All TECO needs to do is forefill the reasons FINRA gave for disapproval of the application. If they require filings then give them filings. If they require testimony then give them testimony. If they continue to deny approval after all their demands then elevate the problem if possible. What makes TECO think FINRA won't deny them again if TECO simply reapplied an appeal without submitting along with the application any of FINRA'S requests that caused the original denial. IMO the reorganization as described in the 8K's were premature and FINRA is basically telling TECO to "get your chit together first" and then reapply. The 8K'S were also another way TECO can appease shareholder demands, emails, phone calls, etc. The 8K's were also a way to say "we are trying" while months and months of unforefilled promises transpire.