The recently updated numbers still show my premise is still intact. GE owns 70%. His family and the tutes may own up to 10% at best ( this could be generous number here). That leaves 20 million shares. The buy back at this $4 level could take care of another 10 million shares. So, the real float left is about 10 mil shares. And, the shorted shares are a lot less. In this scenario, the epic short squeeze (when the total float was less than 100K) wouldn't occur. There are simply too many shares for that kind of action. So, all the "to da moon" and "$50 a share" people are either soft bashers or dreamers. We will not have a short squeeze again without having any fundamental changes in this structure.
Moreover, it seems to me that short program is really taken over the daily PPS lately. As it is often the case, even one or two active shorter can make the PPS move. I've seen it too many times. The most infamous case was with LL. One active shorter tanked the PPS for several years. What I see here is that GE isn't really actively engaging to combat this short program day to day. He is not really concerned or not willing to actively take care of the PPS right now. He may not need a chuck of money. He may be just fine to collect his divi and leave everything alone right now. I wonder if the SEC has anything to do with this behavior... In any case, time is our friend here. It costs to short here so once they realize they wouldn't be able to make money in short term they will have to leave. One thing they don't do is taking long time for their profit. I still see this Summer is when we see the PPS moving. Of course, SEC clearance or any other good news from the spin off or buy out news may make things exciting quickly.
Does anyone here have any thoughts on buy out scenario for DRYS? There are other big shippers out there. Would anyone be interested buying the DRYS? Is this what GE working toward?
AI
