Dude, some or even many of the FTDs were SALES made by the distribution network that didn't clear because the clearing firm refused the fake Moskowitz shares.
Some clearing firms DID accept them, and many of THOSE shares are now in many, many people's accounts. Some of them gott stuck with illegally delegended shares which their brokerage's inbound clearing firm wrongly cleared and transferred to the brokerage (and are held in street name butt owned by the account holders) and THEN various clearing firms would nott clear sales from these accounts into the brokerage(s) of new buyers - so the old buyers were stuck, having made a sale butt without legit shares to deliver (since the new buyer's inbound clearing firm would nott clear the shares for transfer to the new buyer's brokerage).
Thus the FTDs. Nott that difficult to grok.
As word gott ~OUTT, more and more clearing firms refused to clear SPNG share transfers and when the SEC and FINRA became aware that there were illegally delegended shares in the market, ALL SPNG shares became of questionable authenticity because it's virtually impossible to track the lineage of each individual share which comes into and leaves a brokerage's street (house) account. So the SEC shut SPNG down by suspension and the DTCC froze further transactions in SPNG.
Really nott that complicated.
AI
