NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

WW,

Here's how I understand it. If the DTCC warehouse says 1 share is available to lend out for shorting, the DTCC would record a minus 1 share liability and a 1 share receivable from broker that borrowed. That will balance out within the warehouse. Whether that number of shares in the float equals or is larger than the legal number of shares authorized by the company is the critical question. I point that out because that was your original question of where phantom shares can possibly originate from.

You mentioned the DTCC's job and duty. I agree there is a required trust in the DTCC, for the stock market to work. But also consider that the DTCC is like a cooperative. It is comprised of the major prime brokers and market makers. They also directly lend shares out for shorting and charge large fees, not a minor line item for them.