SEC exempting ITG from some short selling regulations?

See document: http://www.sec.gov/divisions/marketreg/mr-noaction/itg042205-incoming.pdf

It appears that ITG specializes in clients who short / naked short:

http://www.itg.com/compliance/EXPIRATION_SEC_EMERGENCY_ORDER.pdf

It appears to me that the clients using ITG to short Tyhee, if they exist, are taking a large risk. News coming out (presumeming they don't know about it) could hurt them badly if they have to cover their shorts. I HOPE that there is no leak in Tyhee, as something may be afoot.

Or maybe I'm worried about nothing.

SKELEG