Magellan Energy, Ltd. (MGLG)

[MIWIMO]

I am new to the MGLG board but I post on IHUB on other boards.....I saw someone ask about the 600 mln bid at 0.0009, and I will give some ppl some insight into what is going on. Right now the SEC and Mr. Shapario are in the process of trying to stop naked shorts....with that being said MM's now are trying to cover before rulings are handed down. MGLG is on the short list so it is legal for this stock to be shorted but is is illegal for it to be naked shorted. The only way for the MM's to get their money back is to average down the same way an investor would. What they need to do is get 600 mln shares at .0009 in order for them to break even and not come out of pocket on those shares that are naked shorted......I have three other sub pennies and it is the same thing going on with those....one I have has a 2 bln bid and has taken a week to fill it is almost done.......here is a link from today that gives information on what is going on with this....it is going to happen across the board with some pennies and su pennies. Everyone says naked shorting is not as bad as it seems but if the SEC is concentrating on it then it is bad and this stock is on eof the worst just look at the volume....buy wolume is good....no shares to sell and huge buy volumes is bad and that is why the price is not moving up because there are no share to sell because no one is selling....longs are holding!!!All these stocks in this position will move higher faster without all of this....GLTUA and we shall see some hovering like this over the next few says to weeks depending on PR and how fast they fill that order!!

http://www.marketwatch.com/story/schapiro-sec-eyes-naked-shorts-rating-agencies