944	389	30	“	"	PUNCT
cblr-10944	389	31	the	the	DET
cblr-10944	389	32	potential	potential	NOUN
cblr-10944	389	33	to	to	PART
cblr-10944	389	34	deter	deter	VERB
cblr-10944	389	35	private	private	ADJ
cblr-10944	389	36	plaintiffs	plaintiff	NOUN
cblr-10944	389	37	from	from	ADP
cblr-10944	389	38	bringing	bring	VERB
cblr-10944	389	39	claims	claim	NOUN
cblr-10944	389	40	under	under	ADP
cblr-10944	389	41	section	section	NOUN
cblr-10944	389	42	11.”142	11.”142	NUM
cblr-10944	389	43	the	the	DET
cblr-10944	389	44	firm	firm	NOUN
cblr-10944	389	45	’s	’s	PART
cblr-10944	389	46	commentators	commentator	NOUN
cblr-10944	389	47	,	,	PUNCT
cblr-10944	389	48	like	like	ADP
cblr-10944	389	49	judge	judge	NOUN
cblr-10944	389	50	restani	restani	PROPN
cblr-10944	389	51	,	,	PUNCT
cblr-10944	389	52	recognized	recognize	VERB
cblr-10944	389	53	that	that	SCONJ
cblr-10944	389	54	“	"	PUNCT
cblr-10944	389	55	few	few	ADJ
cblr-10944	389	56	(	(	PUNCT
cblr-10944	389	57	if	if	SCONJ
cblr-10944	389	58	any	any	DET
cblr-10944	389	59	)	)	PUNCT
cblr-10944	389	60	purchases	purchase	NOUN
cblr-10944	389	61	will	will	AUX
cblr-10944	389	62	be	be	AUX
cblr-10944	389	63	able	able	ADJ
cblr-10944	389	64	to	to	PART
cblr-10944	389	65	trace	trace	VERB
cblr-10944	389	66	their	their	PRON
cblr-10944	389	67	stock	stock	NOUN
cblr-10944	389	68	to	to	ADP
cblr-10944	389	69	the	the	DET
cblr-10944	389	70	challenged	challenge	VERB
cblr-10944	389	71	registration	registration	NOUN
cblr-10944	389	72	statement	statement	NOUN
cblr-10944	389	73	”	"	PUNCT
cblr-10944	389	74	since	since	SCONJ
cblr-10944	389	75	“	"	PUNCT
cblr-10944	389	76	both	both	CCONJ
cblr-10944	389	77	registered	register	VERB
cblr-10944	389	78	and	and	CCONJ
cblr-10944	389	79	unregistered	unregistered	ADJ
cblr-10944	389	80	are	be	AUX
cblr-10944	389	81	immediately	immediately	ADV
cblr-10944	389	82	sold	sell	VERB
cblr-10944	389	83	into	into	ADP
cblr-10944	389	84	the	the	DET
cblr-10944	389	85	market	market	NOUN
cblr-10944	389	86	in	in	ADP
cblr-10944	389	87	a	a	DET
cblr-10944	389	88	direct	direct	ADJ
cblr-10944	389	89	listing	listing	NOUN
cblr-10944	389	90	.	.	PUNCT
cblr-10944	389	91	”143	”143	NOUN
cblr-10944	390	1	thus	thus	ADV
cblr-10944	390	2	,	,	PUNCT
cblr-10944	390	3	while	while	SCONJ
cblr-10944	390	4	it	it	PRON
cblr-10944	390	5	is	be	AUX
cblr-10944	390	6	uncertain	uncertain	ADJ
cblr-10944	390	7	how	how	SCONJ
cblr-10944	390	8	companies	company	NOUN
cblr-10944	390	9	will	will	AUX
cblr-10944	390	10	react	react	VERB
cblr-10944	390	11	to	to	PART
cblr-10944	390	12	slack	slack	VERB
cblr-10944	390	13	’s	’s	PART
cblr-10944	390	14	potential	potential	ADJ
cblr-10944	390	15	reversal	reversal	NOUN
cblr-10944	390	16	,	,	PUNCT
cblr-10944	390	17	there	there	PRON
cblr-10944	390	18	is	be	VERB
cblr-10944	390	19	great	great	ADJ
cblr-10944	390	20	potential	potential	NOUN
cblr-10944	390	21	for	for	SCONJ
cblr-10944	390	22	law	law	NOUN
cblr-10944	390	23	firms	firm	NOUN
cblr-10944	390	24	to	to	PART
cblr-10944	390	25	advise	advise	VERB
cblr-10944	390	26	companies	company	NOUN
cblr-10944	390	27	about	about	ADP
cblr-10944	390	28	this	this	DET
cblr-10944	390	29	legal	legal	ADJ
cblr-10944	390	30	loophole	loophole	NOUN
cblr-10944	390	31	.	.	PUNCT
cblr-10944	391	1	therefore	therefore	ADV
cblr-10944	391	2	,	,	PUNCT
cblr-10944	391	3	slack	slack	PROPN
cblr-10944	391	4	’s	’s	PART
cblr-10944	391	5	reversal	reversal	NOUN
cblr-10944	391	6	threatens	threaten	VERB
cblr-10944	391	7	the	the	DET
cblr-10944	391	8	adequacy	adequacy	NOUN
cblr-10944	391	9	of	of	ADP
cblr-10944	391	10	investor	investor	NOUN
cblr-10944	391	11	protections	protection	NOUN
cblr-10944	391	12	and	and	CCONJ
cblr-10944	391	13	introduces	introduce	VERB
cblr-10944	391	14	the	the	DET
cblr-10944	391	15	opportunity	opportunity	NOUN
cblr-10944	391	16	for	for	SCONJ
cblr-10944	391	17	companies	company	NOUN
cblr-10944	391	18	to	to	PART
cblr-10944	391	19	abuse	abuse	VERB
cblr-10944	391	20	the	the	DET
cblr-10944	391	21	legal	legal	ADJ
cblr-10944	391	22	regime	regime	NOUN
cblr-10944	391	23	surrounding	surround	VERB
cblr-10944	391	24	section	section	NOUN
cblr-10944	391	25	11	11	NUM
cblr-10944	391	26	in	in	ADP
cblr-10944	391	27	direct	direct	ADJ
cblr-10944	391	28	listings	listing	NOUN
cblr-10944	391	29	.	.	PUNCT
cblr-10944	392	1	c.	c.	PROPN
cblr-10944	392	2	congress	congress	PROPN
cblr-10944	392	3	and	and	CCONJ
cblr-10944	392	4	the	the	DET
cblr-10944	392	5	sec	sec	PROPN
cblr-10944	392	6	ought	ought	AUX
cblr-10944	392	7	to	to	PART
cblr-10944	392	8	re	re	VERB
cblr-10944	392	9	-	-	VERB
cblr-10944	392	10	examine	examine	ADJ
cblr-10944	392	11	section	section	NOUN
cblr-10944	392	12	11	11	NUM
cblr-10944	392	13	as	as	SCONJ
cblr-10944	392	14	it	it	PRON
cblr-10944	392	15	applies	apply	VERB
cblr-10944	392	16	to	to	ADP
cblr-10944	392	17	direct	direct	ADJ
cblr-10944	392	18	listings	listing	NOUN
cblr-10944	392	19	sections	section	NOUN
cblr-10944	392	20	iv.a	iv.a	VERB
cblr-10944	392	21	and	and	CCONJ
cblr-10944	392	22	iv.b	iv.b	NOUN
cblr-10944	392	23	have	have	AUX
cblr-10944	392	24	shown	show	VERB
cblr-10944	392	25	that	that	SCONJ
cblr-10944	392	26	both	both	DET
cblr-10944	392	27	worlds	world	NOUN
cblr-10944	392	28	—	—	PUNCT
cblr-10944	392	29	one	one	NUM
cblr-10944	392	30	where	where	SCONJ
cblr-10944	392	31	the	the	DET
cblr-10944	392	32	slack	slack	NOUN
cblr-10944	392	33	decision	decision	NOUN
cblr-10944	392	34	continues	continue	VERB
cblr-10944	392	35	to	to	PART
cblr-10944	392	36	be	be	AUX
cblr-10944	392	37	good	good	ADJ
cblr-10944	392	38	law	law	NOUN
cblr-10944	392	39	and	and	CCONJ
cblr-10944	392	40	one	one	NUM
cblr-10944	392	41	where	where	SCONJ
cblr-10944	392	42	the	the	DET
cblr-10944	392	43	supreme	supreme	PROPN
cblr-10944	392	44	court	court	PROPN
cblr-10944	392	45	reverses	reverse	VERB
cblr-10944	392	46	slack	slack	NOUN
cblr-10944	392	47	—	—	PUNCT
cblr-10944	392	48	are	be	AUX
cblr-10944	392	49	undesirable	undesirable	ADJ
cblr-10944	392	50	for	for	ADP
cblr-10944	392	51	several	several	ADJ
cblr-10944	392	52	reasons	reason	NOUN
cblr-10944	392	53	.	.	PUNCT
cblr-10944	393	1	given	give	VERB
cblr-10944	393	2	this	this	PRON
cblr-10944	393	3	,	,	PUNCT
cblr-10944	393	4	congress	congress	PROPN
cblr-10944	393	5	ought	ought	AUX
cblr-10944	393	6	to	to	PART
cblr-10944	393	7	intervene	intervene	VERB
cblr-10944	393	8	to	to	ADP
cblr-10944	393	9	“	"	PUNCT
cblr-10944	393	10	fix	fix	VERB
cblr-10944	393	11	”	"	PUNCT
cblr-10944	393	12	section	section	NOUN
cblr-10944	393	13	11	11	NUM
cblr-10944	393	14	and	and	CCONJ
cblr-10944	393	15	the	the	DET
cblr-10944	393	16	tracing	trace	VERB
cblr-10944	393	17	requirement	requirement	NOUN
cblr-10944	393	18	as	as	SCONJ
cblr-10944	393	19	it	it	PRON
cblr-10944	393	20	relates	relate	VERB
cblr-10944	393	21	to	to	ADP
cblr-10944	393	22	direct	direct	ADJ
cblr-10944	393	23	listing	listing	NOUN
cblr-10944	393	24	.	.	PUNCT
cblr-10944	394	1	this	this	DET
cblr-10944	394	2	section	section	NOUN
cblr-10944	394	3	makes	make	VERB
cblr-10944	394	4	the	the	DET
cblr-10944	394	5	argument	argument	NOUN
cblr-10944	394	6	by	by	ADP
cblr-10944	394	7	showing	show	VERB
cblr-10944	394	8	that	that	SCONJ
cblr-10944	394	9	courts	court	NOUN
cblr-10944	394	10	do	do	AUX
cblr-10944	394	11	not	not	PART
cblr-10944	394	12	have	have	VERB
cblr-10944	394	13	the	the	DET
cblr-10944	394	14	tools	tool	NOUN
cblr-10944	394	15	to	to	PART
cblr-10944	394	16	fix	fix	VERB
cblr-10944	394	17	the	the	DET
cblr-10944	394	18	issue	issue	NOUN
cblr-10944	394	19	and	and	CCONJ
cblr-10944	394	20	have	have	VERB
cblr-10944	394	21	141	141	NUM
cblr-10944	394	22	pirani	pirani	NOUN
cblr-10944	394	23	,	,	PUNCT
cblr-10944	394	24	13	13	NUM
cblr-10944	394	25	f.4th	f.4th	NOUN
cblr-10944	394	26	at	at	ADP
cblr-10944	394	27	948	948	NUM
cblr-10944	394	28	.	.	NOUN
cblr-10944	394	29	142	142	NUM
cblr-10944	394	30	see	see	VERB
cblr-10944	394	31	andrew	andrew	PROPN
cblr-10944	394	32	clubok	clubok	PROPN
cblr-10944	394	33	et	et	PROPN
cblr-10944	394	34	al	al	PROPN
cblr-10944	394	35	.	.	PROPN
cblr-10944	394	36	,	,	PUNCT
cblr-10944	394	37	complex	complex	ADJ
cblr-10944	394	38	and	and	CCONJ
cblr-10944	394	39	novel	novel	ADJ
cblr-10944	394	40	section	section	NOUN
cblr-10944	394	41	11	11	NUM
cblr-10944	394	42	liability	liability	NOUN
cblr-10944	394	43	issues	issue	NOUN
cblr-10944	394	44	of	of	ADP
cblr-10944	394	45	direct	direct	ADJ
cblr-10944	394	46	listings	listing	NOUN
cblr-10944	394	47	,	,	PUNCT
cblr-10944	394	48	corporate	corporate	ADJ
cblr-10944	394	49	counsel	counsel	NOUN
cblr-10944	394	50	(	(	PUNCT
cblr-10944	394	51	dec	dec	PROPN
cblr-10944	394	52	.	.	PROPN
cblr-10944	394	53	20	20	NUM
cblr-10944	394	54	,	,	PUNCT
cblr-10944	394	55	2019	2019	NUM
cblr-10944	394	56	)	)	PUNCT
cblr-10944	394	57	,	,	PUNCT
cblr-10944	394	58	https://www.lw.com/thoughtleadership/section-eleven-liability-directlistings	https://www.lw.com/thoughtleadership/section-eleven-liability-directlisting	NOUN
cblr-10944	394	59	[	[	X
cblr-10944	394	60	https://perma.cc/l9za-2vky	https://perma.cc/l9za-2vky	X
cblr-10944	394	61	]	]	PUNCT
cblr-10944	394	62	.	.	PUNCT
cblr-10944	395	1	143	143	NUM
cblr-10944	395	2	i	i	PROPN
cblr-10944	395	3	d.	d.	PROPN
cblr-10944	395	4	1056	1056	PROPN
cblr-10944	395	5	columbia	columbia	PROPN
cblr-10944	395	6	business	business	PROPN
cblr-10944	395	7	law	law	PROPN
cblr-10944	395	8	review	review	NOUN
cblr-10944	396	1	[	[	X
cblr-10944	396	2	vol	vol	NOUN
cblr-10944	396	3	.	.	PUNCT
cblr-10944	396	4	2022	2022	NUM
cblr-10944	396	5	asked	ask	VERB
cblr-10944	396	6	congress	congress	PROPN
cblr-10944	396	7	to	to	PART
cblr-10944	396	8	fix	fix	VERB
cblr-10944	396	9	section	section	NOUN
cblr-10944	396	10	11	11	NUM
cblr-10944	396	11	.	.	PUNCT
cblr-10944	397	1	it	it	PRON
cblr-10944	397	2	concludes	conclude	VERB
cblr-10944	397	3	by	by	ADP
cblr-10944	397	4	discussing	discuss	VERB
cblr-10944	397	5	potential	potential	ADJ
cblr-10944	397	6	solutions	solution	NOUN
cblr-10944	397	7	congress	congress	PROPN
cblr-10944	397	8	can	can	AUX
cblr-10944	397	9	investigate	investigate	VERB
cblr-10944	397	10	.	.	PUNCT
cblr-10944	398	1	1	1	X
cblr-10944	398	2	.	.	X
cblr-10944	398	3	courts	court	NOUN
cblr-10944	398	4	are	be	AUX
cblr-10944	398	5	unequipped	unequipped	ADJ
cblr-10944	398	6	to	to	PART
cblr-10944	398	7	resolve	resolve	VERB
cblr-10944	398	8	the	the	DET
cblr-10944	398	9	problems	problem	NOUN
cblr-10944	398	10	with	with	ADP
cblr-10944	398	11	section	section	NOUN
cblr-10944	398	12	11	11	NUM
cblr-10944	398	13	and	and	CCONJ
cblr-10944	398	14	the	the	DET
cblr-10944	398	15	tracing	trace	VERB
cblr-10944	398	16	requirements	requirement	NOUN
cblr-10944	398	17	and	and	CCONJ
cblr-10944	398	18	have	have	AUX
cblr-10944	398	19	asked	ask	VERB
cblr-10944	398	20	congress	congress	PROPN
cblr-10944	398	21	to	to	PART
cblr-10944	398	22	intervene	intervene	VERB
cblr-10944	398	23	over	over	ADP
cblr-10944	398	24	time	time	NOUN
cblr-10944	398	25	,	,	PUNCT
cblr-10944	398	26	courts	court	NOUN
cblr-10944	398	27	have	have	AUX
cblr-10944	398	28	identified	identify	VERB
cblr-10944	398	29	several	several	ADJ
cblr-10944	398	30	problems	problem	NOUN
cblr-10944	398	31	with	with	ADP
cblr-10944	398	32	the	the	DET
cblr-10944	398	33	tracing	trace	VERB
cblr-10944	398	34	requirement	requirement	NOUN
cblr-10944	398	35	even	even	ADV
cblr-10944	398	36	outside	outside	ADP
cblr-10944	398	37	the	the	DET
cblr-10944	398	38	direct	direct	ADJ
cblr-10944	398	39	listing	listing	NOUN
cblr-10944	398	40	context	context	NOUN
cblr-10944	398	41	.	.	PUNCT
cblr-10944	399	1	for	for	ADP
cblr-10944	399	2	example	example	NOUN
cblr-10944	399	3	,	,	PUNCT
cblr-10944	399	4	in	in	ADP
cblr-10944	399	5	2013	2013	NUM
cblr-10944	399	6	,	,	PUNCT
cblr-10944	399	7	the	the	DET
cblr-10944	399	8	district	district	NOUN
cblr-10944	399	9	court	court	NOUN
cblr-10944	399	10	in	in	ADP
cblr-10944	399	11	in	in	ADP
cblr-10944	399	12	re	re	NOUN
cblr-10944	399	13	century	century	NOUN
cblr-10944	399	14	aluminum	aluminum	NOUN
cblr-10944	399	15	stated	state	VERB
cblr-10944	399	16	that	that	SCONJ
cblr-10944	399	17	tracing	trace	VERB
cblr-10944	399	18	shares	share	NOUN
cblr-10944	399	19	,	,	PUNCT
cblr-10944	399	20	in	in	ADP
cblr-10944	399	21	general	general	ADJ
cblr-10944	399	22	,	,	PUNCT
cblr-10944	399	23	is	be	AUX
cblr-10944	399	24	“	"	PUNCT
cblr-10944	399	25	often	often	ADV
cblr-10944	399	26	impossible	impossible	ADJ
cblr-10944	399	27	”	"	PUNCT
cblr-10944	399	28	because	because	SCONJ
cblr-10944	399	29	“	"	PUNCT
cblr-10944	399	30	many	many	ADJ
cblr-10944	399	31	brokerage	brokerage	NOUN
cblr-10944	399	32	houses	house	NOUN
cblr-10944	399	33	do	do	AUX
cblr-10944	399	34	not	not	PART
cblr-10944	399	35	identify	identify	VERB
cblr-10944	399	36	specific	specific	ADJ
cblr-10944	399	37	shares	share	NOUN
cblr-10944	399	38	with	with	ADP
cblr-10944	399	39	particular	particular	ADJ
cblr-10944	399	40	accounts	account	NOUN
cblr-10944	399	41	but	but	CCONJ
cblr-10944	399	42	instead	instead	ADV
cblr-10944	399	43	treat	treat	VERB
cblr-10944	399	44	the	the	DET
cblr-10944	399	45	account	account	NOUN
cblr-10944	399	46	as	as	ADP
cblr-10944	399	47	having	have	VERB
cblr-10944	399	48	an	an	DET
cblr-10944	399	49	undivided	undivided	ADJ
cblr-10944	399	50	interest	interest	NOUN
cblr-10944	399	51	in	in	ADP
cblr-10944	399	52	the	the	DET
cblr-10944	399	53	house	house	NOUN
cblr-10944	399	54	’s	’s	PART
cblr-10944	399	55	position	position	NOUN
cblr-10944	399	56	.	.	PUNCT
cblr-10944	400	1	”144	”144	PUNCT
cblr-10944	401	1	slack	slack	VERB
cblr-10944	401	2	’s	’s	PART
cblr-10944	401	3	direct	direct	ADJ
cblr-10944	401	4	listing	listing	NOUN
cblr-10944	401	5	exacerbated	exacerbate	VERB
cblr-10944	401	6	the	the	DET
cblr-10944	401	7	problems	problem	NOUN
cblr-10944	401	8	with	with	ADP
cblr-10944	401	9	the	the	DET
cblr-10944	401	10	tracing	trace	VERB
cblr-10944	401	11	requirement	requirement	NOUN
cblr-10944	401	12	because	because	SCONJ
cblr-10944	401	13	it	it	PRON
cblr-10944	401	14	became	become	VERB
cblr-10944	401	15	entirely	entirely	ADV
cblr-10944	401	16	impossible	impossible	ADJ
cblr-10944	401	17	for	for	SCONJ
cblr-10944	401	18	an	an	DET
cblr-10944	401	19	investor	investor	NOUN
cblr-10944	401	20	like	like	ADP
cblr-10944	401	21	pirani	pirani	PROPN
cblr-10944	401	22	to	to	PART
cblr-10944	401	23	trace	trace	VERB
cblr-10944	401	24	his	his	PRON
cblr-10944	401	25	shares	share	NOUN
cblr-10944	401	26	back	back	ADV
cblr-10944	401	27	to	to	ADP
cblr-10944	401	28	the	the	DET
cblr-10944	401	29	registration	registration	NOUN
cblr-10944	401	30	statement.145	statement.145	NOUN
cblr-10944	401	31	plaintiffs	plaintiff	NOUN
cblr-10944	401	32	have	have	AUX
cblr-10944	401	33	cited	cite	VERB
cblr-10944	401	34	these	these	DET
cblr-10944	401	35	problems	problem	NOUN
cblr-10944	401	36	with	with	ADP
cblr-10944	401	37	the	the	DET
cblr-10944	401	38	tracing	trace	VERB
cblr-10944	401	39	requirement	requirement	NOUN
cblr-10944	401	40	;	;	PUNCT
cblr-10944	401	41	but	but	CCONJ
cblr-10944	401	42	while	while	SCONJ
cblr-10944	401	43	judges	judge	NOUN
cblr-10944	401	44	are	be	AUX
cblr-10944	401	45	sympathetic	sympathetic	ADJ
cblr-10944	401	46	,	,	PUNCT
cblr-10944	401	47	they	they	PRON
cblr-10944	401	48	have	have	AUX
cblr-10944	401	49	refused	refuse	VERB
cblr-10944	401	50	to	to	PART
cblr-10944	401	51	change	change	VERB
cblr-10944	401	52	the	the	DET
cblr-10944	401	53	doctrine	doctrine	NOUN
cblr-10944	401	54	.	.	PUNCT
cblr-10944	402	1	for	for	ADP
cblr-10944	402	2	example	example	NOUN
cblr-10944	402	3	,	,	PUNCT
cblr-10944	402	4	the	the	DET
cblr-10944	402	5	plaintiffs	plaintiff	NOUN
cblr-10944	402	6	in	in	ADP
cblr-10944	402	7	barnes	barnes	PROPN
cblr-10944	402	8	made	make	VERB
cblr-10944	402	9	the	the	DET
cblr-10944	402	10	same	same	ADJ
cblr-10944	402	11	argument	argument	NOUN
cblr-10944	402	12	as	as	SCONJ
cblr-10944	402	13	pirani	pirani	PROPN
cblr-10944	402	14	in	in	ADP
cblr-10944	402	15	slack	slack	NOUN
cblr-10944	402	16	that	that	SCONJ
cblr-10944	402	17	it	it	PRON
cblr-10944	402	18	would	would	AUX
cblr-10944	402	19	be	be	AUX
cblr-10944	402	20	impossible	impossible	ADJ
cblr-10944	402	21	for	for	SCONJ
cblr-10944	402	22	them	they	PRON
cblr-10944	402	23	to	to	PART
cblr-10944	402	24	plead	plead	VERB
cblr-10944	402	25	a	a	DET
cblr-10944	402	26	section	section	NOUN
cblr-10944	402	27	11	11	NUM
cblr-10944	402	28	claim	claim	NOUN
cblr-10944	402	29	because	because	SCONJ
cblr-10944	402	30	they	they	PRON
cblr-10944	402	31	could	could	AUX
cblr-10944	402	32	not	not	PART
cblr-10944	402	33	determine	determine	VERB
cblr-10944	402	34	whether	whether	SCONJ
cblr-10944	402	35	their	their	PRON
cblr-10944	402	36	shares	share	NOUN
cblr-10944	402	37	had	have	AUX
cblr-10944	402	38	been	be	AUX
cblr-10944	402	39	issued	issue	VERB
cblr-10944	402	40	under	under	ADP
cblr-10944	402	41	the	the	DET
cblr-10944	402	42	challenged	challenge	VERB
cblr-10944	402	43	registration	registration	NOUN
cblr-10944	402	44	statement.146	statement.146	NOUN
cblr-10944	402	45	as	as	SCONJ
cblr-10944	402	46	explained	explain	VERB
cblr-10944	402	47	previously	previously	ADV
cblr-10944	402	48	,	,	PUNCT
cblr-10944	402	49	judge	judge	VERB
cblr-10944	402	50	friendly	friendly	ADJ
cblr-10944	402	51	ultimately	ultimately	ADV
cblr-10944	402	52	rejected	reject	VERB
cblr-10944	402	53	their	their	PRON
cblr-10944	402	54	argument	argument	NOUN
cblr-10944	402	55	,	,	PUNCT
cblr-10944	402	56	but	but	CCONJ
cblr-10944	402	57	he	he	PRON
cblr-10944	402	58	did	do	AUX
cblr-10944	402	59	note	note	VERB
cblr-10944	402	60	that	that	SCONJ
cblr-10944	402	61	their	their	PRON
cblr-10944	402	62	argument	argument	NOUN
cblr-10944	402	63	could	could	AUX
cblr-10944	402	64	suggest	suggest	VERB
cblr-10944	402	65	that	that	SCONJ
cblr-10944	402	66	it	it	PRON
cblr-10944	402	67	might	might	AUX
cblr-10944	402	68	be	be	AUX
cblr-10944	402	69	time	time	NOUN
cblr-10944	402	70	“	"	PUNCT
cblr-10944	402	71	for	for	SCONJ
cblr-10944	402	72	congress	congress	PROPN
cblr-10944	402	73	to	to	PART
cblr-10944	402	74	re	re	VERB
cblr-10944	402	75	-	-	VERB
cblr-10944	402	76	examine	examine	VERB
cblr-10944	402	77	[	[	PUNCT
cblr-10944	402	78	the	the	DET
cblr-10944	402	79	securities	security	NOUN
cblr-10944	402	80	act	act	NOUN
cblr-10944	402	81	and	and	CCONJ
cblr-10944	402	82	the	the	DET
cblr-10944	402	83	exchange	exchange	NOUN
cblr-10944	402	84	act	act	PROPN
cblr-10944	402	85	]	]	PUNCT
cblr-10944	402	86	in	in	ADP
cblr-10944	402	87	light	light	NOUN
cblr-10944	402	88	of	of	ADP
cblr-10944	402	89	thirty	thirty	NUM
cblr-10944	402	90	years	year	NOUN
cblr-10944	402	91	’	'	PUNCT
cblr-10944	402	92	experience	experience	NOUN
cblr-10944	402	93	.	.	PUNCT
cblr-10944	403	1	”147	”147	PROPN
cblr-10944	404	1	overall	overall	ADV
cblr-10944	404	2	,	,	PUNCT
cblr-10944	404	3	despite	despite	SCONJ
cblr-10944	404	4	these	these	DET
cblr-10944	404	5	issues	issue	NOUN
cblr-10944	404	6	,	,	PUNCT
cblr-10944	404	7	courts	court	NOUN
cblr-10944	404	8	,	,	PUNCT
cblr-10944	404	9	until	until	ADP
cblr-10944	404	10	slack	slack	NOUN
cblr-10944	404	11	,	,	PUNCT
cblr-10944	404	12	have	have	AUX
cblr-10944	404	13	continued	continue	VERB
cblr-10944	404	14	to	to	PART
cblr-10944	404	15	enforce	enforce	VERB
cblr-10944	404	16	the	the	DET
cblr-10944	404	17	tracing	trace	VERB
cblr-10944	404	18	requirement	requirement	NOUN
cblr-10944	404	19	because	because	SCONJ
cblr-10944	404	20	it	it	PRON
cblr-10944	404	21	is	be	AUX
cblr-10944	404	22	“	"	PUNCT
cblr-10944	404	23	the	the	DET
cblr-10944	404	24	condition	condition	NOUN
cblr-10944	404	25	congress	congress	PROPN
cblr-10944	404	26	has	have	AUX
cblr-10944	404	27	imposed	impose	VERB
cblr-10944	404	28	for	for	ADP
cblr-10944	404	29	granting	grant	VERB
cblr-10944	404	30	access	access	NOUN
cblr-10944	404	31	to	to	ADP
cblr-10944	404	32	the	the	DET
cblr-10944	404	33	144	144	NUM
cblr-10944	404	34	in	in	ADP
cblr-10944	404	35	re	re	NOUN
cblr-10944	404	36	century	century	PROPN
cblr-10944	404	37	aluminum	aluminum	PROPN
cblr-10944	404	38	co.	co.	PROPN
cblr-10944	404	39	sec	sec	PROPN
cblr-10944	404	40	.	.	PROPN
cblr-10944	404	41	litig	litig	PROPN
cblr-10944	404	42	.	.	PUNCT
cblr-10944	405	1	,	,	PUNCT
cblr-10944	405	2	729	729	NUM
cblr-10944	405	3	f.3d	f.3d	NUM
cblr-10944	405	4	at	at	ADP
cblr-10944	405	5	1107	1107	NUM
cblr-10944	405	6	(	(	PUNCT
cblr-10944	405	7	quoting	quote	VERB
cblr-10944	405	8	barnes	barne	NOUN
cblr-10944	405	9	v.	v.	ADP
cblr-10944	405	10	osofsky	osofsky	ADJ
cblr-10944	405	11	,	,	PUNCT
cblr-10944	405	12	373	373	NUM
cblr-10944	405	13	f.2d	f.2d	NOUN
cblr-10944	405	14	269	269	NUM
cblr-10944	405	15	,	,	PUNCT
cblr-10944	405	16	271–22	271–22	PROPN
cblr-10944	405	17	(	(	PUNCT
cblr-10944	405	18	2nd	2nd	ADJ
cblr-10944	405	19	cir	cir	NOUN
cblr-10944	405	20	.	.	PROPN
cblr-10944	405	21	1967	1967	NUM
cblr-10944	405	22	)	)	PUNCT
cblr-10944	405	23	)	)	PUNCT
cblr-10944	405	24	.	.	PUNCT
cblr-10944	406	1	145	145	NUM
cblr-10944	406	2	see	see	VERB
cblr-10944	406	3	supra	supra	PROPN
cblr-10944	406	4	section	section	PROPN
cblr-10944	406	5	iii.c.2	iii.c.2	PROPN
cblr-10944	406	6	.	.	PUNCT
cblr-10944	407	1	146	146	NUM
cblr-10944	407	2	barnes	barne	NOUN
cblr-10944	407	3	,	,	PUNCT
cblr-10944	407	4	373	373	NUM
cblr-10944	407	5	f.2d	f.2d	X
cblr-10944	407	6	at	at	ADP
cblr-10944	407	7	272	272	NUM
cblr-10944	407	8	.	.	PUNCT
cblr-10944	407	9	147	147	NUM
cblr-10944	408	1	i	i	PRON
cblr-10944	408	2	d.	d.	PROPN
cblr-10944	408	3	at	at	ADP
cblr-10944	408	4	273	273	NUM
cblr-10944	408	5	.	.	PUNCT
cblr-10944	409	1	no	no	INTJ
cblr-10944	409	2	.	.	PUNCT
cblr-10944	410	1	2:1026	2:1026	NUM
cblr-10944	410	2	]	]	X
cblr-10944	410	3	direct	direct	ADJ
cblr-10944	410	4	listings	listing	NOUN
cblr-10944	410	5	and	and	CCONJ
cblr-10944	410	6	the	the	DET
cblr-10944	410	7	tracing	tracing	ADJ
cblr-10944	410	8	doctrine	doctrine	NOUN
cblr-10944	410	9	1057	1057	NUM
cblr-10944	410	10	‘	'	PUNCT
cblr-10944	410	11	relaxed	relaxed	ADJ
cblr-10944	410	12	liability	liability	NOUN
cblr-10944	410	13	requirements	requirement	NOUN
cblr-10944	410	14	’	'	PUNCT
cblr-10944	410	15	§	§	PROPN
cblr-10944	410	16	11	11	NUM
cblr-10944	410	17	affords	afford	NOUN
cblr-10944	410	18	.	.	PUNCT
cblr-10944	411	1	”148	”148	PUNCT
cblr-10944	411	2	however	however	ADV
cblr-10944	411	3	,	,	PUNCT
cblr-10944	411	4	the	the	DET
cblr-10944	411	5	strict	strict	ADJ
cblr-10944	411	6	liability	liability	NOUN
cblr-10944	411	7	standard	standard	NOUN
cblr-10944	411	8	has	have	VERB
cblr-10944	411	9	no	no	DET
cblr-10944	411	10	value	value	NOUN
cblr-10944	411	11	to	to	ADP
cblr-10944	411	12	plaintiffs	plaintiff	NOUN
cblr-10944	411	13	if	if	SCONJ
cblr-10944	411	14	it	it	PRON
cblr-10944	411	15	is	be	AUX
cblr-10944	411	16	impossible	impossible	ADJ
cblr-10944	411	17	to	to	PART
cblr-10944	411	18	successfully	successfully	ADV
cblr-10944	411	19	plead	plead	VERB
cblr-10944	411	20	facts	fact	NOUN
cblr-10944	411	21	that	that	PRON
cblr-10944	411	22	satisfy	satisfy	VERB
cblr-10944	411	23	the	the	DET
cblr-10944	411	24	tracing	trace	VERB
cblr-10944	411	25	requirement	requirement	NOUN
cblr-10944	411	26	.	.	PUNCT
cblr-10944	412	1	analyzing	analyze	VERB
cblr-10944	412	2	the	the	DET
cblr-10944	412	3	slack	slack	NOUN
cblr-10944	412	4	decision	decision	NOUN
cblr-10944	412	5	leads	lead	VERB
cblr-10944	412	6	to	to	ADP
cblr-10944	412	7	two	two	NUM
cblr-10944	412	8	conclusions	conclusion	NOUN
cblr-10944	412	9	.	.	PUNCT
cblr-10944	413	1	first	first	ADV
cblr-10944	413	2	,	,	PUNCT
cblr-10944	413	3	the	the	DET
cblr-10944	413	4	decision	decision	NOUN
cblr-10944	413	5	shows	show	VERB
cblr-10944	413	6	why	why	SCONJ
cblr-10944	413	7	courts	court	NOUN
cblr-10944	413	8	are	be	AUX
cblr-10944	413	9	ill	ill	ADV
cblr-10944	413	10	-	-	PUNCT
cblr-10944	413	11	equipped	equip	VERB
cblr-10944	413	12	to	to	PART
cblr-10944	413	13	fix	fix	VERB
cblr-10944	413	14	the	the	DET
cblr-10944	413	15	tracing	trace	VERB
cblr-10944	413	16	doctrine	doctrine	NOUN
cblr-10944	413	17	.	.	PUNCT
cblr-10944	414	1	the	the	DET
cblr-10944	414	2	majority	majority	NOUN
cblr-10944	414	3	’s	’s	PART
cblr-10944	414	4	decision	decision	NOUN
cblr-10944	414	5	has	have	AUX
cblr-10944	414	6	been	be	AUX
cblr-10944	414	7	heavily	heavily	ADV
cblr-10944	414	8	criticized	criticize	VERB
cblr-10944	414	9	by	by	ADP
cblr-10944	414	10	various	various	ADJ
cblr-10944	414	11	commentators.149	commentators.149	NOUN
cblr-10944	414	12	however	however	ADV
cblr-10944	414	13	,	,	PUNCT
cblr-10944	414	14	these	these	DET
cblr-10944	414	15	critics	critic	NOUN
cblr-10944	414	16	do	do	AUX
cblr-10944	414	17	not	not	PART
cblr-10944	414	18	consider	consider	VERB
cblr-10944	414	19	that	that	SCONJ
cblr-10944	414	20	“	"	PUNCT
cblr-10944	414	21	compared	compare	VERB
cblr-10944	414	22	to	to	ADP
cblr-10944	414	23	congress	congress	PROPN
cblr-10944	414	24	,	,	PUNCT
cblr-10944	414	25	the	the	DET
cblr-10944	414	26	sec	sec	PROPN
cblr-10944	414	27	,	,	PUNCT
cblr-10944	414	28	and	and	CCONJ
cblr-10944	414	29	the	the	DET
cblr-10944	414	30	exchanges	exchange	NOUN
cblr-10944	414	31	,	,	PUNCT
cblr-10944	414	32	the	the	DET
cblr-10944	414	33	courts	court	NOUN
cblr-10944	414	34	are	be	AUX
cblr-10944	414	35	ill	ill	ADV
cblr-10944	414	36	-	-	PUNCT
cblr-10944	414	37	equipped	equip	VERB
cblr-10944	414	38	to	to	PART
cblr-10944	414	39	see	see	VERB
cblr-10944	414	40	through	through	ADP
cblr-10944	414	41	the	the	DET
cblr-10944	414	42	complex	complex	ADJ
cblr-10944	414	43	interplay	interplay	NOUN
cblr-10944	414	44	between	between	ADP
cblr-10944	414	45	regulations	regulation	NOUN
cblr-10944	414	46	and	and	CCONJ
cblr-10944	414	47	economic	economic	ADJ
cblr-10944	414	48	incentives	incentive	NOUN
cblr-10944	414	49	at	at	ADP
cblr-10944	414	50	work	work	NOUN
cblr-10944	414	51	in	in	ADP
cblr-10944	414	52	section	section	NOUN
cblr-10944	414	53	11.”150	11.”150	NUM
cblr-10944	415	1	instead	instead	ADV
cblr-10944	415	2	,	,	PUNCT
cblr-10944	415	3	it	it	PRON
cblr-10944	415	4	should	should	AUX
cblr-10944	415	5	be	be	AUX
cblr-10944	415	6	“	"	PUNCT
cblr-10944	415	7	up	up	ADP
cblr-10944	415	8	to	to	ADP
cblr-10944	415	9	lawmakers	lawmaker	NOUN
cblr-10944	415	10	and	and	CCONJ
cblr-10944	415	11	regulators	regulator	NOUN
cblr-10944	415	12	to	to	PART
cblr-10944	415	13	alter	alter	VERB
cblr-10944	415	14	section	section	NOUN
cblr-10944	415	15	11	11	NUM
cblr-10944	415	16	,	,	PUNCT
cblr-10944	415	17	should	should	AUX
cblr-10944	415	18	they	they	PRON
cblr-10944	415	19	find	find	VERB
cblr-10944	415	20	that	that	DET
cblr-10944	415	21	statute	statute	NOUN
cblr-10944	415	22	’s	’s	PART
cblr-10944	415	23	balance	balance	NOUN
cblr-10944	415	24	is	be	AUX
cblr-10944	415	25	not	not	PART
cblr-10944	415	26	being	be	AUX
cblr-10944	415	27	served	serve	VERB
cblr-10944	415	28	for	for	ADP
cblr-10944	415	29	direct	direct	ADJ
cblr-10944	415	30	listings	listing	NOUN
cblr-10944	415	31	.	.	PUNCT
cblr-10944	416	1	”151	”151	PUNCT
cblr-10944	416	2	judges	judge	NOUN
cblr-10944	416	3	are	be	AUX
cblr-10944	416	4	not	not	PART
cblr-10944	416	5	in	in	ADP
cblr-10944	416	6	a	a	DET
cblr-10944	416	7	position	position	NOUN
cblr-10944	416	8	to	to	PART
cblr-10944	416	9	rewrite	rewrite	VERB
cblr-10944	416	10	the	the	DET
cblr-10944	416	11	statute	statute	NOUN
cblr-10944	416	12	,	,	PUNCT
cblr-10944	416	13	especially	especially	ADV
cblr-10944	416	14	in	in	ADP
cblr-10944	416	15	the	the	DET
cblr-10944	416	16	direct	direct	ADJ
cblr-10944	416	17	listing	listing	NOUN
cblr-10944	416	18	context	context	NOUN
cblr-10944	416	19	given	give	VERB
cblr-10944	416	20	that	that	SCONJ
cblr-10944	416	21	it	it	PRON
cblr-10944	416	22	is	be	AUX
cblr-10944	416	23	a	a	DET
cblr-10944	416	24	novelty	novelty	NOUN
cblr-10944	416	25	in	in	ADP
cblr-10944	416	26	the	the	DET
cblr-10944	416	27	already	already	ADV
cblr-10944	416	28	extremely	extremely	ADV
cblr-10944	416	29	complicated	complicated	ADJ
cblr-10944	416	30	process	process	NOUN
cblr-10944	416	31	of	of	ADP
cblr-10944	416	32	a	a	DET
cblr-10944	416	33	company	company	NOUN
cblr-10944	416	34	going	go	VERB
cblr-10944	416	35	public	public	ADJ
cblr-10944	416	36	.	.	PUNCT
cblr-10944	417	1	second	second	ADV
cblr-10944	417	2	,	,	PUNCT
cblr-10944	417	3	the	the	DET
cblr-10944	417	4	strained	strained	ADJ
cblr-10944	417	5	majority	majority	NOUN
cblr-10944	417	6	opinion	opinion	NOUN
cblr-10944	417	7	was	be	AUX
cblr-10944	417	8	,	,	PUNCT
cblr-10944	417	9	arguably	arguably	ADV
cblr-10944	417	10	,	,	PUNCT
cblr-10944	417	11	a	a	DET
cblr-10944	417	12	byproduct	byproduct	NOUN
cblr-10944	417	13	of	of	ADP
cblr-10944	417	14	the	the	DET
cblr-10944	417	15	problems	problem	NOUN
cblr-10944	417	16	with	with	ADP
cblr-10944	417	17	the	the	DET
cblr-10944	417	18	tracing	trace	VERB
cblr-10944	417	19	doctrine	doctrine	NOUN
cblr-10944	417	20	.	.	PUNCT
cblr-10944	418	1	slack	slack	NOUN
cblr-10944	418	2	showed	show	VERB
cblr-10944	418	3	that	that	SCONJ
cblr-10944	418	4	section	section	NOUN
cblr-10944	418	5	11	11	NUM
cblr-10944	418	6	does	do	AUX
cblr-10944	418	7	not	not	PART
cblr-10944	418	8	work	work	VERB
cblr-10944	418	9	in	in	ADP
cblr-10944	418	10	the	the	DET
cblr-10944	418	11	direct	direct	ADJ
cblr-10944	418	12	listing	listing	NOUN
cblr-10944	418	13	context	context	NOUN
cblr-10944	418	14	,	,	PUNCT
cblr-10944	418	15	and	and	CCONJ
cblr-10944	418	16	the	the	DET
cblr-10944	418	17	majority	majority	NOUN
cblr-10944	418	18	,	,	PUNCT
cblr-10944	418	19	acknowledging	acknowledge	VERB
cblr-10944	418	20	these	these	DET
cblr-10944	418	21	problems	problem	NOUN
cblr-10944	418	22	,	,	PUNCT
cblr-10944	418	23	used	use	VERB
cblr-10944	418	24	the	the	DET
cblr-10944	418	25	unique	unique	ADJ
cblr-10944	418	26	circumstances	circumstance	NOUN
cblr-10944	418	27	of	of	ADP
cblr-10944	418	28	a	a	DET
cblr-10944	418	29	direct	direct	ADJ
cblr-10944	418	30	listing	listing	NOUN
cblr-10944	418	31	to	to	PART
cblr-10944	418	32	justify	justify	VERB
cblr-10944	418	33	its	its	PRON
cblr-10944	418	34	departure	departure	NOUN
cblr-10944	418	35	from	from	ADP
cblr-10944	418	36	precedent	precedent	NOUN
cblr-10944	418	37	because	because	SCONJ
cblr-10944	418	38	it	it	PRON
cblr-10944	418	39	believed	believe	VERB
cblr-10944	418	40	that	that	SCONJ
cblr-10944	418	41	investors	investor	NOUN
cblr-10944	418	42	would	would	AUX
cblr-10944	418	43	be	be	AUX
cblr-10944	418	44	significantly	significantly	ADV
cblr-10944	418	45	harmed	harm	VERB
cblr-10944	418	46	without	without	ADP
cblr-10944	418	47	access	access	NOUN
cblr-10944	418	48	to	to	ADP
cblr-10944	418	49	section	section	NOUN
cblr-10944	418	50	11	11	NUM
cblr-10944	418	51	.	.	PUNCT
cblr-10944	419	1	ultimately	ultimately	ADV
cblr-10944	419	2	,	,	PUNCT
cblr-10944	419	3	the	the	DET
cblr-10944	419	4	problems	problem	NOUN
cblr-10944	419	5	with	with	ADP
cblr-10944	419	6	the	the	DET
cblr-10944	419	7	tracing	trace	VERB
cblr-10944	419	8	requirement	requirement	NOUN
cblr-10944	419	9	are	be	AUX
cblr-10944	419	10	not	not	PART
cblr-10944	419	11	new	new	ADJ
cblr-10944	419	12	.	.	PUNCT
cblr-10944	420	1	judges	judge	NOUN
cblr-10944	420	2	are	be	AUX
cblr-10944	420	3	either	either	ADV
cblr-10944	420	4	forced	force	VERB
cblr-10944	420	5	to	to	PART
cblr-10944	420	6	follow	follow	VERB
cblr-10944	420	7	precedent	precedent	NOUN
cblr-10944	420	8	(	(	PUNCT
cblr-10944	420	9	thereby	thereby	ADV
cblr-10944	420	10	disadvantaging	disadvantage	VERB
cblr-10944	420	11	plaintiffs	plaintiff	NOUN
cblr-10944	420	12	)	)	PUNCT
cblr-10944	420	13	or	or	CCONJ
cblr-10944	420	14	depart	depart	NOUN
cblr-10944	420	15	from	from	ADP
cblr-10944	420	16	precedent	precedent	NOUN
cblr-10944	420	17	(	(	PUNCT
cblr-10944	420	18	thereby	thereby	ADV
cblr-10944	420	19	facing	face	VERB
cblr-10944	420	20	criticism	criticism	NOUN
cblr-10944	420	21	for	for	ADP
cblr-10944	420	22	“	"	PUNCT
cblr-10944	420	23	legal	legal	ADJ
cblr-10944	420	24	activism	activism	NOUN
cblr-10944	420	25	”	"	PUNCT
cblr-10944	420	26	)	)	PUNCT
cblr-10944	420	27	.	.	PUNCT
cblr-10944	421	1	this	this	PRON
cblr-10944	421	2	is	be	AUX
cblr-10944	421	3	exactly	exactly	ADV
cblr-10944	421	4	what	what	PRON
cblr-10944	421	5	happened	happen	VERB
cblr-10944	421	6	in	in	ADP
cblr-10944	421	7	slack	slack	NOUN
cblr-10944	421	8	.	.	PUNCT
cblr-10944	422	1	the	the	DET
cblr-10944	422	2	majority	majority	NOUN
cblr-10944	422	3	chose	choose	VERB
cblr-10944	422	4	to	to	PART
cblr-10944	422	5	depart	depart	VERB
cblr-10944	422	6	from	from	ADP
cblr-10944	422	7	precedent	precedent	NOUN
cblr-10944	422	8	and	and	CCONJ
cblr-10944	422	9	faced	face	VERB
cblr-10944	422	10	severe	severe	ADJ
cblr-10944	422	11	backlash	backlash	NOUN
cblr-10944	422	12	from	from	ADP
cblr-10944	422	13	legal	legal	ADJ
cblr-10944	422	14	commentators	commentator	NOUN
cblr-10944	422	15	,	,	PUNCT
cblr-10944	422	16	while	while	SCONJ
cblr-10944	422	17	the	the	DET
cblr-10944	422	18	dissent	dissent	NOUN
cblr-10944	422	19	recognized	recognize	VERB
cblr-10944	422	20	these	these	DET
cblr-10944	422	21	issues	issue	NOUN
cblr-10944	422	22	but	but	CCONJ
cblr-10944	422	23	148	148	NUM
cblr-10944	422	24	in	in	ADP
cblr-10944	422	25	re	re	NOUN
cblr-10944	422	26	century	century	NOUN
cblr-10944	422	27	aluminum	aluminum	NOUN
cblr-10944	422	28	,	,	PUNCT
cblr-10944	422	29	729	729	NUM
cblr-10944	422	30	f.3d	f.3d	NUM
cblr-10944	422	31	at	at	ADP
cblr-10944	422	32	1107	1107	NUM
cblr-10944	422	33	(	(	PUNCT
cblr-10944	422	34	quoting	quote	VERB
cblr-10944	422	35	abbey	abbey	PROPN
cblr-10944	422	36	v.	v.	ADP
cblr-10944	422	37	computer	computer	NOUN
cblr-10944	422	38	memories	memories	PROPN
cblr-10944	422	39	,	,	PUNCT
cblr-10944	422	40	inc	inc	PROPN
cblr-10944	422	41	.	.	PROPN
cblr-10944	422	42	,	,	PUNCT
cblr-10944	422	43	634	634	NUM
cblr-10944	422	44	f.	f.	PROPN
cblr-10944	422	45	supp	supp	PROPN
cblr-10944	422	46	.	.	PUNCT
cblr-10944	423	1	870	870	NUM
cblr-10944	423	2	,	,	PUNCT
cblr-10944	423	3	875	875	NUM
cblr-10944	423	4	(	(	PUNCT
cblr-10944	423	5	n.d	n.d	PROPN
cblr-10944	423	6	.	.	PROPN
cblr-10944	423	7	cal	cal	PROPN
cblr-10944	423	8	.	.	PUNCT
cblr-10944	424	1	1986	1986	NUM
cblr-10944	424	2	)	)	PUNCT
cblr-10944	424	3	)	)	PUNCT
cblr-10944	424	4	.	.	PUNCT
cblr-10944	425	1	149	149	NUM
cblr-10944	425	2	see	see	VERB
cblr-10944	425	3	supra	supra	PROPN
cblr-10944	425	4	section	section	NOUN
cblr-10944	425	5	iv.a	iv.a	VERB
cblr-10944	425	6	.	.	PUNCT
cblr-10944	426	1	150	150	NUM
cblr-10944	426	2	motion	motion	NOUN
cblr-10944	426	3	of	of	ADP
cblr-10944	426	4	the	the	DET
cblr-10944	426	5	cato	cato	PROPN
cblr-10944	426	6	institute	institute	PROPN
cblr-10944	426	7	for	for	ADP
cblr-10944	426	8	leave	leave	NOUN
cblr-10944	426	9	to	to	PART
cblr-10944	426	10	file	file	VERB
cblr-10944	426	11	as	as	ADP
cblr-10944	426	12	amicus	amicus	NOUN
cblr-10944	426	13	curiae	curiae	NOUN
cblr-10944	426	14	in	in	ADP
cblr-10944	426	15	support	support	NOUN
cblr-10944	426	16	of	of	ADP
cblr-10944	426	17	defendants	defendant	NOUN
cblr-10944	426	18	and	and	CCONJ
cblr-10944	426	19	appellants	appellant	NOUN
cblr-10944	426	20	at	at	ADP
cblr-10944	426	21	7	7	NUM
cblr-10944	426	22	,	,	PUNCT
cblr-10944	426	23	pirani	pirani	PROPN
cblr-10944	426	24	v.	v.	PROPN
cblr-10944	426	25	slack	slack	PROPN
cblr-10944	426	26	technologies	technologies	PROPN
cblr-10944	426	27	,	,	PUNCT
cblr-10944	426	28	inc	inc	PROPN
cblr-10944	426	29	.	.	PROPN
cblr-10944	426	30	,	,	PUNCT
cblr-10944	426	31	13	13	NUM
cblr-10944	426	32	f.4th	f.4th	NOUN
cblr-10944	426	33	940	940	NUM
cblr-10944	426	34	(	(	PUNCT
cblr-10944	426	35	9th	9th	ADJ
cblr-10944	426	36	cir	cir	NOUN
cblr-10944	426	37	.	.	PUNCT
cblr-10944	426	38	2020	2020	NUM
cblr-10944	426	39	)	)	PUNCT
cblr-10944	426	40	(	(	PUNCT
cblr-10944	426	41	no	no	INTJ
cblr-10944	426	42	.	.	NOUN
cblr-10944	426	43	20	20	NUM
cblr-10944	426	44	-	-	SYM
cblr-10944	426	45	16419	16419	NUM
cblr-10944	426	46	)	)	PUNCT
cblr-10944	426	47	.	.	PUNCT
cblr-10944	427	1	151	151	NUM
cblr-10944	427	2	i	i	PROPN
cblr-10944	427	3	d.	d.	PROPN
cblr-10944	427	4	1058	1058	NUM
cblr-10944	427	5	columbia	columbia	PROPN
cblr-10944	427	6	business	business	PROPN
cblr-10944	427	7	law	law	PROPN
cblr-10944	427	8	review	review	NOUN
cblr-10944	427	9	[	[	X
cblr-10944	427	10	vol	vol	NOUN
cblr-10944	427	11	.	.	PUNCT
cblr-10944	427	12	2022	2022	NUM
cblr-10944	427	13	concluded	conclude	VERB
cblr-10944	427	14	that	that	SCONJ
cblr-10944	427	15	the	the	DET
cblr-10944	427	16	court	court	NOUN
cblr-10944	427	17	had	have	VERB
cblr-10944	427	18	“	"	PUNCT
cblr-10944	427	19	no	no	DET
cblr-10944	427	20	basis	basis	NOUN
cblr-10944	427	21	for	for	ADP
cblr-10944	427	22	changing	change	VERB
cblr-10944	427	23	the	the	DET
cblr-10944	427	24	settled	settle	VERB
cblr-10944	427	25	interpretation	interpretation	NOUN
cblr-10944	427	26	of	of	ADP
cblr-10944	427	27	the	the	DET
cblr-10944	427	28	statutory	statutory	ADJ
cblr-10944	427	29	text	text	NOUN
cblr-10944	427	30	”	"	PUNCT
cblr-10944	427	31	and	and	CCONJ
cblr-10944	427	32	noted	note	VERB
cblr-10944	427	33	that	that	SCONJ
cblr-10944	427	34	it	it	PRON
cblr-10944	427	35	is	be	AUX
cblr-10944	427	36	congress	congress	PROPN
cblr-10944	427	37	’s	’s	PART
cblr-10944	427	38	responsibility	responsibility	NOUN
cblr-10944	427	39	to	to	PART
cblr-10944	427	40	make	make	VERB
cblr-10944	427	41	new	new	ADJ
cblr-10944	427	42	legislation	legislation	NOUN
cblr-10944	427	43	or	or	CCONJ
cblr-10944	427	44	change	change	VERB
cblr-10944	427	45	the	the	DET
cblr-10944	427	46	problems	problem	NOUN
cblr-10944	427	47	with	with	ADP
cblr-10944	427	48	old	old	ADJ
cblr-10944	427	49	legislation.152	legislation.152	NOUN
cblr-10944	427	50	neither	neither	DET
cblr-10944	427	51	approach	approach	NOUN
cblr-10944	427	52	is	be	AUX
cblr-10944	427	53	desirable	desirable	ADJ
cblr-10944	427	54	,	,	PUNCT
cblr-10944	427	55	and	and	CCONJ
cblr-10944	427	56	thus	thus	ADV
cblr-10944	427	57	,	,	PUNCT
cblr-10944	427	58	congress	congress	PROPN
cblr-10944	427	59	or	or	CCONJ
cblr-10944	427	60	the	the	DET
cblr-10944	427	61	sec	sec	PROPN
cblr-10944	427	62	must	must	AUX
cblr-10944	427	63	step	step	VERB
cblr-10944	427	64	in	in	ADV
cblr-10944	427	65	.	.	PUNCT
cblr-10944	428	1	2	2	X
cblr-10944	428	2	.	.	X
cblr-10944	428	3	congress	congress	PROPN
cblr-10944	428	4	and	and	CCONJ
cblr-10944	428	5	the	the	DET
cblr-10944	428	6	sec	sec	PROPN
cblr-10944	428	7	should	should	AUX
cblr-10944	428	8	intervene	intervene	VERB
cblr-10944	428	9	to	to	PART
cblr-10944	428	10	change	change	VERB
cblr-10944	428	11	section	section	NOUN
cblr-10944	428	12	11	11	NUM
cblr-10944	428	13	as	as	SCONJ
cblr-10944	428	14	it	it	PRON
cblr-10944	428	15	applies	apply	VERB
cblr-10944	428	16	to	to	ADP
cblr-10944	428	17	direct	direct	ADJ
cblr-10944	428	18	listings	listing	NOUN
cblr-10944	428	19	i.	i.	NOUN
cblr-10944	428	20	the	the	DET
cblr-10944	428	21	sec	sec	PROPN
cblr-10944	428	22	and	and	CCONJ
cblr-10944	428	23	congress	congress	PROPN
cblr-10944	428	24	have	have	VERB
cblr-10944	428	25	authority	authority	NOUN
cblr-10944	428	26	to	to	PART
cblr-10944	428	27	change	change	VERB
cblr-10944	428	28	section	section	NOUN
cblr-10944	428	29	11	11	NUM
cblr-10944	428	30	’s	’s	PART
cblr-10944	428	31	bearing	bearing	NOUN
cblr-10944	428	32	on	on	ADP
cblr-10944	428	33	direct	direct	ADJ
cblr-10944	428	34	listings	listing	NOUN
cblr-10944	428	35	the	the	DET
cblr-10944	428	36	problems	problem	NOUN
cblr-10944	428	37	articulated	articulate	VERB
cblr-10944	428	38	in	in	ADP
cblr-10944	428	39	part	part	NOUN
cblr-10944	428	40	iv	iv	NUM
cblr-10944	428	41	are	be	AUX
cblr-10944	428	42	sufficient	sufficient	ADJ
cblr-10944	428	43	to	to	PART
cblr-10944	428	44	raise	raise	VERB
cblr-10944	428	45	sec	sec	PROPN
cblr-10944	428	46	or	or	CCONJ
cblr-10944	428	47	congressional	congressional	ADJ
cblr-10944	428	48	review	review	NOUN
cblr-10944	428	49	of	of	ADP
cblr-10944	428	50	the	the	DET
cblr-10944	428	51	nyse	nyse	PROPN
cblr-10944	428	52	rules	rule	NOUN
cblr-10944	428	53	.	.	PUNCT
cblr-10944	429	1	first	first	ADV
cblr-10944	429	2	,	,	PUNCT
cblr-10944	429	3	the	the	DET
cblr-10944	429	4	sec	sec	PROPN
cblr-10944	429	5	can	can	AUX
cblr-10944	429	6	only	only	ADV
cblr-10944	429	7	approve	approve	VERB
cblr-10944	429	8	rule	rule	NOUN
cblr-10944	429	9	changes	change	NOUN
cblr-10944	429	10	if	if	SCONJ
cblr-10944	429	11	it	it	PRON
cblr-10944	429	12	finds	find	VERB
cblr-10944	429	13	that	that	SCONJ
cblr-10944	429	14	the	the	DET
cblr-10944	429	15	change	change	NOUN
cblr-10944	429	16	would	would	AUX
cblr-10944	429	17	be	be	AUX
cblr-10944	429	18	“	"	PUNCT
cblr-10944	429	19	consistent	consistent	ADJ
cblr-10944	429	20	with	with	ADP
cblr-10944	429	21	the	the	DET
cblr-10944	429	22	requirements	requirement	NOUN
cblr-10944	429	23	of	of	ADP
cblr-10944	429	24	this	this	DET
cblr-10944	429	25	chapter	chapter	NOUN
cblr-10944	429	26	and	and	CCONJ
cblr-10944	429	27	the	the	DET
cblr-10944	429	28	rules	rule	NOUN
cblr-10944	429	29	and	and	CCONJ
cblr-10944	429	30	regulations	regulation	NOUN
cblr-10944	429	31	issued	issue	VERB
cblr-10944	429	32	under	under	ADP
cblr-10944	429	33	this	this	DET
cblr-10944	429	34	chapter	chapter	NOUN
cblr-10944	429	35	that	that	PRON
cblr-10944	429	36	are	be	AUX
cblr-10944	429	37	applicable	applicable	ADJ
cblr-10944	429	38	to	to	ADP
cblr-10944	429	39	such	such	ADJ
cblr-10944	429	40	organization	organization	NOUN
cblr-10944	429	41	.	.	PUNCT
cblr-10944	430	1	”153	”153	ADP
cblr-10944	431	1	the	the	DET
cblr-10944	431	2	organization	organization	NOUN
cblr-10944	431	3	at	at	ADP
cblr-10944	431	4	issue	issue	NOUN
cblr-10944	431	5	here	here	ADV
cblr-10944	431	6	is	be	AUX
cblr-10944	431	7	the	the	DET
cblr-10944	431	8	nyse	nyse	PROPN
cblr-10944	431	9	,	,	PUNCT
cblr-10944	431	10	a	a	DET
cblr-10944	431	11	public	public	ADJ
cblr-10944	431	12	exchange	exchange	NOUN
cblr-10944	431	13	.	.	PUNCT
cblr-10944	432	1	under	under	ADP
cblr-10944	432	2	section	section	NOUN
cblr-10944	432	3	6(b)(5	6(b)(5	NUM
cblr-10944	432	4	)	)	PUNCT
cblr-10944	432	5	of	of	ADP
cblr-10944	432	6	the	the	DET
cblr-10944	432	7	exchange	exchange	PROPN
cblr-10944	432	8	act	act	PROPN
cblr-10944	432	9	,	,	PUNCT
cblr-10944	432	10	the	the	DET
cblr-10944	432	11	sec	sec	PROPN
cblr-10944	432	12	is	be	AUX
cblr-10944	432	13	required	require	VERB
cblr-10944	432	14	to	to	PART
cblr-10944	432	15	ensure	ensure	VERB
cblr-10944	432	16	that	that	SCONJ
cblr-10944	432	17	exchange	exchange	NOUN
cblr-10944	432	18	rules	rule	NOUN
cblr-10944	432	19	are	be	AUX
cblr-10944	432	20	designed	design	VERB
cblr-10944	432	21	to	to	PART
cblr-10944	432	22	prevent	prevent	VERB
cblr-10944	432	23	fraudulent	fraudulent	ADJ
cblr-10944	432	24	and	and	CCONJ
cblr-10944	432	25	manipulative	manipulative	ADJ
cblr-10944	432	26	acts	act	NOUN
cblr-10944	432	27	and	and	CCONJ
cblr-10944	432	28	practices	practice	NOUN
cblr-10944	432	29	,	,	PUNCT
cblr-10944	432	30	to	to	PART
cblr-10944	432	31	promote	promote	VERB
cblr-10944	432	32	just	just	ADV
cblr-10944	432	33	and	and	CCONJ
cblr-10944	432	34	equitable	equitable	ADJ
cblr-10944	432	35	principles	principle	NOUN
cblr-10944	432	36	of	of	ADP
cblr-10944	432	37	trade	trade	NOUN
cblr-10944	432	38	,	,	PUNCT
cblr-10944	432	39	to	to	PART
cblr-10944	432	40	foster	foster	VERB
cblr-10944	432	41	cooperation	cooperation	NOUN
cblr-10944	432	42	and	and	CCONJ
cblr-10944	432	43	coordination	coordination	NOUN
cblr-10944	432	44	with	with	ADP
cblr-10944	432	45	persons	person	NOUN
cblr-10944	432	46	engaged	engage	VERB
cblr-10944	432	47	in	in	ADP
cblr-10944	432	48	regulating	regulating	NOUN
cblr-10944	432	49	,	,	PUNCT
cblr-10944	432	50	clearing	clearing	NOUN
cblr-10944	432	51	,	,	PUNCT
cblr-10944	432	52	settling	settling	NOUN
cblr-10944	432	53	,	,	PUNCT
cblr-10944	432	54	processing	processing	NOUN
cblr-10944	432	55	information	information	NOUN
cblr-10944	432	56	with	with	ADP
cblr-10944	432	57	respect	respect	NOUN
cblr-10944	432	58	to	to	ADP
cblr-10944	432	59	,	,	PUNCT
cblr-10944	432	60	and	and	CCONJ
cblr-10944	432	61	facilitating	facilitate	VERB
cblr-10944	432	62	transactions	transaction	NOUN
cblr-10944	432	63	in	in	ADP
cblr-10944	432	64	securities	security	NOUN
cblr-10944	432	65	,	,	PUNCT
cblr-10944	432	66	to	to	PART
cblr-10944	432	67	remove	remove	VERB
cblr-10944	432	68	impediments	impediment	NOUN
cblr-10944	432	69	to	to	PART
cblr-10944	432	70	and	and	CCONJ
cblr-10944	432	71	perfect	perfect	VERB
cblr-10944	432	72	the	the	DET
cblr-10944	432	73	mechanism	mechanism	NOUN
cblr-10944	432	74	of	of	ADP
cblr-10944	432	75	a	a	DET
cblr-10944	432	76	free	free	ADJ
cblr-10944	432	77	and	and	CCONJ
cblr-10944	432	78	open	open	ADJ
cblr-10944	432	79	market	market	NOUN
cblr-10944	432	80	and	and	CCONJ
cblr-10944	432	81	a	a	DET
cblr-10944	432	82	national	national	ADJ
cblr-10944	432	83	market	market	NOUN
cblr-10944	432	84	system	system	NOUN
cblr-10944	432	85	,	,	PUNCT
cblr-10944	432	86	and	and	CCONJ
cblr-10944	432	87	,	,	PUNCT
cblr-10944	432	88	in	in	ADP
cblr-10944	432	89	general	general	ADJ
cblr-10944	432	90	,	,	PUNCT
cblr-10944	432	91	to	to	PART
cblr-10944	432	92	protect	protect	VERB
cblr-10944	432	93	investors	investor	NOUN
cblr-10944	432	94	and	and	CCONJ
cblr-10944	432	95	the	the	DET
cblr-10944	432	96	public	public	NOUN
cblr-10944	432	97	interest.154	interest.154	NOUN
cblr-10944	432	98	thus	thus	ADV
cblr-10944	432	99	,	,	PUNCT
cblr-10944	432	100	the	the	DET
cblr-10944	432	101	sec	sec	PROPN
cblr-10944	432	102	is	be	AUX
cblr-10944	432	103	tasked	task	VERB
cblr-10944	432	104	with	with	ADP
cblr-10944	432	105	creating	create	VERB
cblr-10944	432	106	exchange	exchange	NOUN
cblr-10944	432	107	rules	rule	NOUN
cblr-10944	432	108	that	that	PRON
cblr-10944	432	109	both	both	PRON
cblr-10944	432	110	prevent	prevent	VERB
cblr-10944	432	111	fraudulent	fraudulent	ADJ
cblr-10944	432	112	and	and	CCONJ
cblr-10944	432	113	manipulative	manipulative	ADJ
cblr-10944	432	114	acts	act	NOUN
cblr-10944	432	115	and	and	CCONJ
cblr-10944	432	116	protect	protect	VERB
cblr-10944	432	117	152	152	NUM
cblr-10944	432	118	pirani	pirani	PROPN
cblr-10944	432	119	v.	v.	ADP
cblr-10944	432	120	slack	slack	PROPN
cblr-10944	432	121	technologies	technologies	PROPN
cblr-10944	432	122	,	,	PUNCT
cblr-10944	432	123	inc	inc	PROPN
cblr-10944	432	124	.	.	PROPN
cblr-10944	432	125	,	,	PUNCT
cblr-10944	432	126	13	13	NUM
cblr-10944	432	127	f.4th	f.4th	NOUN
cblr-10944	432	128	940	940	NUM
cblr-10944	432	129	,	,	PUNCT
cblr-10944	432	130	953	953	NUM
cblr-10944	432	131	(	(	PUNCT
cblr-10944	432	132	9th	9th	ADJ
cblr-10944	432	133	cir	cir	NOUN
cblr-10944	432	134	.	.	PROPN
cblr-10944	432	135	2021	2021	NUM
cblr-10944	432	136	)	)	PUNCT
cblr-10944	432	137	(	(	PUNCT
cblr-10944	432	138	miller	miller	PROPN
cblr-10944	432	139	,	,	PUNCT
cblr-10944	432	140	j.	j.	PROPN
cblr-10944	432	141	,	,	PUNCT
cblr-10944	432	142	dissenting	dissent	VERB
cblr-10944	432	143	)	)	PUNCT
cblr-10944	432	144	.	.	PUNCT
cblr-10944	433	1	153	153	NUM
cblr-10944	433	2	15	15	NUM
cblr-10944	433	3	u.s.c	u.s.c	NOUN
cblr-10944	433	4	.	.	PUNCT
cblr-10944	434	1	§	§	PROPN
cblr-10944	434	2	78s(b)(2)(c	78s(b)(2)(c	NUM
cblr-10944	434	3	)	)	PUNCT
cblr-10944	434	4	.	.	PUNCT
cblr-10944	435	1	154	154	NUM
cblr-10944	435	2	15	15	NUM
cblr-10944	435	3	u.s.c	u.s.c	NOUN
cblr-10944	435	4	.	.	PUNCT
cblr-10944	436	1	§	§	PROPN
cblr-10944	436	2	78f(b)(5	78f(b)(5	PROPN
cblr-10944	436	3	)	)	PUNCT
cblr-10944	436	4	(	(	PUNCT
cblr-10944	436	5	emphasis	emphasis	NOUN
cblr-10944	436	6	added	add	VERB
cblr-10944	436	7	)	)	PUNCT
cblr-10944	436	8	.	.	PUNCT
cblr-10944	437	1	no	no	INTJ
cblr-10944	437	2	.	.	PUNCT
cblr-10944	438	1	2:1026	2:1026	NUM
cblr-10944	438	2	]	]	X
cblr-10944	438	3	direct	direct	ADJ
cblr-10944	438	4	listings	listing	NOUN
cblr-10944	438	5	and	and	CCONJ
cblr-10944	438	6	the	the	DET
cblr-10944	438	7	tracing	trace	VERB
cblr-10944	438	8	doctrine	doctrine	NOUN
cblr-10944	438	9	1059	1059	NUM
cblr-10944	438	10	investors	investor	NOUN
cblr-10944	438	11	.	.	PUNCT
cblr-10944	439	1	here	here	ADV
cblr-10944	439	2	,	,	PUNCT
cblr-10944	439	3	slack	slack	VERB
cblr-10944	439	4	’s	’s	PART
cblr-10944	439	5	reversal	reversal	NOUN
cblr-10944	439	6	would	would	AUX
cblr-10944	439	7	invite	invite	VERB
cblr-10944	439	8	companies	company	NOUN
cblr-10944	439	9	to	to	PART
cblr-10944	439	10	act	act	VERB
cblr-10944	439	11	fraudulently	fraudulently	ADV
cblr-10944	439	12	because	because	SCONJ
cblr-10944	439	13	they	they	PRON
cblr-10944	439	14	do	do	AUX
cblr-10944	439	15	not	not	PART
cblr-10944	439	16	have	have	VERB
cblr-10944	439	17	to	to	PART
cblr-10944	439	18	fear	fear	VERB
cblr-10944	439	19	section	section	NOUN
cblr-10944	439	20	11	11	NUM
cblr-10944	439	21	liability	liability	NOUN
cblr-10944	439	22	and	and	CCONJ
cblr-10944	439	23	could	could	AUX
cblr-10944	439	24	invoke	invoke	VERB
cblr-10944	439	25	investor	investor	NOUN
cblr-10944	439	26	protection	protection	NOUN
cblr-10944	439	27	issues	issue	NOUN
cblr-10944	439	28	because	because	SCONJ
cblr-10944	439	29	investors	investor	NOUN
cblr-10944	439	30	can	can	AUX
cblr-10944	439	31	not	not	PART
cblr-10944	439	32	prove	prove	VERB
cblr-10944	439	33	tracing	trace	VERB
cblr-10944	439	34	in	in	ADP
cblr-10944	439	35	the	the	DET
cblr-10944	439	36	direct	direct	ADJ
cblr-10944	439	37	listing	listing	NOUN
cblr-10944	439	38	context	context	NOUN
cblr-10944	439	39	.	.	PUNCT
cblr-10944	440	1	second	second	ADJ
cblr-10944	440	2	,	,	PUNCT
cblr-10944	440	3	assuming	assume	VERB
cblr-10944	440	4	the	the	DET
cblr-10944	440	5	supreme	supreme	PROPN
cblr-10944	440	6	court	court	PROPN
cblr-10944	440	7	reverses	reverse	VERB
cblr-10944	440	8	slack	slack	NOUN
cblr-10944	440	9	,	,	PUNCT
cblr-10944	440	10	congress	congress	PROPN
cblr-10944	440	11	is	be	AUX
cblr-10944	440	12	authorized	authorize	VERB
cblr-10944	440	13	to	to	PART
cblr-10944	440	14	override	override	VERB
cblr-10944	440	15	the	the	DET
cblr-10944	440	16	supreme	supreme	PROPN
cblr-10944	440	17	court	court	PROPN
cblr-10944	440	18	’s	’s	PART
cblr-10944	440	19	decision	decision	NOUN
cblr-10944	440	20	because	because	SCONJ
cblr-10944	440	21	the	the	DET
cblr-10944	440	22	reversal	reversal	NOUN
cblr-10944	440	23	concerns	concern	VERB
cblr-10944	440	24	a	a	DET
cblr-10944	440	25	question	question	NOUN
cblr-10944	440	26	of	of	ADP
cblr-10944	440	27	statutory	statutory	ADJ
cblr-10944	440	28	interpretation.155	interpretation.155	PROPN
cblr-10944	440	29	while	while	SCONJ
cblr-10944	440	30	the	the	DET
cblr-10944	440	31	traceability	traceability	NOUN
cblr-10944	440	32	requirement	requirement	NOUN
cblr-10944	440	33	is	be	AUX
cblr-10944	440	34	a	a	DET
cblr-10944	440	35	judge	judge	NOUN
cblr-10944	440	36	-	-	PUNCT
cblr-10944	440	37	made	make	VERB
cblr-10944	440	38	doctrine	doctrine	NOUN
cblr-10944	440	39	,	,	PUNCT
cblr-10944	440	40	it	it	PRON
cblr-10944	440	41	is	be	AUX
cblr-10944	440	42	fundamentally	fundamentally	ADV
cblr-10944	440	43	based	base	VERB
cblr-10944	440	44	upon	upon	SCONJ
cblr-10944	440	45	section	section	NOUN
cblr-10944	440	46	11	11	NUM
cblr-10944	440	47	’s	’s	PART
cblr-10944	440	48	text	text	NOUN
cblr-10944	440	49	and	and	CCONJ
cblr-10944	440	50	,	,	PUNCT
cblr-10944	440	51	specifically	specifically	ADV
cblr-10944	440	52	,	,	PUNCT
cblr-10944	440	53	the	the	DET
cblr-10944	440	54	phrase	phrase	NOUN
cblr-10944	440	55	“	"	PUNCT
cblr-10944	440	56	such	such	ADJ
cblr-10944	440	57	security	security	NOUN
cblr-10944	440	58	.	.	PUNCT
cblr-10944	440	59	”	"	PUNCT
cblr-10944	441	1	thus	thus	ADV
cblr-10944	441	2	,	,	PUNCT
cblr-10944	441	3	congress	congress	PROPN
cblr-10944	441	4	is	be	AUX
cblr-10944	441	5	also	also	ADV
cblr-10944	441	6	warranted	warrant	VERB
cblr-10944	441	7	in	in	ADP
cblr-10944	441	8	changing	change	VERB
cblr-10944	441	9	this	this	DET
cblr-10944	441	10	doctrine	doctrine	NOUN
cblr-10944	441	11	based	base	VERB
cblr-10944	441	12	upon	upon	SCONJ
cblr-10944	441	13	the	the	DET
cblr-10944	441	14	interpretation	interpretation	NOUN
cblr-10944	441	15	of	of	ADP
cblr-10944	441	16	a	a	DET
cblr-10944	441	17	statute	statute	NOUN
cblr-10944	441	18	.	.	PUNCT
cblr-10944	442	1	ii	ii	PROPN
cblr-10944	442	2	.	.	PUNCT
cblr-10944	443	1	blockchain	blockchain	PROPN
cblr-10944	443	2	has	have	VERB
cblr-10944	443	3	the	the	DET
cblr-10944	443	4	potential	potential	NOUN
cblr-10944	443	5	to	to	PART
cblr-10944	443	6	fix	fix	VERB
cblr-10944	443	7	tracing	trace	VERB
cblr-10944	443	8	issues	issue	NOUN
cblr-10944	443	9	in	in	ADP
cblr-10944	443	10	direct	direct	ADJ
cblr-10944	443	11	listings	listing	NOUN
cblr-10944	443	12	a.	a.	NOUN
cblr-10944	443	13	background	background	NOUN
cblr-10944	443	14	on	on	ADP
cblr-10944	443	15	blockchain	blockchain	PROPN
cblr-10944	443	16	blockchain	blockchain	PROPN
cblr-10944	443	17	technology	technology	PROPN
cblr-10944	443	18	,	,	PUNCT
cblr-10944	443	19	known	know	VERB
cblr-10944	443	20	as	as	ADP
cblr-10944	443	21	distributed	distribute	VERB
cblr-10944	443	22	ledger	ledger	NOUN
cblr-10944	443	23	technology	technology	NOUN
cblr-10944	443	24	,	,	PUNCT
cblr-10944	443	25	is	be	AUX
cblr-10944	443	26	a	a	DET
cblr-10944	443	27	relatively	relatively	ADV
cblr-10944	443	28	new	new	ADJ
cblr-10944	443	29	type	type	NOUN
cblr-10944	443	30	of	of	ADP
cblr-10944	443	31	information	information	NOUN
cblr-10944	443	32	technology	technology	NOUN
cblr-10944	443	33	that	that	PRON
cblr-10944	443	34	is	be	AUX
cblr-10944	443	35	used	use	VERB
cblr-10944	443	36	to	to	PART
cblr-10944	443	37	record	record	VERB
cblr-10944	443	38	“	"	PUNCT
cblr-10944	443	39	transactions	transaction	NOUN
cblr-10944	443	40	involving	involve	VERB
cblr-10944	443	41	assets	asset	NOUN
cblr-10944	443	42	without	without	ADP
cblr-10944	443	43	the	the	DET
cblr-10944	443	44	need	need	NOUN
cblr-10944	443	45	for	for	ADP
cblr-10944	443	46	a	a	DET
cblr-10944	443	47	central	central	ADJ
cblr-10944	443	48	intermediary	intermediary	NOUN
cblr-10944	443	49	to	to	PART
cblr-10944	443	50	track	track	VERB
cblr-10944	443	51	ownership	ownership	NOUN
cblr-10944	443	52	of	of	ADP
cblr-10944	443	53	those	those	DET
cblr-10944	443	54	assets	asset	NOUN
cblr-10944	443	55	in	in	ADP
cblr-10944	443	56	an	an	DET
cblr-10944	443	57	authoritative	authoritative	ADJ
cblr-10944	443	58	ledger	ledger	NOUN
cblr-10944	443	59	.	.	PUNCT
cblr-10944	444	1	”156	”156	PROPN
cblr-10944	444	2	blockchain	blockchain	PROPN
cblr-10944	444	3	’s	’s	PART
cblr-10944	444	4	founder	founder	NOUN
cblr-10944	444	5	,	,	PUNCT
cblr-10944	444	6	an	an	DET
cblr-10944	444	7	unidentified	unidentified	ADJ
cblr-10944	444	8	person	person	NOUN
cblr-10944	444	9	under	under	ADP
cblr-10944	444	10	the	the	DET
cblr-10944	444	11	alias	alia	NOUN
cblr-10944	444	12	“	"	PUNCT
cblr-10944	444	13	satoshi	satoshi	PROPN
cblr-10944	444	14	nakamoto	nakamoto	NOUN
cblr-10944	444	15	,	,	PUNCT
cblr-10944	444	16	”	"	PUNCT
cblr-10944	444	17	identified	identify	VERB
cblr-10944	444	18	a	a	DET
cblr-10944	444	19	problem	problem	NOUN
cblr-10944	444	20	.	.	PUNCT
cblr-10944	445	1	he	he	PRON
cblr-10944	445	2	noticed	notice	VERB
cblr-10944	445	3	that	that	SCONJ
cblr-10944	445	4	business	business	NOUN
cblr-10944	445	5	on	on	ADP
cblr-10944	445	6	the	the	DET
cblr-10944	445	7	internet	internet	NOUN
cblr-10944	445	8	relied	rely	VERB
cblr-10944	445	9	on	on	ADP
cblr-10944	445	10	financial	financial	ADJ
cblr-10944	445	11	institutions	institution	NOUN
cblr-10944	445	12	to	to	PART
cblr-10944	445	13	serve	serve	VERB
cblr-10944	445	14	as	as	ADP
cblr-10944	445	15	trusted	trust	VERB
cblr-10944	445	16	third	third	ADJ
cblr-10944	445	17	parties	party	NOUN
cblr-10944	445	18	to	to	PART
cblr-10944	445	19	process	process	VERB
cblr-10944	445	20	electronic	electronic	ADJ
cblr-10944	445	21	payments	payment	NOUN
cblr-10944	445	22	,	,	PUNCT
cblr-10944	445	23	which	which	PRON
cblr-10944	445	24	generated	generate	VERB
cblr-10944	445	25	costs	cost	NOUN
cblr-10944	445	26	in	in	ADP
cblr-10944	445	27	the	the	DET
cblr-10944	445	28	form	form	NOUN
cblr-10944	445	29	of	of	ADP
cblr-10944	445	30	fees.157	fees.157	PROPN
cblr-10944	445	31	nakamoto	nakamoto	NOUN
cblr-10944	445	32	believed	believe	VERB
cblr-10944	445	33	this	this	DET
cblr-10944	445	34	arrangement	arrangement	NOUN
cblr-10944	445	35	to	to	PART
cblr-10944	445	36	be	be	AUX
cblr-10944	445	37	inefficient	inefficient	ADJ
cblr-10944	445	38	;	;	PUNCT
cblr-10944	445	39	he	he	PRON
cblr-10944	445	40	thought	think	VERB
cblr-10944	445	41	that	that	SCONJ
cblr-10944	445	42	an	an	DET
cblr-10944	445	43	electronic	electronic	ADJ
cblr-10944	445	44	payment	payment	NOUN
cblr-10944	445	45	system	system	NOUN
cblr-10944	445	46	based	base	VERB
cblr-10944	445	47	on	on	ADP
cblr-10944	445	48	cryptographic	cryptographic	ADJ
cblr-10944	445	49	proof	proof	NOUN
cblr-10944	445	50	would	would	AUX
cblr-10944	445	51	allow	allow	VERB
cblr-10944	445	52	two	two	NUM
cblr-10944	445	53	parties	party	NOUN
cblr-10944	445	54	to	to	PART
cblr-10944	445	55	transact	transact	VERB
cblr-10944	445	56	directly	directly	ADV
cblr-10944	445	57	with	with	ADP
cblr-10944	445	58	each	each	DET
cblr-10944	445	59	other	other	ADJ
cblr-10944	445	60	,	,	PUNCT
cblr-10944	445	61	rather	rather	ADV
cblr-10944	445	62	than	than	ADP
cblr-10944	445	63	relying	rely	VERB
cblr-10944	445	64	on	on	ADP
cblr-10944	445	65	a	a	DET
cblr-10944	445	66	third	third	ADJ
cblr-10944	445	67	party.158	party.158	NOUN
cblr-10944	445	68	155	155	NUM
cblr-10944	445	69	an	an	DET
cblr-10944	445	70	empirical	empirical	ADJ
cblr-10944	445	71	study	study	NOUN
cblr-10944	445	72	shows	show	VERB
cblr-10944	445	73	that	that	SCONJ
cblr-10944	445	74	,	,	PUNCT
cblr-10944	445	75	from	from	ADP
cblr-10944	445	76	1975	1975	NUM
cblr-10944	445	77	to	to	ADP
cblr-10944	445	78	1991	1991	NUM
cblr-10944	445	79	,	,	PUNCT
cblr-10944	445	80	on	on	ADP
cblr-10944	445	81	average	average	ADJ
cblr-10944	445	82	,	,	PUNCT
cblr-10944	445	83	each	each	DET
cblr-10944	445	84	congress	congress	PROPN
cblr-10944	445	85	had	have	VERB
cblr-10944	445	86	overridden	overridden	ADJ
cblr-10944	445	87	about	about	ADV
cblr-10944	445	88	a	a	DET
cblr-10944	445	89	dozen	dozen	NOUN
cblr-10944	445	90	of	of	ADP
cblr-10944	445	91	the	the	DET
cblr-10944	445	92	supreme	supreme	PROPN
cblr-10944	445	93	court	court	PROPN
cblr-10944	445	94	’s	’s	PART
cblr-10944	445	95	statutory	statutory	ADJ
cblr-10944	445	96	decisions	decision	NOUN
cblr-10944	445	97	.	.	PUNCT
cblr-10944	446	1	william	william	PROPN
cblr-10944	446	2	n.	n.	PROPN
cblr-10944	446	3	eskridge	eskridge	PROPN
cblr-10944	446	4	,	,	PUNCT
cblr-10944	446	5	jr	jr	PROPN
cblr-10944	446	6	.	.	PROPN
cblr-10944	446	7	,	,	PUNCT
cblr-10944	446	8	overriding	override	VERB
cblr-10944	446	9	supreme	supreme	PROPN
cblr-10944	446	10	court	court	PROPN
cblr-10944	446	11	statutory	statutory	ADJ
cblr-10944	446	12	interpretation	interpretation	NOUN
cblr-10944	446	13	decisions	decision	NOUN
cblr-10944	446	14	,	,	PUNCT
cblr-10944	446	15	101	101	NUM
cblr-10944	446	16	yale	yale	PROPN
cblr-10944	446	17	l.	l.	PROPN
cblr-10944	446	18	j.	j.	PROPN
cblr-10944	446	19	331	331	PROPN
cblr-10944	446	20	,	,	PUNCT
cblr-10944	446	21	335–36	335–36	NUM
cblr-10944	446	22	(	(	PUNCT
cblr-10944	446	23	1991	1991	NUM
cblr-10944	446	24	)	)	PUNCT
cblr-10944	446	25	.	.	PUNCT
cblr-10944	447	1	156	156	NUM
cblr-10944	447	2	j.	j.	PROPN
cblr-10944	447	3	travis	travis	PROPN
cblr-10944	447	4	laster	laster	PROPN
cblr-10944	447	5	&	&	CCONJ
cblr-10944	447	6	marcel	marcel	PROPN
cblr-10944	447	7	t.	t.	PROPN
cblr-10944	447	8	rosner	rosner	PROPN
cblr-10944	447	9	,	,	PUNCT
cblr-10944	447	10	distributed	distribute	VERB
cblr-10944	447	11	stock	stock	NOUN
cblr-10944	447	12	ledgers	ledger	NOUN
cblr-10944	447	13	and	and	CCONJ
cblr-10944	447	14	delaware	delaware	PROPN
cblr-10944	447	15	law	law	PROPN
cblr-10944	447	16	,	,	PUNCT
cblr-10944	447	17	73	73	NUM
cblr-10944	447	18	bus	bus	NOUN
cblr-10944	447	19	.	.	PUNCT
cblr-10944	448	1	law	law	NOUN
cblr-10944	448	2	.	.	PUNCT
cblr-10944	449	1	319	319	NUM
cblr-10944	449	2	,	,	PUNCT
cblr-10944	449	3	319	319	NUM
cblr-10944	449	4	(	(	PUNCT
cblr-10944	449	5	2018	2018	NUM
cblr-10944	449	6	)	)	PUNCT
cblr-10944	449	7	.	.	PUNCT
cblr-10944	450	1	157	157	NUM
cblr-10944	450	2	see	see	VERB
cblr-10944	450	3	i	i	PRON
cblr-10944	450	4	d.	d.	PROPN
cblr-10944	450	5	at	at	ADP
cblr-10944	450	6	320	320	NUM
cblr-10944	450	7	.	.	PUNCT
cblr-10944	450	8	158	158	NUM
cblr-10944	450	9	see	see	VERB
cblr-10944	450	10	i	i	PRON
cblr-10944	450	11	d.	d.	PROPN
cblr-10944	450	12	1060	1060	NUM
cblr-10944	450	13	columbia	columbia	PROPN
cblr-10944	450	14	business	business	NOUN
cblr-10944	450	15	law	law	PROPN
cblr-10944	450	16	review	review	NOUN
cblr-10944	450	17	[	[	X
cblr-10944	450	18	vol	vol	NOUN
cblr-10944	450	19	.	.	PUNCT
cblr-10944	450	20	2022	2022	NUM
cblr-10944	450	21	blockchain	blockchain	PROPN
cblr-10944	450	22	has	have	VERB
cblr-10944	450	23	two	two	NUM
cblr-10944	450	24	critical	critical	ADJ
cblr-10944	450	25	features	feature	NOUN
cblr-10944	450	26	:	:	PUNCT
cblr-10944	450	27	a	a	DET
cblr-10944	450	28	distributed	distribute	VERB
cblr-10944	450	29	ledger	ledger	NOUN
cblr-10944	450	30	and	and	CCONJ
cblr-10944	450	31	a	a	DET
cblr-10944	450	32	method	method	NOUN
cblr-10944	450	33	for	for	ADP
cblr-10944	450	34	updating	update	VERB
cblr-10944	450	35	that	that	DET
cblr-10944	450	36	ledger	ledger	NOUN
cblr-10944	450	37	by	by	ADP
cblr-10944	450	38	consensus.159	consensus.159	NOUN
cblr-10944	450	39	a	a	DET
cblr-10944	450	40	ledger	ledger	NOUN
cblr-10944	450	41	is	be	AUX
cblr-10944	450	42	a	a	DET
cblr-10944	450	43	“	"	PUNCT
cblr-10944	450	44	database	database	NOUN
cblr-10944	450	45	of	of	ADP
cblr-10944	450	46	all	all	DET
cblr-10944	450	47	recorded	record	VERB
cblr-10944	450	48	transactions	transaction	NOUN
cblr-10944	450	49	related	relate	VERB
cblr-10944	450	50	to	to	ADP
cblr-10944	450	51	the	the	DET
cblr-10944	450	52	ownership	ownership	NOUN
cblr-10944	450	53	of	of	ADP
cblr-10944	450	54	the	the	DET
cblr-10944	450	55	asset	asset	NOUN
cblr-10944	450	56	tracked	track	VERB
cblr-10944	450	57	by	by	ADP
cblr-10944	450	58	the	the	DET
cblr-10944	450	59	ledger	ledger	NOUN
cblr-10944	450	60	.	.	PUNCT
cblr-10944	451	1	”160	”160	ADJ
cblr-10944	451	2	in	in	ADP
cblr-10944	451	3	a	a	DET
cblr-10944	451	4	distributed	distribute	VERB
cblr-10944	451	5	ledger	ledger	NOUN
cblr-10944	451	6	system	system	NOUN
cblr-10944	451	7	,	,	PUNCT
cblr-10944	451	8	all	all	DET
cblr-10944	451	9	participants	participant	NOUN
cblr-10944	451	10	have	have	VERB
cblr-10944	451	11	copies	copy	NOUN
cblr-10944	451	12	of	of	ADP
cblr-10944	451	13	the	the	DET
cblr-10944	451	14	same	same	ADJ
cblr-10944	451	15	ledger	ledger	NOUN
cblr-10944	451	16	,	,	PUNCT
cblr-10944	451	17	and	and	CCONJ
cblr-10944	451	18	each	each	PRON
cblr-10944	451	19	can	can	AUX
cblr-10944	451	20	see	see	VERB
cblr-10944	451	21	a	a	DET
cblr-10944	451	22	record	record	NOUN
cblr-10944	451	23	of	of	ADP
cblr-10944	451	24	every	every	DET
cblr-10944	451	25	transaction	transaction	NOUN
cblr-10944	451	26	that	that	PRON
cblr-10944	451	27	has	have	VERB
cblr-10944	451	28	occurred.161	occurred.161	ADP
cblr-10944	451	29	the	the	DET
cblr-10944	451	30	core	core	NOUN
cblr-10944	451	31	of	of	ADP
cblr-10944	451	32	blockchain	blockchain	PROPN
cblr-10944	451	33	’s	’s	PART
cblr-10944	451	34	technology	technology	NOUN
cblr-10944	451	35	is	be	AUX
cblr-10944	451	36	the	the	DET
cblr-10944	451	37	distributed	distribute	VERB
cblr-10944	451	38	ledger	ledger	NOUN
cblr-10944	451	39	because	because	SCONJ
cblr-10944	451	40	,	,	PUNCT
cblr-10944	451	41	if	if	SCONJ
cblr-10944	451	42	used	use	VERB
cblr-10944	451	43	correctly	correctly	ADV
cblr-10944	451	44	,	,	PUNCT
cblr-10944	451	45	it	it	PRON
cblr-10944	451	46	would	would	AUX
cblr-10944	451	47	replace	replace	VERB
cblr-10944	451	48	the	the	DET
cblr-10944	451	49	need	need	NOUN
cblr-10944	451	50	for	for	ADP
cblr-10944	451	51	third	third	ADJ
cblr-10944	451	52	parties	party	NOUN
cblr-10944	451	53	in	in	ADP
cblr-10944	451	54	transactions	transaction	NOUN
cblr-10944	451	55	.	.	PUNCT
cblr-10944	452	1	blockchain	blockchain	PROPN
cblr-10944	452	2	’s	’s	PART
cblr-10944	452	3	distributed	distribute	VERB
cblr-10944	452	4	ledger	ledger	NOUN
cblr-10944	452	5	functions	function	NOUN
cblr-10944	452	6	properly	properly	ADV
cblr-10944	452	7	because	because	SCONJ
cblr-10944	452	8	all	all	DET
cblr-10944	452	9	participants	participant	NOUN
cblr-10944	452	10	work	work	VERB
cblr-10944	452	11	together	together	ADV
cblr-10944	452	12	to	to	PART
cblr-10944	452	13	update	update	VERB
cblr-10944	452	14	it	it	PRON
cblr-10944	452	15	whenever	whenever	SCONJ
cblr-10944	452	16	a	a	DET
cblr-10944	452	17	transaction	transaction	NOUN
cblr-10944	452	18	takes	take	VERB
cblr-10944	452	19	place.162	place.162	NOUN
cblr-10944	452	20	this	this	PRON
cblr-10944	452	21	is	be	AUX
cblr-10944	452	22	where	where	SCONJ
cblr-10944	452	23	the	the	DET
cblr-10944	452	24	second	second	ADJ
cblr-10944	452	25	feature	feature	NOUN
cblr-10944	452	26	comes	come	VERB
cblr-10944	452	27	in	in	ADV
cblr-10944	452	28	;	;	PUNCT
cblr-10944	452	29	blockchain	blockchain	PROPN
cblr-10944	452	30	uses	use	VERB
cblr-10944	452	31	a	a	DET
cblr-10944	452	32	concept	concept	NOUN
cblr-10944	452	33	called	call	VERB
cblr-10944	452	34	“	"	PUNCT
cblr-10944	452	35	proof	proof	NOUN
cblr-10944	452	36	of	of	ADP
cblr-10944	452	37	work	work	NOUN
cblr-10944	452	38	”	"	PUNCT
cblr-10944	452	39	to	to	PART
cblr-10944	452	40	verify	verify	VERB
cblr-10944	452	41	transactions	transaction	NOUN
cblr-10944	452	42	.	.	PUNCT
cblr-10944	453	1	under	under	ADP
cblr-10944	453	2	this	this	DET
cblr-10944	453	3	approach	approach	NOUN
cblr-10944	453	4	,	,	PUNCT
cblr-10944	453	5	a	a	DET
cblr-10944	453	6	network	network	NOUN
cblr-10944	453	7	participant	participant	NOUN
cblr-10944	453	8	must	must	AUX
cblr-10944	453	9	first	first	ADV
cblr-10944	453	10	perform	perform	VERB
cblr-10944	453	11	the	the	DET
cblr-10944	453	12	work	work	NOUN
cblr-10944	453	13	necessary	necessary	ADJ
cblr-10944	453	14	to	to	PART
cblr-10944	453	15	assemble	assemble	VERB
cblr-10944	453	16	a	a	DET
cblr-10944	453	17	series	series	NOUN
cblr-10944	453	18	of	of	ADP
cblr-10944	453	19	proposed	propose	VERB
cblr-10944	453	20	transactions	transaction	NOUN
cblr-10944	453	21	into	into	ADP
cblr-10944	453	22	a	a	DET
cblr-10944	453	23	group	group	NOUN
cblr-10944	453	24	.	.	PUNCT
cblr-10944	454	1	each	each	DET
cblr-10944	454	2	group	group	NOUN
cblr-10944	454	3	of	of	ADP
cblr-10944	454	4	proposed	propose	VERB
cblr-10944	454	5	transactions	transaction	NOUN
cblr-10944	454	6	is	be	AUX
cblr-10944	454	7	called	call	VERB
cblr-10944	454	8	a	a	DET
cblr-10944	454	9	block	block	NOUN
cblr-10944	454	10	,	,	PUNCT
cblr-10944	454	11	giving	give	VERB
cblr-10944	454	12	rise	rise	NOUN
cblr-10944	454	13	to	to	ADP
cblr-10944	454	14	the	the	DET
cblr-10944	454	15	“	"	PUNCT
cblr-10944	454	16	block	block	NOUN
cblr-10944	454	17	”	"	PUNCT
cblr-10944	454	18	in	in	ADP
cblr-10944	454	19	“	"	PUNCT
cblr-10944	454	20	blockchain	blockchain	NOUN
cblr-10944	454	21	.	.	PUNCT
cblr-10944	454	22	”	"	PUNCT
cblr-10944	455	1	each	each	DET
cblr-10944	455	2	block	block	NOUN
cblr-10944	455	3	is	be	AUX
cblr-10944	455	4	linked	link	VERB
cblr-10944	455	5	mathematically	mathematically	ADV
cblr-10944	455	6	to	to	ADP
cblr-10944	455	7	the	the	DET
cblr-10944	455	8	block	block	NOUN
cblr-10944	455	9	posted	post	VERB
cblr-10944	455	10	immediately	immediately	ADV
cblr-10944	455	11	before	before	ADP
cblr-10944	455	12	it	it	PRON
cblr-10944	455	13	in	in	ADP
cblr-10944	455	14	time	time	NOUN
cblr-10944	455	15	,	,	PUNCT
cblr-10944	455	16	giving	give	VERB
cblr-10944	455	17	rise	rise	NOUN
cblr-10944	455	18	to	to	ADP
cblr-10944	455	19	the	the	DET
cblr-10944	455	20	term	term	NOUN
cblr-10944	455	21	“	"	PUNCT
cblr-10944	455	22	chain	chain	NOUN
cblr-10944	455	23	”	"	PUNCT
cblr-10944	455	24	in	in	ADP
cblr-10944	455	25	“	"	PUNCT
cblr-10944	455	26	blockchain	blockchain	NOUN
cblr-10944	455	27	.	.	PUNCT
cblr-10944	455	28	”	"	PUNCT
cblr-10944	456	1	network	network	NOUN
cblr-10944	456	2	participants	participant	NOUN
cblr-10944	456	3	who	who	PRON
cblr-10944	456	4	add	add	VERB
cblr-10944	456	5	blocks	block	NOUN
cblr-10944	456	6	to	to	ADP
cblr-10944	456	7	the	the	DET
cblr-10944	456	8	ledger	ledger	NOUN
cblr-10944	456	9	are	be	AUX
cblr-10944	456	10	called	call	VERB
cblr-10944	456	11	“	"	PUNCT
cblr-10944	456	12	miners	miner	NOUN
cblr-10944	456	13	,	,	PUNCT
cblr-10944	456	14	”	"	PUNCT
cblr-10944	456	15	and	and	CCONJ
cblr-10944	456	16	they	they	PRON
cblr-10944	456	17	receive	receive	VERB
cblr-10944	456	18	a	a	DET
cblr-10944	456	19	reward	reward	NOUN
cblr-10944	456	20	of	of	ADP
cblr-10944	456	21	newly	newly	ADV
cblr-10944	456	22	minted	mint	VERB
cblr-10944	456	23	bitcoins	bitcoin	NOUN
cblr-10944	456	24	and	and	CCONJ
cblr-10944	456	25	transaction	transaction	NOUN
cblr-10944	456	26	fees	fee	NOUN
cblr-10944	456	27	to	to	PART
cblr-10944	456	28	compensate	compensate	VERB
cblr-10944	456	29	them	they	PRON
cblr-10944	456	30	for	for	ADP
cblr-10944	456	31	the	the	DET
cblr-10944	456	32	work	work	NOUN
cblr-10944	456	33	necessary	necessary	ADJ
cblr-10944	456	34	to	to	PART
cblr-10944	456	35	assemble	assemble	VERB
cblr-10944	456	36	and	and	CCONJ
cblr-10944	456	37	validate	validate	VERB
cblr-10944	456	38	a	a	DET
cblr-10944	456	39	new	new	ADJ
cblr-10944	456	40	block.163	block.163	NOUN
cblr-10944	456	41	once	once	ADV
cblr-10944	456	42	a	a	DET
cblr-10944	456	43	miner	miner	NOUN
cblr-10944	456	44	assembles	assemble	VERB
cblr-10944	456	45	a	a	DET
cblr-10944	456	46	new	new	ADJ
cblr-10944	456	47	block	block	NOUN
cblr-10944	456	48	,	,	PUNCT
cblr-10944	456	49	it	it	PRON
cblr-10944	456	50	sends	send	VERB
cblr-10944	456	51	it	it	PRON
cblr-10944	456	52	to	to	ADP
cblr-10944	456	53	the	the	DET
cblr-10944	456	54	network	network	NOUN
cblr-10944	456	55	,	,	PUNCT
cblr-10944	456	56	and	and	CCONJ
cblr-10944	456	57	if	if	SCONJ
cblr-10944	456	58	most	most	ADJ
cblr-10944	456	59	other	other	ADJ
cblr-10944	456	60	participants	participant	NOUN
cblr-10944	456	61	verify	verify	VERB
cblr-10944	456	62	the	the	DET
cblr-10944	456	63	solution	solution	NOUN
cblr-10944	456	64	,	,	PUNCT
cblr-10944	456	65	then	then	ADV
cblr-10944	456	66	the	the	DET
cblr-10944	456	67	block	block	NOUN
cblr-10944	456	68	will	will	AUX
cblr-10944	456	69	be	be	AUX
cblr-10944	456	70	added	add	VERB
cblr-10944	456	71	to	to	ADP
cblr-10944	456	72	the	the	DET
cblr-10944	456	73	distributed	distribute	VERB
cblr-10944	456	74	ledger.164	ledger.164	NOUN
cblr-10944	456	75	thus	thus	ADV
cblr-10944	456	76	,	,	PUNCT
cblr-10944	456	77	blockchain	blockchain	PROPN
cblr-10944	456	78	works	work	VERB
cblr-10944	456	79	through	through	ADP
cblr-10944	456	80	an	an	DET
cblr-10944	456	81	incentive	incentive	NOUN
cblr-10944	456	82	system	system	NOUN
cblr-10944	456	83	where	where	SCONJ
cblr-10944	456	84	a	a	DET
cblr-10944	456	85	miner	miner	NOUN
cblr-10944	456	86	’s	’s	PART
cblr-10944	456	87	work	work	NOUN
cblr-10944	456	88	will	will	AUX
cblr-10944	456	89	be	be	AUX
cblr-10944	456	90	“	"	PUNCT
cblr-10944	456	91	checked	check	VERB
cblr-10944	456	92	”	"	PUNCT
cblr-10944	456	93	by	by	ADP
cblr-10944	456	94	her	her	PRON
cblr-10944	456	95	peers	peer	NOUN
cblr-10944	456	96	and	and	CCONJ
cblr-10944	456	97	is	be	AUX
cblr-10944	456	98	motivated	motivate	VERB
cblr-10944	456	99	159	159	NUM
cblr-10944	457	1	i	i	PROPN
cblr-10944	457	2	d.	d.	PROPN
cblr-10944	457	3	160	160	NUM
cblr-10944	457	4	see	see	VERB
cblr-10944	457	5	i	i	PRON
cblr-10944	457	6	d.	d.	PROPN
cblr-10944	457	7	at	at	ADP
cblr-10944	457	8	322	322	NUM
cblr-10944	457	9	.	.	NOUN
cblr-10944	457	10	161	161	NUM
cblr-10944	458	1	i	i	PROPN
cblr-10944	458	2	d.	d.	PROPN
cblr-10944	458	3	162	162	NUM
cblr-10944	458	4	see	see	VERB
cblr-10944	458	5	i	i	PRON
cblr-10944	458	6	d.	d.	PROPN
cblr-10944	458	7	163	163	NUM
cblr-10944	459	1	i	i	PRON
cblr-10944	459	2	d.	d.	NOUN
cblr-10944	459	3	at	at	ADP
cblr-10944	459	4	324	324	NUM
cblr-10944	459	5	.	.	PUNCT
cblr-10944	460	1	164	164	NUM
cblr-10944	461	1	i	i	PRON
cblr-10944	461	2	d.	d.	PROPN
cblr-10944	461	3	no	no	INTJ
cblr-10944	461	4	.	.	PUNCT
cblr-10944	462	1	2:1026	2:1026	NUM
cblr-10944	462	2	]	]	X
cblr-10944	462	3	direct	direct	ADJ
cblr-10944	462	4	listings	listing	NOUN
cblr-10944	462	5	and	and	CCONJ
cblr-10944	462	6	the	the	DET
cblr-10944	462	7	tracing	tracing	ADJ
cblr-10944	462	8	doctrine	doctrine	NOUN
cblr-10944	462	9	1061	1061	NUM
cblr-10944	462	10	by	by	ADP
cblr-10944	462	11	the	the	DET
cblr-10944	462	12	reward	reward	NOUN
cblr-10944	462	13	of	of	ADP
cblr-10944	462	14	bitcoin	bitcoin	NOUN
cblr-10944	462	15	,	,	PUNCT
cblr-10944	462	16	a	a	DET
cblr-10944	462	17	type	type	NOUN
cblr-10944	462	18	of	of	ADP
cblr-10944	462	19	digital	digital	ADJ
cblr-10944	462	20	currency	currency	NOUN
cblr-10944	462	21	used	use	VERB
cblr-10944	462	22	in	in	ADP
cblr-10944	462	23	blockchain.165	blockchain.165	PROPN
cblr-10944	462	24	b.	b.	PROPN
cblr-10944	462	25	blockchain	blockchain	PROPN
cblr-10944	462	26	technology	technology	PROPN
cblr-10944	462	27	in	in	ADP
cblr-10944	462	28	stock	stock	NOUN
cblr-10944	462	29	ledgers	ledger	NOUN
cblr-10944	462	30	and	and	CCONJ
cblr-10944	462	31	application	application	NOUN
cblr-10944	462	32	to	to	ADP
cblr-10944	462	33	tracing	trace	VERB
cblr-10944	462	34	in	in	ADP
cblr-10944	462	35	direct	direct	ADJ
cblr-10944	462	36	listings	listing	NOUN
cblr-10944	462	37	a	a	DET
cblr-10944	462	38	stock	stock	NOUN
cblr-10944	462	39	ledger	ledger	NOUN
cblr-10944	462	40	is	be	AUX
cblr-10944	462	41	a	a	DET
cblr-10944	462	42	type	type	NOUN
cblr-10944	462	43	of	of	ADP
cblr-10944	462	44	ledger	ledger	NOUN
cblr-10944	462	45	that	that	PRON
cblr-10944	462	46	shows	show	VERB
cblr-10944	462	47	all	all	DET
cblr-10944	462	48	legally	legally	ADV
cblr-10944	462	49	relevant	relevant	ADJ
cblr-10944	462	50	transactions	transaction	NOUN
cblr-10944	462	51	in	in	ADP
cblr-10944	462	52	a	a	DET
cblr-10944	462	53	corporation	corporation	NOUN
cblr-10944	462	54	’s	’s	PART
cblr-10944	462	55	stock	stock	NOUN
cblr-10944	462	56	,	,	PUNCT
cblr-10944	462	57	including	include	VERB
cblr-10944	462	58	information	information	NOUN
cblr-10944	462	59	on	on	ADP
cblr-10944	462	60	the	the	DET
cblr-10944	462	61	date	date	NOUN
cblr-10944	462	62	of	of	ADP
cblr-10944	462	63	the	the	DET
cblr-10944	462	64	transaction	transaction	NOUN
cblr-10944	462	65	,	,	PUNCT
cblr-10944	462	66	the	the	DET
cblr-10944	462	67	number	number	NOUN
cblr-10944	462	68	of	of	ADP
cblr-10944	462	69	shares	share	NOUN
cblr-10944	462	70	acquired	acquire	VERB
cblr-10944	462	71	,	,	PUNCT
cblr-10944	462	72	and	and	CCONJ
cblr-10944	462	73	more.166	more.166	ADP
cblr-10944	462	74	stock	stock	NOUN
cblr-10944	462	75	ledgers	ledger	NOUN
cblr-10944	462	76	have	have	AUX
cblr-10944	462	77	normally	normally	ADV
cblr-10944	462	78	been	be	AUX
cblr-10944	462	79	maintained	maintain	VERB
cblr-10944	462	80	centrally	centrally	ADV
cblr-10944	462	81	by	by	ADP
cblr-10944	462	82	corporations	corporation	NOUN
cblr-10944	462	83	,	,	PUNCT
cblr-10944	462	84	but	but	CCONJ
cblr-10944	462	85	over	over	ADP
cblr-10944	462	86	time	time	NOUN
cblr-10944	462	87	,	,	PUNCT
cblr-10944	462	88	corporations	corporation	NOUN
cblr-10944	462	89	have	have	AUX
cblr-10944	462	90	outsourced	outsource	VERB
cblr-10944	462	91	this	this	DET
cblr-10944	462	92	work	work	NOUN
cblr-10944	462	93	to	to	ADP
cblr-10944	462	94	the	the	DET
cblr-10944	462	95	depository	depository	PROPN
cblr-10944	462	96	trust	trust	PROPN
cblr-10944	462	97	company	company	NOUN
cblr-10944	462	98	(	(	PUNCT
cblr-10944	462	99	dtc	dtc	PROPN
cblr-10944	462	100	)	)	PUNCT
cblr-10944	462	101	,	,	PUNCT
cblr-10944	462	102	a	a	DET
cblr-10944	462	103	central	central	ADJ
cblr-10944	462	104	intermediary	intermediary	NOUN
cblr-10944	462	105	that	that	PRON
cblr-10944	462	106	holds	hold	VERB
cblr-10944	462	107	over	over	ADP
cblr-10944	462	108	75	75	NUM
cblr-10944	462	109	%	%	NOUN
cblr-10944	462	110	of	of	ADP
cblr-10944	462	111	the	the	DET
cblr-10944	462	112	shares	share	NOUN
cblr-10944	462	113	of	of	ADP
cblr-10944	462	114	publicly	publicly	ADV
cblr-10944	462	115	traded	trade	VERB
cblr-10944	462	116	companies.167	companies.167	PROPN
cblr-10944	462	117	delaware	delaware	PROPN
cblr-10944	462	118	recognized	recognize	VERB
cblr-10944	462	119	the	the	DET
cblr-10944	462	120	value	value	NOUN
cblr-10944	462	121	of	of	ADP
cblr-10944	462	122	using	use	VERB
cblr-10944	462	123	blockchain	blockchain	PROPN
cblr-10944	462	124	technology	technology	PROPN
cblr-10944	462	125	in	in	ADP
cblr-10944	462	126	stock	stock	NOUN
cblr-10944	462	127	ledgers	ledger	NOUN
cblr-10944	462	128	.	.	PUNCT
cblr-10944	463	1	in	in	ADP
cblr-10944	463	2	may	may	PROPN
cblr-10944	463	3	2016	2016	NUM
cblr-10944	463	4	,	,	PUNCT
cblr-10944	463	5	delaware	delaware	PROPN
cblr-10944	463	6	’s	’s	PART
cblr-10944	463	7	thengovernor	thengovernor	PROPN
cblr-10944	463	8	jack	jack	PROPN
cblr-10944	463	9	markell	markell	PROPN
cblr-10944	463	10	announced	announce	VERB
cblr-10944	463	11	the	the	DET
cblr-10944	463	12	delaware	delaware	PROPN
cblr-10944	463	13	blockchain	blockchain	PROPN
cblr-10944	463	14	initiative	initiative	PROPN
cblr-10944	463	15	,	,	PUNCT
cblr-10944	463	16	which	which	PRON
cblr-10944	463	17	expressly	expressly	ADV
cblr-10944	463	18	authorized	authorize	VERB
cblr-10944	463	19	using	use	VERB
cblr-10944	463	20	blockchain	blockchain	PROPN
cblr-10944	463	21	’s	’s	PART
cblr-10944	463	22	distributed	distribute	VERB
cblr-10944	463	23	ledger	ledger	NOUN
cblr-10944	463	24	to	to	PART
cblr-10944	463	25	track	track	VERB
cblr-10944	463	26	ownership	ownership	NOUN
cblr-10944	463	27	of	of	ADP
cblr-10944	463	28	a	a	DET
cblr-10944	463	29	corporation	corporation	NOUN
cblr-10944	463	30	’s	’s	PART
cblr-10944	463	31	shares.168	shares.168	NOUN
cblr-10944	463	32	from	from	ADP
cblr-10944	463	33	its	its	PRON
cblr-10944	463	34	initial	initial	ADJ
cblr-10944	463	35	issuance	issuance	NOUN
cblr-10944	463	36	,	,	PUNCT
cblr-10944	463	37	a	a	DET
cblr-10944	463	38	share	share	NOUN
cblr-10944	463	39	of	of	ADP
cblr-10944	463	40	stock	stock	NOUN
cblr-10944	463	41	would	would	AUX
cblr-10944	463	42	have	have	VERB
cblr-10944	463	43	an	an	DET
cblr-10944	463	44	encrypted	encrypt	VERB
cblr-10944	463	45	record	record	NOUN
cblr-10944	463	46	of	of	ADP
cblr-10944	463	47	its	its	PRON
cblr-10944	463	48	ownership	ownership	NOUN
cblr-10944	463	49	history	history	NOUN
cblr-10944	463	50	,	,	PUNCT
cblr-10944	463	51	and	and	CCONJ
cblr-10944	463	52	using	use	VERB
cblr-10944	463	53	this	this	DET
cblr-10944	463	54	record	record	NOUN
cblr-10944	463	55	,	,	PUNCT
cblr-10944	463	56	stockholders	stockholder	NOUN
cblr-10944	463	57	could	could	AUX
cblr-10944	463	58	tell	tell	VERB
cblr-10944	463	59	where	where	SCONJ
cblr-10944	463	60	the	the	DET
cblr-10944	463	61	share	share	NOUN
cblr-10944	463	62	came	come	VERB
cblr-10944	463	63	from.169	from.169	ADP
cblr-10944	463	64	this	this	PRON
cblr-10944	463	65	alone	alone	ADV
cblr-10944	463	66	has	have	VERB
cblr-10944	463	67	incredible	incredible	ADJ
cblr-10944	463	68	potential	potential	NOUN
cblr-10944	463	69	in	in	ADP
cblr-10944	463	70	direct	direct	ADJ
cblr-10944	463	71	listings	listing	NOUN
cblr-10944	463	72	;	;	PUNCT
cblr-10944	463	73	applying	apply	VERB
cblr-10944	463	74	blockchain	blockchain	PROPN
cblr-10944	463	75	to	to	PART
cblr-10944	463	76	slack	slack	VERB
cblr-10944	463	77	’s	’s	ADV
cblr-10944	463	78	direct	direct	ADJ
cblr-10944	463	79	listing	listing	NOUN
cblr-10944	463	80	would	would	AUX
cblr-10944	463	81	have	have	AUX
cblr-10944	463	82	resolved	resolve	VERB
cblr-10944	463	83	slack	slack	NOUN
cblr-10944	463	84	’s	’s	PART
cblr-10944	463	85	tracing	trace	VERB
cblr-10944	463	86	issue	issue	NOUN
cblr-10944	463	87	entirely	entirely	ADV
cblr-10944	463	88	.	.	PUNCT
cblr-10944	464	1	if	if	SCONJ
cblr-10944	464	2	slack	slack	NOUN
cblr-10944	464	3	were	be	AUX
cblr-10944	464	4	required	require	VERB
cblr-10944	464	5	to	to	PART
cblr-10944	464	6	register	register	VERB
cblr-10944	464	7	their	their	PRON
cblr-10944	464	8	shares	share	NOUN
cblr-10944	464	9	using	use	VERB
cblr-10944	464	10	blockchain	blockchain	NOUN
cblr-10944	464	11	,	,	PUNCT
cblr-10944	464	12	a	a	DET
cblr-10944	464	13	network	network	NOUN
cblr-10944	464	14	participant	participant	NOUN
cblr-10944	464	15	could	could	AUX
cblr-10944	464	16	determine	determine	VERB
cblr-10944	464	17	where	where	SCONJ
cblr-10944	464	18	an	an	DET
cblr-10944	464	19	investor	investor	NOUN
cblr-10944	464	20	’s	’s	PART
cblr-10944	464	21	shares	share	NOUN
cblr-10944	464	22	came	come	VERB
cblr-10944	464	23	165	165	NUM
cblr-10944	464	24	i	i	PROPN
cblr-10944	464	25	d.	d.	PROPN
cblr-10944	464	26	at	at	ADP
cblr-10944	464	27	324–25	324–25	NUM
cblr-10944	464	28	.	.	PUNCT
cblr-10944	465	1	166	166	NUM
cblr-10944	465	2	i	i	PRON
cblr-10944	465	3	d.	d.	PROPN
cblr-10944	465	4	at	at	ADP
cblr-10944	465	5	325	325	NUM
cblr-10944	465	6	.	.	PUNCT
cblr-10944	465	7	167	167	NUM
cblr-10944	466	1	i	i	PRON
cblr-10944	466	2	d.	d.	PROPN
cblr-10944	466	3	at	at	ADP
cblr-10944	466	4	325–26	325–26	NUM
cblr-10944	466	5	.	.	PUNCT
cblr-10944	467	1	168	168	NUM
cblr-10944	467	2	i	i	PRON
cblr-10944	467	3	d.	d.	PROPN
cblr-10944	467	4	at	at	ADP
cblr-10944	467	5	327	327	NUM
cblr-10944	467	6	,	,	PUNCT
cblr-10944	467	7	329	329	NUM
cblr-10944	467	8	.	.	PUNCT
cblr-10944	468	1	delaware	delaware	PROPN
cblr-10944	468	2	state	state	PROPN
cblr-10944	468	3	enacted	enact	VERB
cblr-10944	468	4	three	three	NUM
cblr-10944	468	5	blockchain	blockchain	PROPN
cblr-10944	468	6	amendments	amendment	NOUN
cblr-10944	468	7	to	to	ADP
cblr-10944	468	8	del	del	PROPN
cblr-10944	468	9	.	.	PROPN
cblr-10944	468	10	code	code	PROPN
cblr-10944	468	11	ann	ann	PROPN
cblr-10944	468	12	.	.	PUNCT
cblr-10944	469	1	tit	tit	PROPN
cblr-10944	469	2	.	.	PROPN
cblr-10944	470	1	8	8	NUM
cblr-10944	470	2	,	,	PUNCT
cblr-10944	470	3	§	§	NOUN
cblr-10944	470	4	219	219	NUM
cblr-10944	470	5	,	,	PUNCT
cblr-10944	470	6	224	224	NUM
cblr-10944	470	7	,	,	PUNCT
cblr-10944	470	8	23	23	NUM
cblr-10944	470	9	(	(	PUNCT
cblr-10944	470	10	2022	2022	NUM
cblr-10944	470	11	)	)	PUNCT
cblr-10944	470	12	.	.	PUNCT
cblr-10944	471	1	these	these	DET
cblr-10944	471	2	amendments	amendment	NOUN
cblr-10944	471	3	ensured	ensure	VERB
cblr-10944	471	4	that	that	SCONJ
cblr-10944	471	5	delaware	delaware	PROPN
cblr-10944	471	6	corporations	corporation	NOUN
cblr-10944	471	7	could	could	AUX
cblr-10944	471	8	use	use	VERB
cblr-10944	471	9	blockchain	blockchain	PROPN
cblr-10944	471	10	technology	technology	PROPN
cblr-10944	471	11	to	to	PART
cblr-10944	471	12	create	create	VERB
cblr-10944	471	13	distributed	distribute	VERB
cblr-10944	471	14	stock	stock	NOUN
cblr-10944	471	15	ledgers	ledger	NOUN
cblr-10944	471	16	.	.	PUNCT
cblr-10944	472	1	see	see	VERB
cblr-10944	472	2	i	i	PRON
cblr-10944	472	3	d.	d.	PROPN
cblr-10944	472	4	at	at	ADP
cblr-10944	472	5	327–30	327–30	PROPN
cblr-10944	472	6	.	.	PUNCT
cblr-10944	473	1	169	169	NUM
cblr-10944	473	2	jonathan	jonathan	PROPN
cblr-10944	473	3	rotenberg	rotenberg	PROPN
cblr-10944	473	4	,	,	PUNCT
cblr-10944	473	5	blockchain	blockchain	PROPN
cblr-10944	473	6	technology	technology	PROPN
cblr-10944	473	7	may	may	AUX
cblr-10944	473	8	enable	enable	VERB
cblr-10944	473	9	tracing	trace	VERB
cblr-10944	473	10	in	in	ADP
cblr-10944	473	11	securities	security	NOUN
cblr-10944	473	12	act	act	PROPN
cblr-10944	473	13	litigation	litigation	PROPN
cblr-10944	473	14	,	,	PUNCT
cblr-10944	473	15	katten	katten	PROPN
cblr-10944	473	16	(	(	PUNCT
cblr-10944	473	17	mar	mar	PROPN
cblr-10944	473	18	.	.	PROPN
cblr-10944	473	19	22	22	NUM
cblr-10944	473	20	,	,	PUNCT
cblr-10944	473	21	2018	2018	NUM
cblr-10944	473	22	)	)	PUNCT
cblr-10944	473	23	,	,	PUNCT
cblr-10944	473	24	https://katten.com/blockchain-technology-may-enable-tracing-in-securitiesact-litigation-1	https://katten.com/blockchain-technology-may-enable-tracing-in-securitiesact-litigation-1	PROPN
cblr-10944	473	25	[	[	X
cblr-10944	473	26	https://perma.cc/333z-fhbv	https://perma.cc/333z-fhbv	X
cblr-10944	473	27	]	]	PUNCT
cblr-10944	473	28	.	.	PUNCT
cblr-10944	474	1	1062	1062	NUM
cblr-10944	474	2	columbia	columbia	PROPN
cblr-10944	474	3	business	business	PROPN
cblr-10944	474	4	law	law	PROPN
cblr-10944	474	5	review	review	NOUN
cblr-10944	474	6	[	[	X
cblr-10944	474	7	vol	vol	NOUN
cblr-10944	474	8	.	.	PUNCT
cblr-10944	474	9	2022	2022	NUM
cblr-10944	474	10	from	from	ADP
cblr-10944	474	11	because	because	SCONJ
cblr-10944	474	12	that	that	DET
cblr-10944	474	13	information	information	NOUN
cblr-10944	474	14	would	would	AUX
cblr-10944	474	15	be	be	AUX
cblr-10944	474	16	contained	contain	VERB
cblr-10944	474	17	within	within	ADP
cblr-10944	474	18	blocks	block	NOUN
cblr-10944	474	19	.	.	PUNCT
cblr-10944	475	1	thus	thus	ADV
cblr-10944	475	2	,	,	PUNCT
cblr-10944	475	3	an	an	DET
cblr-10944	475	4	investor	investor	NOUN
cblr-10944	475	5	like	like	ADP
cblr-10944	475	6	pirani	pirani	PROPN
cblr-10944	475	7	would	would	AUX
cblr-10944	475	8	have	have	VERB
cblr-10944	475	9	the	the	DET
cblr-10944	475	10	potential	potential	NOUN
cblr-10944	475	11	to	to	PART
cblr-10944	475	12	know	know	VERB
cblr-10944	475	13	whether	whether	SCONJ
cblr-10944	475	14	his	his	PRON
cblr-10944	475	15	shares	share	NOUN
cblr-10944	475	16	were	be	AUX
cblr-10944	475	17	registered	register	VERB
cblr-10944	475	18	or	or	CCONJ
cblr-10944	475	19	unregistered	unregistered	ADJ
cblr-10944	475	20	ones	one	NOUN
cblr-10944	475	21	.	.	PUNCT
cblr-10944	476	1	if	if	SCONJ
cblr-10944	476	2	his	his	PRON
cblr-10944	476	3	shares	share	NOUN
cblr-10944	476	4	were	be	AUX
cblr-10944	476	5	sold	sell	VERB
cblr-10944	476	6	by	by	ADP
cblr-10944	476	7	an	an	DET
cblr-10944	476	8	investor	investor	NOUN
cblr-10944	476	9	who	who	PRON
cblr-10944	476	10	was	be	AUX
cblr-10944	476	11	authorized	authorize	VERB
cblr-10944	476	12	to	to	PART
cblr-10944	476	13	sell	sell	VERB
cblr-10944	476	14	shares	share	NOUN
cblr-10944	476	15	pursuant	pursuant	ADJ
cblr-10944	476	16	to	to	PART
cblr-10944	476	17	rule	rule	VERB
cblr-10944	476	18	144	144	NUM
cblr-10944	476	19	,	,	PUNCT
cblr-10944	476	20	then	then	ADV
cblr-10944	476	21	pirani	pirani	PROPN
cblr-10944	476	22	’s	’s	PART
cblr-10944	476	23	shares	share	NOUN
cblr-10944	476	24	would	would	AUX
cblr-10944	476	25	be	be	AUX
cblr-10944	476	26	unregistered	unregistered	ADJ
cblr-10944	476	27	ones	one	NOUN
cblr-10944	476	28	,	,	PUNCT
cblr-10944	476	29	while	while	SCONJ
cblr-10944	476	30	if	if	SCONJ
cblr-10944	476	31	his	his	PRON
cblr-10944	476	32	shares	share	NOUN
cblr-10944	476	33	were	be	AUX
cblr-10944	476	34	sold	sell	VERB
cblr-10944	476	35	by	by	ADP
cblr-10944	476	36	an	an	DET
cblr-10944	476	37	investor	investor	NOUN
cblr-10944	476	38	authorized	authorize	VERB
cblr-10944	476	39	to	to	PART
cblr-10944	476	40	sell	sell	VERB
cblr-10944	476	41	shares	share	NOUN
cblr-10944	476	42	pursuant	pursuant	ADJ
cblr-10944	476	43	to	to	PART
cblr-10944	476	44	slack	slack	VERB
cblr-10944	476	45	’s	’s	PART
cblr-10944	476	46	registration	registration	NOUN
cblr-10944	476	47	statement	statement	NOUN
cblr-10944	476	48	,	,	PUNCT
cblr-10944	476	49	then	then	ADV
cblr-10944	476	50	pirani	pirani	PROPN
cblr-10944	476	51	’s	’s	PART
cblr-10944	476	52	shares	share	NOUN
cblr-10944	476	53	would	would	AUX
cblr-10944	476	54	be	be	AUX
cblr-10944	476	55	registered	register	VERB
cblr-10944	476	56	ones	one	NOUN
cblr-10944	476	57	.	.	PUNCT
cblr-10944	477	1	thus	thus	ADV
cblr-10944	477	2	,	,	PUNCT
cblr-10944	477	3	if	if	SCONJ
cblr-10944	477	4	implemented	implement	VERB
cblr-10944	477	5	correctly	correctly	ADV
cblr-10944	477	6	,	,	PUNCT
cblr-10944	477	7	blockchain	blockchain	PROPN
cblr-10944	477	8	could	could	AUX
cblr-10944	477	9	seemingly	seemingly	ADV
cblr-10944	477	10	solve	solve	VERB
cblr-10944	477	11	all	all	DET
cblr-10944	477	12	problems	problem	NOUN
cblr-10944	477	13	with	with	ADP
cblr-10944	477	14	the	the	DET
cblr-10944	477	15	tracing	trace	VERB
cblr-10944	477	16	requirement	requirement	NOUN
cblr-10944	477	17	,	,	PUNCT
cblr-10944	477	18	especially	especially	ADV
cblr-10944	477	19	in	in	ADP
cblr-10944	477	20	the	the	DET
cblr-10944	477	21	context	context	NOUN
cblr-10944	477	22	of	of	ADP
cblr-10944	477	23	,	,	PUNCT
cblr-10944	477	24	but	but	CCONJ
cblr-10944	477	25	even	even	ADV
cblr-10944	477	26	beyond	beyond	ADP
cblr-10944	477	27	,	,	PUNCT
cblr-10944	477	28	direct	direct	ADJ
cblr-10944	477	29	listings	listing	NOUN
cblr-10944	477	30	.	.	PUNCT
cblr-10944	478	1	c.	c.	PROPN
cblr-10944	478	2	congress	congress	PROPN
cblr-10944	478	3	or	or	CCONJ
cblr-10944	478	4	the	the	DET
cblr-10944	478	5	sec	sec	PROPN
cblr-10944	478	6	ought	ought	AUX
cblr-10944	478	7	to	to	PART
cblr-10944	478	8	either	either	CCONJ
cblr-10944	478	9	require	require	VERB
cblr-10944	478	10	or	or	CCONJ
cblr-10944	478	11	encourage	encourage	VERB
cblr-10944	478	12	blockchain	blockchain	NOUN
cblr-10944	478	13	-	-	PUNCT
cblr-10944	478	14	based	base	VERB
cblr-10944	478	15	stock	stock	NOUN
cblr-10944	478	16	ledgers	ledger	NOUN
cblr-10944	478	17	congress	congress	PROPN
cblr-10944	478	18	or	or	CCONJ
cblr-10944	478	19	the	the	DET
cblr-10944	478	20	sec	sec	PROPN
cblr-10944	478	21	have	have	VERB
cblr-10944	478	22	two	two	NUM
cblr-10944	478	23	possible	possible	ADJ
cblr-10944	478	24	approaches	approach	NOUN
cblr-10944	478	25	to	to	ADP
cblr-10944	478	26	introducing	introduce	VERB
cblr-10944	478	27	blockchain	blockchain	NOUN
cblr-10944	478	28	.	.	PUNCT
cblr-10944	479	1	either	either	CCONJ
cblr-10944	479	2	they	they	PRON
cblr-10944	479	3	can	can	AUX
cblr-10944	479	4	require	require	VERB
cblr-10944	479	5	companies	company	NOUN
cblr-10944	479	6	to	to	PART
cblr-10944	479	7	register	register	VERB
cblr-10944	479	8	their	their	PRON
cblr-10944	479	9	shares	share	NOUN
cblr-10944	479	10	using	use	VERB
cblr-10944	479	11	blockchain	blockchain	NOUN
cblr-10944	479	12	,	,	PUNCT
cblr-10944	479	13	or	or	CCONJ
cblr-10944	479	14	they	they	PRON
cblr-10944	479	15	can	can	AUX
cblr-10944	479	16	expressly	expressly	ADV
cblr-10944	479	17	authorize	authorize	VERB
cblr-10944	479	18	blockchain	blockchain	PROPN
cblr-10944	479	19	-	-	PUNCT
cblr-10944	479	20	based	base	VERB
cblr-10944	479	21	stock	stock	NOUN
cblr-10944	479	22	ledgers	ledger	NOUN
cblr-10944	479	23	and	and	CCONJ
cblr-10944	479	24	let	let	VERB
cblr-10944	479	25	market	market	NOUN
cblr-10944	479	26	forces	force	NOUN
cblr-10944	479	27	push	push	VERB
cblr-10944	479	28	companies	company	NOUN
cblr-10944	479	29	to	to	PART
cblr-10944	479	30	adopt	adopt	VERB
cblr-10944	479	31	them	they	PRON
cblr-10944	479	32	.	.	PUNCT
cblr-10944	480	1	the	the	DET
cblr-10944	480	2	former	former	ADJ
cblr-10944	480	3	approach	approach	NOUN
cblr-10944	480	4	would	would	AUX
cblr-10944	480	5	involve	involve	VERB
cblr-10944	480	6	congress	congress	PROPN
cblr-10944	480	7	or	or	CCONJ
cblr-10944	480	8	the	the	DET
cblr-10944	480	9	sec	sec	PROPN
cblr-10944	480	10	promulgating	promulgate	VERB
cblr-10944	480	11	a	a	DET
cblr-10944	480	12	rule	rule	NOUN
cblr-10944	480	13	requiring	require	VERB
cblr-10944	480	14	all	all	PRON
cblr-10944	480	15	of	of	ADP
cblr-10944	480	16	a	a	DET
cblr-10944	480	17	company	company	NOUN
cblr-10944	480	18	’s	’s	PART
cblr-10944	480	19	publicly	publicly	ADV
cblr-10944	480	20	traded	trade	VERB
cblr-10944	480	21	shares	share	NOUN
cblr-10944	480	22	to	to	PART
cblr-10944	480	23	be	be	AUX
cblr-10944	480	24	offered	offer	VERB
cblr-10944	480	25	on	on	ADP
cblr-10944	480	26	a	a	DET
cblr-10944	480	27	regulated	regulated	ADJ
cblr-10944	480	28	blockchain	blockchain	NOUN
cblr-10944	480	29	platform	platform	NOUN
cblr-10944	480	30	.	.	PUNCT
cblr-10944	481	1	the	the	DET
cblr-10944	481	2	principal	principal	ADJ
cblr-10944	481	3	benefit	benefit	NOUN
cblr-10944	481	4	of	of	ADP
cblr-10944	481	5	mandatory	mandatory	ADJ
cblr-10944	481	6	regulations	regulation	NOUN
cblr-10944	481	7	is	be	AUX
cblr-10944	481	8	that	that	SCONJ
cblr-10944	481	9	congress	congress	PROPN
cblr-10944	481	10	or	or	CCONJ
cblr-10944	481	11	the	the	DET
cblr-10944	481	12	sec	sec	PROPN
cblr-10944	481	13	could	could	AUX
cblr-10944	481	14	specify	specify	VERB
cblr-10944	481	15	and	and	CCONJ
cblr-10944	481	16	control	control	VERB
cblr-10944	481	17	how	how	SCONJ
cblr-10944	481	18	blockchain	blockchain	PROPN
cblr-10944	481	19	technology	technology	PROPN
cblr-10944	481	20	ought	ought	AUX
cblr-10944	481	21	to	to	PART
cblr-10944	481	22	be	be	AUX
cblr-10944	481	23	implemented	implement	VERB
cblr-10944	481	24	to	to	PART
cblr-10944	481	25	maximize	maximize	VERB
cblr-10944	481	26	its	its	PRON
cblr-10944	481	27	efficiency	efficiency	NOUN
cblr-10944	481	28	and	and	CCONJ
cblr-10944	481	29	usefulness	usefulness	NOUN
cblr-10944	481	30	.	.	PUNCT
cblr-10944	482	1	however	however	ADV
cblr-10944	482	2	,	,	PUNCT
cblr-10944	482	3	this	this	DET
cblr-10944	482	4	approach	approach	NOUN
cblr-10944	482	5	assumes	assume	VERB
cblr-10944	482	6	that	that	SCONJ
cblr-10944	482	7	both	both	PRON
cblr-10944	482	8	congress	congress	PROPN
cblr-10944	482	9	and	and	CCONJ
cblr-10944	482	10	the	the	DET
cblr-10944	482	11	sec	sec	PROPN
cblr-10944	482	12	fully	fully	ADV
cblr-10944	482	13	understand	understand	VERB
cblr-10944	482	14	blockchain	blockchain	NOUN
cblr-10944	482	15	and	and	CCONJ
cblr-10944	482	16	its	its	PRON
cblr-10944	482	17	ramifications	ramification	NOUN
cblr-10944	482	18	.	.	PUNCT
cblr-10944	483	1	even	even	ADV
cblr-10944	483	2	though	though	SCONJ
cblr-10944	483	3	congress	congress	PROPN
cblr-10944	483	4	has	have	AUX
cblr-10944	483	5	made	make	VERB
cblr-10944	483	6	efforts	effort	NOUN
cblr-10944	483	7	to	to	PART
cblr-10944	483	8	comprehend	comprehend	VERB
cblr-10944	483	9	blockchain,170	blockchain,170	X
cblr-10944	484	1	it	it	PRON
cblr-10944	484	2	would	would	AUX
cblr-10944	484	3	likely	likely	ADV
cblr-10944	484	4	take	take	VERB
cblr-10944	484	5	months	month	NOUN
cblr-10944	484	6	or	or	CCONJ
cblr-10944	484	7	years	year	NOUN
cblr-10944	484	8	for	for	SCONJ
cblr-10944	484	9	either	either	DET
cblr-10944	484	10	170	170	NUM
cblr-10944	484	11	the	the	DET
cblr-10944	484	12	congressional	congressional	PROPN
cblr-10944	484	13	blockchain	blockchain	PROPN
cblr-10944	484	14	caucus	caucus	PROPN
cblr-10944	484	15	and	and	CCONJ
cblr-10944	484	16	its	its	PRON
cblr-10944	484	17	members	member	NOUN
cblr-10944	484	18	advocate	advocate	VERB
cblr-10944	484	19	for	for	ADP
cblr-10944	484	20	the	the	DET
cblr-10944	484	21	future	future	NOUN
cblr-10944	484	22	of	of	ADP
cblr-10944	484	23	blockchain	blockchain	PROPN
cblr-10944	484	24	technology	technology	PROPN
cblr-10944	484	25	and	and	CCONJ
cblr-10944	484	26	urge	urge	VERB
cblr-10944	484	27	congress	congress	PROPN
cblr-10944	484	28	to	to	PART
cblr-10944	484	29	put	put	VERB
cblr-10944	484	30	resources	resource	NOUN
cblr-10944	484	31	toward	toward	PART
cblr-10944	484	32	understand	understand	VERB
cblr-10944	484	33	the	the	DET
cblr-10944	484	34	technology	technology	NOUN
cblr-10944	484	35	.	.	PUNCT
cblr-10944	485	1	it	it	PRON
cblr-10944	485	2	was	be	AUX
cblr-10944	485	3	founded	found	VERB
cblr-10944	485	4	in	in	ADP
cblr-10944	485	5	2016	2016	NUM
cblr-10944	485	6	.	.	PUNCT
cblr-10944	486	1	about	about	ADP
cblr-10944	486	2	,	,	PUNCT
cblr-10944	486	3	cong	cong	NOUN
cblr-10944	486	4	.	.	PUNCT
cblr-10944	487	1	blockchain	blockchain	PROPN
cblr-10944	487	2	caucus	caucus	PROPN
cblr-10944	487	3	,	,	PUNCT
cblr-10944	487	4	https://congressionalblockchaincaucusschweikert.house.gov/about	https://congressionalblockchaincaucusschweikert.house.gov/about	PROPN
cblr-10944	488	1	[	[	X
cblr-10944	488	2	https://perma.cc/ldd8-drwf	https://perma.cc/ldd8-drwf	X
cblr-10944	488	3	]	]	X
cblr-10944	488	4	(	(	PUNCT
cblr-10944	488	5	last	last	ADV
cblr-10944	488	6	visited	visit	VERB
cblr-10944	488	7	jan	jan	PROPN
cblr-10944	488	8	.	.	PROPN
cblr-10944	488	9	9	9	NUM
cblr-10944	488	10	,	,	PUNCT
cblr-10944	488	11	2023	2023	NUM
cblr-10944	488	12	)	)	PUNCT
cblr-10944	488	13	.	.	PUNCT
cblr-10944	489	1	no	no	INTJ
cblr-10944	489	2	.	.	PUNCT
cblr-10944	490	1	2:1026	2:1026	NUM
cblr-10944	490	2	]	]	X
cblr-10944	490	3	direct	direct	ADJ
cblr-10944	490	4	listings	listing	NOUN
cblr-10944	490	5	and	and	CCONJ
cblr-10944	490	6	the	the	DET
cblr-10944	490	7	tracing	tracing	ADJ
cblr-10944	490	8	doctrine	doctrine	NOUN
cblr-10944	490	9	1063	1063	NUM
cblr-10944	490	10	congress	congress	PROPN
cblr-10944	490	11	or	or	CCONJ
cblr-10944	490	12	the	the	DET
cblr-10944	490	13	sec	sec	PROPN
cblr-10944	490	14	to	to	PART
cblr-10944	490	15	formulate	formulate	VERB
cblr-10944	490	16	coherent	coherent	ADJ
cblr-10944	490	17	regulations	regulation	NOUN
cblr-10944	490	18	for	for	ADP
cblr-10944	490	19	blockchain	blockchain	PROPN
cblr-10944	490	20	stock	stock	NOUN
cblr-10944	490	21	ledgers	ledger	NOUN
cblr-10944	490	22	and	and	CCONJ
cblr-10944	490	23	even	even	ADV
cblr-10944	490	24	longer	long	ADV
cblr-10944	490	25	for	for	SCONJ
cblr-10944	490	26	companies	company	NOUN
cblr-10944	490	27	to	to	PART
cblr-10944	490	28	adhere	adhere	VERB
cblr-10944	490	29	to	to	ADP
cblr-10944	490	30	those	those	DET
cblr-10944	490	31	regulations	regulation	NOUN
cblr-10944	490	32	.	.	PUNCT
cblr-10944	491	1	thus	thus	ADV
cblr-10944	491	2	,	,	PUNCT
cblr-10944	491	3	while	while	SCONJ
cblr-10944	491	4	compulsory	compulsory	ADJ
cblr-10944	491	5	regulations	regulation	NOUN
cblr-10944	491	6	are	be	AUX
cblr-10944	491	7	ideal	ideal	ADJ
cblr-10944	491	8	in	in	ADP
cblr-10944	491	9	a	a	DET
cblr-10944	491	10	vacuum	vacuum	NOUN
cblr-10944	491	11	,	,	PUNCT
cblr-10944	491	12	blockchain	blockchain	PROPN
cblr-10944	491	13	’s	’s	PART
cblr-10944	491	14	complexity	complexity	NOUN
cblr-10944	491	15	and	and	CCONJ
cblr-10944	491	16	the	the	DET
cblr-10944	491	17	associated	associated	ADJ
cblr-10944	491	18	costs	cost	NOUN
cblr-10944	491	19	of	of	ADP
cblr-10944	491	20	research	research	NOUN
cblr-10944	491	21	and	and	CCONJ
cblr-10944	491	22	implementation	implementation	NOUN
cblr-10944	491	23	make	make	VERB
cblr-10944	491	24	such	such	ADJ
cblr-10944	491	25	mandatory	mandatory	ADJ
cblr-10944	491	26	regulations	regulation	NOUN
cblr-10944	491	27	a	a	DET
cblr-10944	491	28	difficult	difficult	ADJ
cblr-10944	491	29	option	option	NOUN
cblr-10944	491	30	.	.	PUNCT
cblr-10944	492	1	in	in	ADP
cblr-10944	492	2	addition	addition	NOUN
cblr-10944	492	3	,	,	PUNCT
cblr-10944	492	4	the	the	DET
cblr-10944	492	5	sec	sec	PROPN
cblr-10944	492	6	’s	’s	PART
cblr-10944	492	7	past	past	ADJ
cblr-10944	492	8	efforts	effort	NOUN
cblr-10944	492	9	to	to	PART
cblr-10944	492	10	compel	compel	VERB
cblr-10944	492	11	decimalization171	decimalization171	PROPN
cblr-10944	492	12	create	create	VERB
cblr-10944	492	13	doubt	doubt	NOUN
cblr-10944	492	14	about	about	ADP
cblr-10944	492	15	whether	whether	SCONJ
cblr-10944	492	16	companies	company	NOUN
cblr-10944	492	17	would	would	AUX
cblr-10944	492	18	be	be	AUX
cblr-10944	492	19	receptive	receptive	ADJ
cblr-10944	492	20	to	to	ADP
cblr-10944	492	21	compulsory	compulsory	ADJ
cblr-10944	492	22	blockchain	blockchain	PROPN
cblr-10944	492	23	regulations	regulation	NOUN
cblr-10944	492	24	.	.	PUNCT
cblr-10944	493	1	in	in	ADP
cblr-10944	493	2	1997	1997	NUM
cblr-10944	493	3	,	,	PUNCT
cblr-10944	493	4	congress	congress	PROPN
cblr-10944	493	5	announced	announce	VERB
cblr-10944	493	6	that	that	SCONJ
cblr-10944	493	7	it	it	PRON
cblr-10944	493	8	would	would	AUX
cblr-10944	493	9	direct	direct	VERB
cblr-10944	493	10	the	the	DET
cblr-10944	493	11	sec	sec	PROPN
cblr-10944	493	12	to	to	PART
cblr-10944	493	13	adopt	adopt	VERB
cblr-10944	493	14	rules	rule	NOUN
cblr-10944	493	15	mandating	mandate	VERB
cblr-10944	493	16	decimalization	decimalization	NOUN
cblr-10944	493	17	,	,	PUNCT
cblr-10944	493	18	and	and	CCONJ
cblr-10944	493	19	most	most	ADJ
cblr-10944	493	20	u.s	u.s	PROPN
cblr-10944	493	21	.	.	PROPN
cblr-10944	493	22	markets	market	NOUN
cblr-10944	493	23	planned	plan	VERB
cblr-10944	493	24	to	to	PART
cblr-10944	493	25	make	make	VERB
cblr-10944	493	26	the	the	DET
cblr-10944	493	27	switch	switch	NOUN
cblr-10944	493	28	by	by	ADP
cblr-10944	493	29	2000.172	2000.172	NUM
cblr-10944	493	30	at	at	ADP
cblr-10944	493	31	the	the	DET
cblr-10944	493	32	time	time	NOUN
cblr-10944	493	33	,	,	PUNCT
cblr-10944	493	34	it	it	PRON
cblr-10944	493	35	was	be	AUX
cblr-10944	493	36	thought	think	VERB
cblr-10944	493	37	that	that	SCONJ
cblr-10944	493	38	decimalization	decimalization	NOUN
cblr-10944	493	39	had	have	VERB
cblr-10944	493	40	clear	clear	ADJ
cblr-10944	493	41	benefits	benefit	NOUN
cblr-10944	493	42	,	,	PUNCT
cblr-10944	493	43	but	but	CCONJ
cblr-10944	493	44	it	it	PRON
cblr-10944	493	45	has	have	AUX
cblr-10944	493	46	since	since	SCONJ
cblr-10944	493	47	proven	prove	VERB
cblr-10944	493	48	to	to	PART
cblr-10944	493	49	be	be	AUX
cblr-10944	493	50	damaging	damage	VERB
cblr-10944	493	51	to	to	ADP
cblr-10944	493	52	u.s	u.s	PROPN
cblr-10944	493	53	.	.	PROPN
cblr-10944	493	54	markets.173	markets.173	PROPN
cblr-10944	493	55	blockchain	blockchain	PROPN
cblr-10944	493	56	regulations	regulations	PROPN
cblr-10944	493	57	,	,	PUNCT
cblr-10944	493	58	like	like	ADP
cblr-10944	493	59	decimalization	decimalization	NOUN
cblr-10944	493	60	ones	one	NOUN
cblr-10944	493	61	,	,	PUNCT
cblr-10944	493	62	would	would	AUX
cblr-10944	493	63	be	be	AUX
cblr-10944	493	64	a	a	DET
cblr-10944	493	65	massive	massive	ADJ
cblr-10944	493	66	shift	shift	NOUN
cblr-10944	493	67	in	in	ADP
cblr-10944	493	68	market	market	NOUN
cblr-10944	493	69	strategies	strategy	NOUN
cblr-10944	493	70	,	,	PUNCT
cblr-10944	493	71	and	and	CCONJ
cblr-10944	493	72	companies	company	NOUN
cblr-10944	493	73	may	may	AUX
cblr-10944	493	74	fear	fear	VERB
cblr-10944	493	75	and	and	CCONJ
cblr-10944	493	76	oppose	oppose	VERB
cblr-10944	493	77	another	another	DET
cblr-10944	493	78	government	government	NOUN
cblr-10944	493	79	mandate	mandate	NOUN
cblr-10944	493	80	given	give	VERB
cblr-10944	493	81	decimalization	decimalization	NOUN
cblr-10944	493	82	’s	’s	PART
cblr-10944	493	83	history.174	history.174	PROPN
cblr-10944	493	84	thus	thus	ADV
cblr-10944	493	85	,	,	PUNCT
cblr-10944	493	86	both	both	DET
cblr-10944	493	87	blockchain	blockchain	PROPN
cblr-10944	493	88	’s	’s	PART
cblr-10944	493	89	complexity	complexity	NOUN
cblr-10944	493	90	and	and	CCONJ
cblr-10944	493	91	the	the	DET
cblr-10944	493	92	sec	sec	PROPN
cblr-10944	493	93	’s	’s	PART
cblr-10944	493	94	past	past	ADJ
cblr-10944	493	95	regulations	regulation	NOUN
cblr-10944	493	96	regarding	regard	VERB
cblr-10944	493	97	decimalization	decimalization	NOUN
cblr-10944	493	98	are	be	AUX
cblr-10944	493	99	serious	serious	ADJ
cblr-10944	493	100	obstacles	obstacle	NOUN
cblr-10944	493	101	to	to	ADP
cblr-10944	493	102	this	this	DET
cblr-10944	493	103	method	method	NOUN
cblr-10944	493	104	.	.	PUNCT
cblr-10944	494	1	although	although	SCONJ
cblr-10944	494	2	a	a	DET
cblr-10944	494	3	mandatory	mandatory	ADJ
cblr-10944	494	4	blockchain	blockchain	PROPN
cblr-10944	494	5	regime	regime	NOUN
cblr-10944	494	6	has	have	VERB
cblr-10944	494	7	its	its	PRON
cblr-10944	494	8	issues	issue	NOUN
cblr-10944	494	9	,	,	PUNCT
cblr-10944	494	10	there	there	PRON
cblr-10944	494	11	is	be	VERB
cblr-10944	494	12	potential	potential	ADJ
cblr-10944	494	13	for	for	SCONJ
cblr-10944	494	14	market	market	NOUN
cblr-10944	494	15	forces	force	NOUN
cblr-10944	494	16	to	to	PART
cblr-10944	494	17	encourage	encourage	VERB
cblr-10944	494	18	companies	company	NOUN
cblr-10944	494	19	to	to	PART
cblr-10944	494	20	adopt	adopt	VERB
cblr-10944	494	21	blockchain	blockchain	PROPN
cblr-10944	494	22	-	-	PUNCT
cblr-10944	494	23	based	base	VERB
cblr-10944	494	24	stock	stock	NOUN
cblr-10944	494	25	ledgers	ledger	NOUN
cblr-10944	494	26	.	.	PUNCT
cblr-10944	495	1	an	an	DET
cblr-10944	495	2	example	example	NOUN
cblr-10944	495	3	of	of	ADP
cblr-10944	495	4	this	this	DET
cblr-10944	495	5	latter	latter	ADJ
cblr-10944	495	6	approach	approach	NOUN
cblr-10944	495	7	is	be	AUX
cblr-10944	495	8	delaware	delaware	PROPN
cblr-10944	495	9	’s	’s	PROPN
cblr-10944	495	10	blockchain	blockchain	PROPN
cblr-10944	495	11	initiative	initiative	NOUN
cblr-10944	495	12	and	and	CCONJ
cblr-10944	495	13	amendments	amendment	NOUN
cblr-10944	495	14	,	,	PUNCT
cblr-10944	495	15	which	which	PRON
cblr-10944	495	16	made	make	VERB
cblr-10944	495	17	it	it	PRON
cblr-10944	495	18	permissible	permissible	ADJ
cblr-10944	495	19	for	for	SCONJ
cblr-10944	495	20	delaware	delaware	PROPN
cblr-10944	495	21	companies	company	NOUN
cblr-10944	495	22	to	to	PART
cblr-10944	495	23	use	use	VERB
cblr-10944	495	24	blockchain	blockchain	PROPN
cblr-10944	495	25	technology	technology	PROPN
cblr-10944	495	26	to	to	PART
cblr-10944	495	27	maintain	maintain	VERB
cblr-10944	495	28	stock	stock	NOUN
cblr-10944	495	29	ledgers	ledger	NOUN
cblr-10944	495	30	and	and	CCONJ
cblr-10944	495	31	communicate	communicate	VERB
cblr-10944	495	32	with	with	ADP
cblr-10944	495	33	shareholders.175	shareholders.175	NOUN
cblr-10944	495	34	after	after	SCONJ
cblr-10944	495	35	the	the	DET
cblr-10944	495	36	blockchain	blockchain	PROPN
cblr-10944	495	37	amendments	amendment	NOUN
cblr-10944	495	38	passed	pass	VERB
cblr-10944	495	39	,	,	PUNCT
cblr-10944	495	40	it	it	PRON
cblr-10944	495	41	was	be	AUX
cblr-10944	495	42	up	up	ADP
cblr-10944	495	43	to	to	ADP
cblr-10944	495	44	delaware	delaware	PROPN
cblr-10944	495	45	corporations	corporation	NOUN
cblr-10944	495	46	to	to	PART
cblr-10944	495	47	begin	begin	VERB
cblr-10944	495	48	researching	research	VERB
cblr-10944	495	49	ways	way	NOUN
cblr-10944	495	50	to	to	PART
cblr-10944	495	51	implement	implement	VERB
cblr-10944	495	52	this	this	DET
cblr-10944	495	53	171	171	NUM
cblr-10944	495	54	“	"	PUNCT
cblr-10944	495	55	decimalization	decimalization	NOUN
cblr-10944	495	56	describes	describe	VERB
cblr-10944	495	57	listing	list	VERB
cblr-10944	495	58	stock	stock	NOUN
cblr-10944	495	59	prices	price	NOUN
cblr-10944	495	60	in	in	ADP
cblr-10944	495	61	penny	penny	NOUN
cblr-10944	495	62	increments	increment	NOUN
cblr-10944	495	63	rather	rather	ADV
cblr-10944	495	64	than	than	ADP
cblr-10944	495	65	in	in	ADP
cblr-10944	495	66	the	the	DET
cblr-10944	495	67	long	long	ADV
cblr-10944	495	68	-	-	PUNCT
cblr-10944	495	69	standing	stand	VERB
cblr-10944	495	70	american	american	ADJ
cblr-10944	495	71	method	method	NOUN
cblr-10944	495	72	of	of	ADP
cblr-10944	495	73	1/8th	1/8th	NUM
cblr-10944	495	74	of	of	ADP
cblr-10944	495	75	a	a	DET
cblr-10944	495	76	dollar	dollar	NOUN
cblr-10944	495	77	increments	increment	NOUN
cblr-10944	495	78	.	.	PUNCT
cblr-10944	495	79	”	"	PUNCT
cblr-10944	496	1	sean	sean	PROPN
cblr-10944	496	2	belcher	belcher	NOUN
cblr-10944	496	3	,	,	PUNCT
cblr-10944	496	4	tracing	trace	VERB
cblr-10944	496	5	the	the	DET
cblr-10944	496	6	invisible	invisible	ADJ
cblr-10944	496	7	:	:	PUNCT
cblr-10944	496	8	section	section	NOUN
cblr-10944	496	9	11	11	NUM
cblr-10944	496	10	’s	’s	PART
cblr-10944	496	11	tracing	trace	VERB
cblr-10944	496	12	requirement	requirement	NOUN
cblr-10944	496	13	and	and	CCONJ
cblr-10944	496	14	blockchain	blockchain	PROPN
cblr-10944	496	15	,	,	PUNCT
cblr-10944	496	16	16	16	NUM
cblr-10944	496	17	colo	colo	NOUN
cblr-10944	496	18	.	.	PUNCT
cblr-10944	497	1	tech	tech	NOUN
cblr-10944	497	2	.	.	PUNCT
cblr-10944	498	1	l.j	l.j	PROPN
cblr-10944	498	2	.	.	PROPN
cblr-10944	498	3	145	145	NUM
cblr-10944	498	4	,	,	PUNCT
cblr-10944	498	5	168	168	NUM
cblr-10944	498	6	(	(	PUNCT
cblr-10944	498	7	2017	2017	NUM
cblr-10944	498	8	)	)	PUNCT
cblr-10944	498	9	.	.	PUNCT
cblr-10944	499	1	172	172	NUM
cblr-10944	500	1	i	i	PRON
cblr-10944	500	2	d.	d.	PROPN
cblr-10944	500	3	at	at	ADP
cblr-10944	500	4	168	168	NUM
cblr-10944	500	5	.	.	PUNCT
cblr-10944	501	1	173	173	NUM
cblr-10944	501	2	decimalization	decimalization	NOUN
cblr-10944	501	3	made	make	VERB
cblr-10944	501	4	it	it	PRON
cblr-10944	501	5	significantly	significantly	ADV
cblr-10944	501	6	harder	hard	ADV
cblr-10944	501	7	for	for	SCONJ
cblr-10944	501	8	small	small	ADJ
cblr-10944	501	9	companies	company	NOUN
cblr-10944	501	10	to	to	PART
cblr-10944	501	11	find	find	VERB
cblr-10944	501	12	ipo	ipo	NOUN
cblr-10944	501	13	underwriters	underwriter	NOUN
cblr-10944	501	14	,	,	PUNCT
cblr-10944	501	15	drastically	drastically	ADV
cblr-10944	501	16	increased	increase	VERB
cblr-10944	501	17	market	market	NOUN
cblr-10944	501	18	volatility	volatility	NOUN
cblr-10944	501	19	,	,	PUNCT
cblr-10944	501	20	decreased	decrease	VERB
cblr-10944	501	21	liquidity	liquidity	NOUN
cblr-10944	501	22	,	,	PUNCT
cblr-10944	501	23	and	and	CCONJ
cblr-10944	501	24	increased	increase	VERB
cblr-10944	501	25	the	the	DET
cblr-10944	501	26	price	price	NOUN
cblr-10944	501	27	-	-	PUNCT
cblr-10944	501	28	per	per	ADP
cblr-10944	501	29	-	-	PUNCT
cblr-10944	501	30	trade	trade	NOUN
cblr-10944	501	31	for	for	ADP
cblr-10944	501	32	investors	investor	NOUN
cblr-10944	501	33	.	.	PUNCT
cblr-10944	502	1	i	i	PRON
cblr-10944	502	2	d.	d.	PROPN
cblr-10944	502	3	at	at	ADP
cblr-10944	502	4	169	169	NUM
cblr-10944	502	5	.	.	PUNCT
cblr-10944	503	1	174	174	NUM
cblr-10944	503	2	see	see	VERB
cblr-10944	503	3	i	i	PRON
cblr-10944	503	4	d.	d.	PROPN
cblr-10944	503	5	at	at	ADP
cblr-10944	503	6	169	169	NUM
cblr-10944	503	7	.	.	PUNCT
cblr-10944	504	1	175	175	NUM
cblr-10944	504	2	laster	laster	PROPN
cblr-10944	504	3	&	&	CCONJ
cblr-10944	504	4	rosner	rosner	PROPN
cblr-10944	504	5	,	,	PUNCT
cblr-10944	504	6	supra	supra	PROPN
cblr-10944	504	7	note	note	PROPN
cblr-10944	504	8	156	156	NUM
cblr-10944	504	9	,	,	PUNCT
cblr-10944	504	10	at	at	ADP
cblr-10944	504	11	330	330	NUM
cblr-10944	504	12	.	.	SYM
cblr-10944	504	13	1064	1064	NUM
cblr-10944	504	14	columbia	columbia	PROPN
cblr-10944	504	15	business	business	PROPN
cblr-10944	504	16	law	law	PROPN
cblr-10944	504	17	review	review	NOUN
cblr-10944	504	18	[	[	X
cblr-10944	504	19	vol	vol	NOUN
cblr-10944	504	20	.	.	PUNCT
cblr-10944	505	1	2022	2022	NUM
cblr-10944	505	2	technology.176	technology.176	NOUN
cblr-10944	505	3	given	give	VERB
cblr-10944	505	4	the	the	DET
cblr-10944	505	5	benefits	benefit	NOUN
cblr-10944	505	6	arising	arise	VERB
cblr-10944	505	7	from	from	ADP
cblr-10944	505	8	a	a	DET
cblr-10944	505	9	blockchainbased	blockchainbase	VERB
cblr-10944	505	10	stock	stock	NOUN
cblr-10944	505	11	ledger,177	ledger,177	PROPN
cblr-10944	505	12	market	market	NOUN
cblr-10944	505	13	forces	force	NOUN
cblr-10944	505	14	should	should	AUX
cblr-10944	505	15	push	push	VERB
cblr-10944	505	16	companies	company	NOUN
cblr-10944	505	17	toward	toward	ADP
cblr-10944	505	18	adopting	adopt	VERB
cblr-10944	505	19	the	the	DET
cblr-10944	505	20	technology	technology	NOUN
cblr-10944	505	21	.	.	PUNCT
cblr-10944	506	1	it	it	PRON
cblr-10944	506	2	is	be	AUX
cblr-10944	506	3	important	important	ADJ
cblr-10944	506	4	to	to	PART
cblr-10944	506	5	note	note	VERB
cblr-10944	506	6	that	that	SCONJ
cblr-10944	506	7	,	,	PUNCT
cblr-10944	506	8	even	even	ADV
cblr-10944	506	9	if	if	SCONJ
cblr-10944	506	10	corporations	corporation	NOUN
cblr-10944	506	11	choose	choose	VERB
cblr-10944	506	12	to	to	PART
cblr-10944	506	13	adopt	adopt	VERB
cblr-10944	506	14	blockchain	blockchain	VERB
cblr-10944	506	15	by	by	ADP
cblr-10944	506	16	themselves	themselves	PRON
cblr-10944	506	17	,	,	PUNCT
cblr-10944	506	18	any	any	DET
cblr-10944	506	19	blockchain	blockchain	NOUN
cblr-10944	506	20	-	-	PUNCT
cblr-10944	506	21	based	base	VERB
cblr-10944	506	22	system	system	NOUN
cblr-10944	506	23	will	will	AUX
cblr-10944	506	24	“	"	PUNCT
cblr-10944	506	25	require	require	VERB
cblr-10944	506	26	standardization	standardization	NOUN
cblr-10944	506	27	from	from	ADP
cblr-10944	506	28	the	the	DET
cblr-10944	506	29	market	market	NOUN
cblr-10944	506	30	’s	’s	PART
cblr-10944	506	31	selfregulatory	selfregulatory	ADJ
cblr-10944	506	32	bodies	body	NOUN
cblr-10944	506	33	to	to	PART
cblr-10944	506	34	be	be	AUX
cblr-10944	506	35	effective	effective	ADJ
cblr-10944	506	36	and	and	CCONJ
cblr-10944	506	37	sufficiently	sufficiently	ADV
cblr-10944	506	38	transparent	transparent	ADJ
cblr-10944	506	39	.	.	PUNCT
cblr-10944	507	1	”178	”178	PUNCT
cblr-10944	507	2	this	this	DET
cblr-10944	507	3	method	method	NOUN
cblr-10944	507	4	would	would	AUX
cblr-10944	507	5	certainly	certainly	ADV
cblr-10944	507	6	be	be	AUX
cblr-10944	507	7	easier	easy	ADJ
cblr-10944	507	8	for	for	SCONJ
cblr-10944	507	9	congress	congress	PROPN
cblr-10944	507	10	or	or	CCONJ
cblr-10944	507	11	the	the	DET
cblr-10944	507	12	sec	sec	PROPN
cblr-10944	507	13	to	to	PART
cblr-10944	507	14	implement	implement	VERB
cblr-10944	507	15	because	because	SCONJ
cblr-10944	507	16	delaware	delaware	PROPN
cblr-10944	507	17	has	have	AUX
cblr-10944	507	18	already	already	ADV
cblr-10944	507	19	paved	pave	VERB
cblr-10944	507	20	the	the	DET
cblr-10944	507	21	legal	legal	ADJ
cblr-10944	507	22	framework	framework	NOUN
cblr-10944	507	23	necessary	necessary	ADJ
cblr-10944	507	24	for	for	SCONJ
cblr-10944	507	25	companies	company	NOUN
cblr-10944	507	26	to	to	PART
cblr-10944	507	27	use	use	VERB
cblr-10944	507	28	blockchain	blockchain	PROPN
cblr-10944	507	29	in	in	ADP
cblr-10944	507	30	stock	stock	NOUN
cblr-10944	507	31	ledgers	ledger	NOUN
cblr-10944	507	32	.	.	PUNCT
cblr-10944	508	1	congress	congress	PROPN
cblr-10944	508	2	or	or	CCONJ
cblr-10944	508	3	the	the	DET
cblr-10944	508	4	sec	sec	PROPN
cblr-10944	508	5	can	can	AUX
cblr-10944	508	6	model	model	VERB
cblr-10944	508	7	their	their	PRON
cblr-10944	508	8	regulations	regulation	NOUN
cblr-10944	508	9	off	off	ADP
cblr-10944	508	10	of	of	ADP
cblr-10944	508	11	the	the	DET
cblr-10944	508	12	delaware	delaware	PROPN
cblr-10944	508	13	general	general	PROPN
cblr-10944	508	14	corporation	corporation	PROPN
cblr-10944	508	15	law	law	PROPN
cblr-10944	508	16	,	,	PUNCT
cblr-10944	508	17	which	which	PRON
cblr-10944	508	18	would	would	AUX
cblr-10944	508	19	be	be	AUX
cblr-10944	508	20	more	more	ADV
cblr-10944	508	21	straightforward	straightforward	ADJ
cblr-10944	508	22	to	to	PART
cblr-10944	508	23	execute	execute	VERB
cblr-10944	508	24	than	than	ADP
cblr-10944	508	25	the	the	DET
cblr-10944	508	26	former	former	ADJ
cblr-10944	508	27	approach	approach	NOUN
cblr-10944	508	28	.	.	PUNCT
cblr-10944	509	1	indeed	indeed	ADV
cblr-10944	509	2	,	,	PUNCT
cblr-10944	509	3	while	while	SCONJ
cblr-10944	509	4	both	both	DET
cblr-10944	509	5	approaches	approach	NOUN
cblr-10944	509	6	certainly	certainly	ADV
cblr-10944	509	7	have	have	VERB
cblr-10944	509	8	merit	merit	NOUN
cblr-10944	509	9	,	,	PUNCT
cblr-10944	509	10	delaware	delaware	PROPN
cblr-10944	509	11	chose	choose	VERB
cblr-10944	509	12	to	to	PART
cblr-10944	509	13	let	let	VERB
cblr-10944	509	14	market	market	NOUN
cblr-10944	509	15	forces	force	NOUN
cblr-10944	509	16	decide	decide	VERB
cblr-10944	509	17	corporation	corporation	NOUN
cblr-10944	509	18	’s	’s	PART
cblr-10944	509	19	behavior	behavior	NOUN
cblr-10944	509	20	,	,	PUNCT
cblr-10944	509	21	and	and	CCONJ
cblr-10944	509	22	this	this	PRON
cblr-10944	509	23	seems	seem	VERB
cblr-10944	509	24	like	like	ADP
cblr-10944	509	25	the	the	DET
cblr-10944	509	26	preferable	preferable	ADJ
cblr-10944	509	27	option	option	NOUN
cblr-10944	509	28	.	.	PUNCT
cblr-10944	510	1	v.	v.	ADP
cblr-10944	510	2	conclusion	conclusion	NOUN
cblr-10944	510	3	overall	overall	ADV
cblr-10944	510	4	,	,	PUNCT
cblr-10944	510	5	the	the	DET
cblr-10944	510	6	controversial	controversial	ADJ
cblr-10944	510	7	slack	slack	NOUN
cblr-10944	510	8	decision	decision	NOUN
cblr-10944	510	9	is	be	AUX
cblr-10944	510	10	a	a	DET
cblr-10944	510	11	byproduct	byproduct	NOUN
cblr-10944	510	12	of	of	ADP
cblr-10944	510	13	the	the	DET
cblr-10944	510	14	problems	problem	NOUN
cblr-10944	510	15	with	with	ADP
cblr-10944	510	16	the	the	DET
cblr-10944	510	17	tracing	trace	VERB
cblr-10944	510	18	doctrine	doctrine	NOUN
cblr-10944	510	19	.	.	PUNCT
cblr-10944	511	1	the	the	DET
cblr-10944	511	2	supreme	supreme	PROPN
cblr-10944	511	3	court	court	PROPN
cblr-10944	511	4	has	have	AUX
cblr-10944	511	5	already	already	ADV
cblr-10944	511	6	agreed	agree	VERB
cblr-10944	511	7	to	to	PART
cblr-10944	511	8	take	take	VERB
cblr-10944	511	9	the	the	DET
cblr-10944	511	10	case	case	NOUN
cblr-10944	511	11	,	,	PUNCT
cblr-10944	511	12	but	but	CCONJ
cblr-10944	511	13	regardless	regardless	ADV
cblr-10944	511	14	of	of	ADP
cblr-10944	511	15	the	the	DET
cblr-10944	511	16	outcome	outcome	NOUN
cblr-10944	511	17	,	,	PUNCT
cblr-10944	511	18	congress	congress	PROPN
cblr-10944	511	19	and	and	CCONJ
cblr-10944	511	20	the	the	DET
cblr-10944	511	21	sec	sec	PROPN
cblr-10944	511	22	still	still	ADV
cblr-10944	511	23	ought	ought	AUX
cblr-10944	511	24	to	to	PART
cblr-10944	511	25	address	address	VERB
cblr-10944	511	26	the	the	DET
cblr-10944	511	27	issue	issue	NOUN
cblr-10944	511	28	.	.	PUNCT
cblr-10944	512	1	using	use	VERB
cblr-10944	512	2	blockchain	blockchain	PROPN
cblr-10944	512	3	technology	technology	PROPN
cblr-10944	512	4	would	would	AUX
cblr-10944	512	5	be	be	AUX
cblr-10944	512	6	an	an	DET
cblr-10944	512	7	effective	effective	ADJ
cblr-10944	512	8	way	way	NOUN
cblr-10944	512	9	for	for	SCONJ
cblr-10944	512	10	congress	congress	PROPN
cblr-10944	512	11	and	and	CCONJ
cblr-10944	512	12	the	the	DET
cblr-10944	512	13	sec	sec	PROPN
cblr-10944	512	14	to	to	PART
cblr-10944	512	15	ameliorate	ameliorate	VERB
cblr-10944	512	16	the	the	DET
cblr-10944	512	17	tracing	trace	VERB
cblr-10944	512	18	problems	problem	NOUN
cblr-10944	512	19	articulated	articulate	VERB
cblr-10944	512	20	in	in	ADP
cblr-10944	512	21	slack	slack	NOUN
cblr-10944	512	22	,	,	PUNCT
cblr-10944	512	23	and	and	CCONJ
cblr-10944	512	24	blockchain	blockchain	PROPN
cblr-10944	512	25	’s	’s	PART
cblr-10944	512	26	application	application	NOUN
cblr-10944	512	27	to	to	ADP
cblr-10944	512	28	tracing	tracing	NOUN
cblr-10944	512	29	could	could	AUX
cblr-10944	512	30	resolve	resolve	VERB
cblr-10944	512	31	decades	decade	NOUN
cblr-10944	512	32	of	of	ADP
cblr-10944	512	33	problems	problem	NOUN
cblr-10944	512	34	with	with	ADP
cblr-10944	512	35	the	the	DET
cblr-10944	512	36	doctrine	doctrine	NOUN
cblr-10944	512	37	.	.	PUNCT
cblr-10944	513	1	if	if	SCONJ
cblr-10944	513	2	done	do	VERB
cblr-10944	513	3	successfully	successfully	ADV
cblr-10944	513	4	,	,	PUNCT
cblr-10944	513	5	investors	investor	NOUN
cblr-10944	513	6	will	will	AUX
cblr-10944	513	7	be	be	AUX
cblr-10944	513	8	adequately	adequately	ADV
cblr-10944	513	9	protected	protect	VERB
cblr-10944	513	10	,	,	PUNCT
cblr-10944	513	11	and	and	CCONJ
cblr-10944	513	12	176	176	NUM
cblr-10944	513	13	i	i	PRON
cblr-10944	513	14	d.	d.	VERB
cblr-10944	513	15	at	at	ADP
cblr-10944	513	16	331	331	NUM
cblr-10944	513	17	.	.	PUNCT
cblr-10944	514	1	177	177	NUM
cblr-10944	514	2	an	an	DET
cblr-10944	514	3	analysis	analysis	NOUN
cblr-10944	514	4	of	of	ADP
cblr-10944	514	5	delaware	delaware	PROPN
cblr-10944	514	6	’s	’s	PROPN
cblr-10944	514	7	blockchain	blockchain	PROPN
cblr-10944	514	8	initiative	initiative	NOUN
cblr-10944	514	9	shows	show	VERB
cblr-10944	514	10	that	that	SCONJ
cblr-10944	514	11	a	a	DET
cblr-10944	514	12	blockchain	blockchain	PROPN
cblr-10944	514	13	-	-	PUNCT
cblr-10944	514	14	based	base	VERB
cblr-10944	514	15	stock	stock	NOUN
cblr-10944	514	16	ledger	ledger	NOUN
cblr-10944	514	17	would	would	AUX
cblr-10944	514	18	make	make	VERB
cblr-10944	514	19	property	property	NOUN
cblr-10944	514	20	rights	right	NOUN
cblr-10944	514	21	clearer	clear	ADJ
cblr-10944	514	22	,	,	PUNCT
cblr-10944	514	23	add	add	VERB
cblr-10944	514	24	transparency	transparency	NOUN
cblr-10944	514	25	and	and	CCONJ
cblr-10944	514	26	greater	great	ADJ
cblr-10944	514	27	accuracy	accuracy	NOUN
cblr-10944	514	28	to	to	ADP
cblr-10944	514	29	both	both	CCONJ
cblr-10944	514	30	proxy	proxy	NOUN
cblr-10944	514	31	voting	voting	NOUN
cblr-10944	514	32	and	and	CCONJ
cblr-10944	514	33	dividend	dividend	NOUN
cblr-10944	514	34	payments	payment	NOUN
cblr-10944	514	35	,	,	PUNCT
cblr-10944	514	36	and	and	CCONJ
cblr-10944	514	37	make	make	VERB
cblr-10944	514	38	securities	security	NOUN
cblr-10944	514	39	lending	lending	NOUN
cblr-10944	514	40	records	record	VERB
cblr-10944	514	41	more	more	ADV
cblr-10944	514	42	accurate	accurate	ADJ
cblr-10944	514	43	.	.	PUNCT
cblr-10944	515	1	see	see	VERB
cblr-10944	515	2	andrea	andrea	PROPN
cblr-10944	515	3	tinianow	tinianow	PROPN
cblr-10944	515	4	,	,	PUNCT
cblr-10944	515	5	delaware	delaware	PROPN
cblr-10944	515	6	blockchain	blockchain	PROPN
cblr-10944	515	7	initiative	initiative	PROPN
cblr-10944	515	8	:	:	PUNCT
cblr-10944	515	9	transforming	transform	VERB
cblr-10944	515	10	the	the	DET
cblr-10944	515	11	foundational	foundational	ADJ
cblr-10944	515	12	infrastructure	infrastructure	NOUN
cblr-10944	515	13	of	of	ADP
cblr-10944	515	14	corporate	corporate	ADJ
cblr-10944	515	15	finance	finance	NOUN
cblr-10944	515	16	,	,	PUNCT
cblr-10944	515	17	harv	harv	PROPN
cblr-10944	515	18	.	.	PUNCT
cblr-10944	516	1	l.	l.	PROPN
cblr-10944	516	2	sch	sch	PROPN
cblr-10944	516	3	.	.	PUNCT
cblr-10944	517	1	f.	f.	PROPN
cblr-10944	517	2	on	on	ADP
cblr-10944	517	3	corp	corp	PROPN
cblr-10944	517	4	.	.	PROPN
cblr-10944	517	5	governance	governance	PROPN
cblr-10944	517	6	(	(	PUNCT
cblr-10944	517	7	mar	mar	PROPN
cblr-10944	517	8	.	.	PROPN
cblr-10944	517	9	16	16	NUM
cblr-10944	517	10	,	,	PUNCT
cblr-10944	517	11	2017	2017	NUM
cblr-10944	517	12	)	)	PUNCT
cblr-10944	517	13	,	,	PUNCT
cblr-10944	517	14	https://corpgov.law.harvard.edu/2017/03/16/delawareblockchain-initiative-transforming-the-foundational-infrastructure-ofcorporate-finance/	https://corpgov.law.harvard.edu/2017/03/16/delawareblockchain-initiative-transforming-the-foundational-infrastructure-ofcorporate-finance/	VERB
cblr-10944	518	1	[	[	X
cblr-10944	518	2	https://perma.cc/79xp-l8n4	https://perma.cc/79xp-l8n4	X
cblr-10944	518	3	]	]	X
cblr-10944	518	4	.	.	PUNCT
cblr-10944	518	5	178	178	NUM
cblr-10944	518	6	belcher	belcher	NOUN
cblr-10944	518	7	,	,	PUNCT
cblr-10944	518	8	supra	supra	ADJ
cblr-10944	518	9	note	note	NOUN
cblr-10944	518	10	171	171	NUM
cblr-10944	518	11	,	,	PUNCT
cblr-10944	518	12	at	at	ADP
cblr-10944	518	13	170	170	NUM
cblr-10944	518	14	.	.	PUNCT
cblr-10944	519	1	no	no	INTJ
cblr-10944	519	2	.	.	PUNCT
cblr-10944	520	1	2:1026	2:1026	NUM
cblr-10944	520	2	]	]	X
cblr-10944	520	3	direct	direct	ADJ
cblr-10944	520	4	listings	listing	NOUN
cblr-10944	520	5	and	and	CCONJ
cblr-10944	520	6	the	the	DET
cblr-10944	520	7	tracing	tracing	ADJ
cblr-10944	520	8	doctrine	doctrine	NOUN
cblr-10944	520	9	1065	1065	NUM
cblr-10944	520	10	companies	company	NOUN
cblr-10944	520	11	will	will	AUX
cblr-10944	520	12	not	not	PART
cblr-10944	520	13	face	face	VERB
cblr-10944	520	14	superfluous	superfluous	ADJ
cblr-10944	520	15	liability	liability	NOUN
cblr-10944	520	16	.	.	PUNCT
cblr-10944	521	1	both	both	DET
cblr-10944	521	2	outcomes	outcome	NOUN
cblr-10944	521	3	will	will	AUX
cblr-10944	521	4	encourage	encourage	VERB
cblr-10944	521	5	corporations	corporation	NOUN
cblr-10944	521	6	like	like	ADP
cblr-10944	521	7	slack	slack	NOUN
cblr-10944	521	8	to	to	PART
cblr-10944	521	9	continue	continue	VERB
cblr-10944	521	10	using	use	VERB
cblr-10944	521	11	direct	direct	ADJ
cblr-10944	521	12	listings	listing	NOUN
cblr-10944	521	13	.	.	PUNCT
cblr-10944	522	1	however	however	ADV
cblr-10944	522	2	,	,	PUNCT
cblr-10944	522	3	because	because	SCONJ
cblr-10944	522	4	blockchain	blockchain	PROPN
cblr-10944	522	5	is	be	AUX
cblr-10944	522	6	a	a	DET
cblr-10944	522	7	new	new	ADJ
cblr-10944	522	8	,	,	PUNCT
cblr-10944	522	9	complex	complex	ADJ
cblr-10944	522	10	technology	technology	NOUN
cblr-10944	522	11	,	,	PUNCT
cblr-10944	522	12	it	it	PRON
cblr-10944	522	13	will	will	AUX
cblr-10944	522	14	take	take	VERB
cblr-10944	522	15	time	time	NOUN
cblr-10944	522	16	to	to	PART
cblr-10944	522	17	fully	fully	ADV
cblr-10944	522	18	understand	understand	VERB
cblr-10944	522	19	and	and	CCONJ
cblr-10944	522	20	put	put	VERB
cblr-10944	522	21	in	in	ADP
cblr-10944	522	22	place	place	NOUN
cblr-10944	522	23	regulations	regulation	NOUN
cblr-10944	522	24	that	that	PRON
cblr-10944	522	25	optimize	optimize	VERB
cblr-10944	522	26	blockchain	blockchain	PROPN
cblr-10944	522	27	’s	’s	PART
cblr-10944	522	28	efficiency	efficiency	NOUN
cblr-10944	522	29	and	and	CCONJ
cblr-10944	522	30	usefulness	usefulness	NOUN
cblr-10944	522	31	.	.	PUNCT
cblr-10944	523	1	if	if	SCONJ
cblr-10944	523	2	blockchain	blockchain	PROPN
cblr-10944	523	3	is	be	AUX
cblr-10944	523	4	ultimately	ultimately	ADV
cblr-10944	523	5	unsuccessful	unsuccessful	ADJ
cblr-10944	523	6	,	,	PUNCT
cblr-10944	523	7	congress	congress	PROPN
cblr-10944	523	8	or	or	CCONJ
cblr-10944	523	9	the	the	DET
cblr-10944	523	10	sec	sec	PROPN
cblr-10944	523	11	may	may	AUX
cblr-10944	523	12	be	be	AUX
cblr-10944	523	13	forced	force	VERB
cblr-10944	523	14	to	to	PART
cblr-10944	523	15	abandon	abandon	VERB
cblr-10944	523	16	the	the	DET
cblr-10944	523	17	tracing	trace	VERB
cblr-10944	523	18	requirement	requirement	NOUN
cblr-10944	523	19	in	in	ADP
cblr-10944	523	20	the	the	DET
cblr-10944	523	21	direct	direct	ADJ
cblr-10944	523	22	listing	listing	NOUN
cblr-10944	523	23	context	context	NOUN
cblr-10944	523	24	entirely	entirely	ADV
cblr-10944	523	25	and	and	CCONJ
cblr-10944	523	26	create	create	VERB
cblr-10944	523	27	a	a	DET
cblr-10944	523	28	new	new	ADJ
cblr-10944	523	29	legal	legal	ADJ
cblr-10944	523	30	regime	regime	NOUN
cblr-10944	523	31	for	for	ADP
cblr-10944	523	32	direct	direct	ADJ
cblr-10944	523	33	listings	listing	NOUN
cblr-10944	523	34	.	.	PUNCT
cblr-10944	524	1	ultimately	ultimately	ADV
cblr-10944	524	2	,	,	PUNCT
cblr-10944	524	3	the	the	DET
cblr-10944	524	4	status	status	NOUN
cblr-10944	524	5	quo	quo	NOUN
cblr-10944	524	6	is	be	AUX
cblr-10944	524	7	undesirable	undesirable	ADJ
cblr-10944	524	8	,	,	PUNCT
cblr-10944	524	9	and	and	CCONJ
cblr-10944	524	10	change	change	NOUN
cblr-10944	524	11	ought	ought	AUX
cblr-10944	524	12	to	to	PART
cblr-10944	524	13	take	take	VERB
cblr-10944	524	14	place	place	NOUN
cblr-10944	524	15	.	.	PUNCT
cblr-10944	525	1	further	further	ADJ
cblr-10944	525	2	research	research	NOUN
cblr-10944	525	3	into	into	ADP
cblr-10944	525	4	blockchain	blockchain	PROPN
cblr-10944	525	5	technology	technology	PROPN
cblr-10944	525	6	and	and	CCONJ
cblr-10944	525	7	its	its	PRON
cblr-10944	525	8	application	application	NOUN
cblr-10944	525	9	to	to	ADP
cblr-10944	525	10	stock	stock	NOUN
cblr-10944	525	11	ledgers	ledger	NOUN
cblr-10944	525	12	and	and	CCONJ
cblr-10944	525	13	tracing	tracing	NOUN
cblr-10944	525	14	is	be	AUX
cblr-10944	525	15	a	a	DET
cblr-10944	525	16	step	step	NOUN
cblr-10944	525	17	in	in	ADP
cblr-10944	525	18	the	the	DET
cblr-10944	525	19	right	right	ADJ
cblr-10944	525	20	direction	direction	NOUN
cblr-10944	525	21	.	.	PUNCT