In general, the Board of Arbitrators uses suspension more frequently than expulsion to secure compliance with its decisions. Expulsion presents a classic end-game problem. The expelled member may feel like he has nothing to loose by challening the club-he can try to upset the board's decision in court, file a private antitrust suit, or sue in tort for interference with business relations. The bylaws, however, provide that a member who was suspended or expelled may be readmitted after two years on the same terms as a new member. Although this provision appears to be a partial solution to the end-game problem, due to the long waiting list of those already qualified for club membership and the subjectivity of the admissions process, dealers are not routinely readmitted under this provision. Furthermore, even if the admissions committee voted to readmit a dealer, his ability to avoid being shunned would depend on the original reason for his expulsion.

Lisa Bernestein, Opting out of the Legal Sys…, loc. 106