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Indeed...especially in light of EIGH's plans to purchase and retire enough shares to bring the float to $20MM and uplist to a higher exchange...
B...have you seen this?
SR-FINRA-2010-028
34-62288 Jun. 11, 2010 Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, to Adopt NASD Rule 3210 (Short Sale Delivery Requirements) as FINRA Rule 4320 in the Consolidated FINRA Rulebook
Comments due: July 8, 2010
See also: Order: Rel. No. 34-62533
'In reality, FINRA and the SEC gave abusive short sellers an ultra-generous seventy (70) months from the effective date of Reg SHO (1/7/05) to clean up their naked short positions in NON-REPORTING “THRESHOLD SECURITIES” before mandated buy-ins occur. A non-reporting “threshold security” is a security with 5 consecutive days of having delivery failures at “registered clearing agencies” (RCAs) totaling at last 10,000 shares AND $50,000 worth in value. Any delivery failures older than 13 consecutive days is subject to a buy-in. Note that it is expressly forbidden to “cross” a delivery failure via an illegal “wash sale” to a co-conspirator after 12 days in order to reset the time clock.
The bad news is that not only do you have to qualify as cited above but you also have to be on the FINRA Threshold List. You qualify for this list via the 5 straight days of 10,000 or more shares worth of delivery failures worth at least $50,000. The problem is that abusive MMs have not had to label their naked short sales as “short sales exempt” (SSE) in the past. This ends on 11/11/10. The combination of these two rules is very good. The next question is will the law be enforced? I’m guessing yes because Bob Khumazi is now the head of the SEC’s Enforcement Division. He’s a hard @@@ ex-U.S. Attorney.
For the average corporation with a gazillion delivery failures out there they’ll do quite nicely. They survived the 70-month “hands off” period. The companies that will excel are those with gigantic preexisting naked short positions that can make breakthroughs that generate large amounts of sustained buying. As a wave of buying comes in the shorts will now have to decide to cover immdiately or naked short sell into these buy orders in order to keep manageable their daily collateralization requirements. This is a lose-lose prospect. If they elect to naked short sell into this buying then they’ll be subject to buy-ins on day #13. Buy-ins are ultra-painful for abusive short sellers.
It is the clearing firms of the crooks that will be executing the buy-ins. They won’t care what they pay for the shares they just don’t want to be found in violation of the law or they’ll lose business from their other clients. Finally we have a law aimed at the clearing firms facilitating these thefts. The umbilical cord between corrupt MMs and corrupt clearing firms is now cut. Before these laws corrupt clearing firms loved the business thrown at them by corrupt MMs and their co-conspiring corrupt hedge funds.
The good part is that when a clearing firm hits the 13 day time limit NONE OF ITS CLIENTS INCLUDING MMs CAN EFFECT ANY MORE SHORT SALES in that security without a borrow or arrangement to borrow having occurred. In other words out goes the universally-abused “bona fide” MM exemption which is the foundation for these crimes. When this occurs the hedge funds lose their leverage. These crooks had all of the time in the world to either cover these open naked short positions or bankrupt their target.
Share repurchase programs followed by cash dividend distributions will be much more effective from here on out. Pulling certs out of the DTCC is no longer a way to keep the DTCC honest because brokerage firms will block you from reinserting your certs when you want to sell. The solution to that is a share repurchase program BY MANAGEMENT followed by their demanding for delivery and cancellation because they have no intent in reinserting certs back into a brokerage account.
The buying by management will no doubt be naked short sold into by many crooks which is just fine. Firstly, it will allow management to buy that many cheap shares. Secondly, it will help keep the company on the protective “threshold list”. Thirdly, it will decrease the # of shares outstanding which will increase the % ownership of all shareholders and the per share size of any cash dividends and/or cash tender offers made by suitors. It’s a little bit complex but since all clearing firms in the U.S. are technically “registered clearing agencies” being that they are “participants” of the NSCC this new law also addresses that black hole for hiding delivery failures known as “ex-clearing”.'
I agree with this part of his post B...
I think this one has legs with the SEC and will expose a very dark underbelly of just how some of these organized groups operate and scam people out of a whole lot of money.
Are you singing Proverbs? I can hear you LOL! Go CDIV!
Good morning Connie! They certainly are...the sun is shining on us today
Good Morning TW...that is great...I think we will be very happy with our CDIV shares
Yes sir! I was very happy with it And today looks like a good day to add too!
Looking very strong here today Glad I added here yesterday...
That's interesting since he posted there yesterday...but believe who you want...just don't ever accuse me of telling an untruth again, because I don't...
Oh don't worry, he cares about us and is in touch with us on his board. Thank you for your concern though, I appreciate it.
Oh don't worry, he cares about us and is in touch with us on his board. Thank you for your concern though, I appreciate it.
I will happily take that bet...Monk will be there and, FWIW, there is no second string...the two fellows who assist him are two of the smartest people I have met. As for the 2011 schedule...it was never posted anywhere except in emails until recently (last week I believe) it was posted on his website...still there today as I was looking at it...
My last post for today...have a good night everyone
I will be very clear...I have met the man on many occaisions now and trust him implicitly...he did not tell me to buy anything...even when I PM'd him and said I have a bit of money to invest, what do you recommend...
I am a big, grown up, adult person who makes her own decisions and lives with the consequences...last time I pointed a finger at someone there were 3 pointed back at me...
There is little I have control of in this world, but I do control my actions and my attitude...
Don't get me wrong, I have great empathy for those who have found themselves in a must-sell situation due to economic or other demands...I too am living pay cheque to pay cheque with more month left at the end of the money. But I will not blame Monk for that.
As for Monk, I believe in the man and I believe in his passion for helping others...I also believe that it is hurting him greatly to see people he cares for hurting like this...it is too bad that some are trying to exploit the situation for their own gains.
Hey LG...that's a lot of questions...and only time will give us the answers...all we know for sure is today was a very good day in CDIVland...have a good night
In fact the next Monkinar is being held this weekend in Chicago, Illinois, U.S.A. Many folks are very excited about attending and learning some charting skills and how to daytrade and swing trade with more accuracy...and I can assure you Monk will be there.
On another note...CDIV had a great day today...was fun to watch
I believe you will be proven incorrect about Monk selling any of his shares in CDIV...time will tell for sure...but I am 99.9% sure...be careful stating as fact things which you are not sure of...JMO of course
hear hear Ryan! Hope everyone reads your post!
TT...I totally agree with everything you have posted here! I can tell you from personal experience at 4 Monkinars that they are 100% about charting and technical analysis...you will learn which indicators to use, Monk's settings for them, and how to accurately interpret the indicators to enter and exit trades. You will learn about daytrades and swing trades...it is truly a life-changing event. You are also correct that EIGH will not be a part of the class as the class is all about trading ETF's.
Enjoy the Chicago Monkinar...I look forward to hearing your thoughts about it!
Indeed I do...typo...
They sure are...I remember when I registered for Boston having to use the online system...I had preferred to use PayPal because my bank account is attached to it and I was told I had to use a credit card now...Chicago registration opened after that...
Funny thing is Don...the new secure payment system allows people to only use a credit card to pay for a Monkinar...PayPal isn't even involved any more...I guess they won't have anything to do with refunding money they haven't even received LOL!
Works for me
I am ready...
I believe the Harbinger will justify all longs who are here for the fundamentals...the FLD concept was icing on the cake...but the company continues to implement its business plan...
Long and strong here...as we face this attack know that as a team our resolve has strengthened and as a team we will prevail...Go CDIV!
Sounds like a plan to me...always best to do your own DD
When I spoke to the SEC Investigator yesterday, she said the investigation would be lifted early is they found no evidence of wrongdoing...
Sounds good to me TexHorn...about time the little guy got some attention!
Hey mytigger...I have not given up at all...in fact, I had a great conversation with the SEC investigator yesterday and I definitely got the impression that the short position would be looked into...
Have a great weekend my friend!
And that is because most investors here are here for the fundamentals of GRNO...solid company executing it's business plan, delivering revenues...IMO this is a very strong stock
Nice TW...a lot of happy folk in EIGHland tonight Can't wait to see what tomorrow brings!
You are correct...
No one from the team is selling, naked shorts are increasing, the team holds more than the float AND the float is going down daily.
Yay! My buddy Floaty is back...haven't seen him for ages!
Well Floaty, I understand why you are making an appearance...our newsletter outlines a solid plan going forward...institutional investors...potential merger being looked at with uplist...share buyback program implemented and results happening with that all ready...share audit results...
Fantastic from page 1 to page 47
I have to say wicks, I sure am glad I added during the last three market sessions cause I think things are going up around here given all of the info in the Newsletter...47 pages...crikey!
It might be interesting to find that out...
What broker do you use tech?
Yes they certainly are! Happily bringing my average down
Great update Laura...thanks for sharing
Still holding all my shares...long and strong with you Oilers