So explain this: Those who bought shares that were sold naked without borrowing, will they receive proxy material to vote?
Those who loaned out their shares lose the right to vote whereas those who bought from the legal short (who borrowed those shares) do get to vote.
So, with naked shares (no borrowing took place) . This is key!! Those who bought would be able to vote? What is the answer?...The answer is yes...Those who bought don't know where those shares came from. It's 1 of 3 sources...a long seller, legal short seller or a MM who sold naked (and perhaps indicated those shares as longs...Didnt Citadel get fined several times for doing exactly this??? Wasn't the fine like $7M for billions of shares misclassified?...The fine was a joke...Wes mentioned this joke in one of his interviews.
What some are saying, if there were 1B+ naked short shares in NWBO, then somebody who bought shares would not be able to vote. Surely with that large of a naked short position, someone would have raised hell, if they weren't allowed to vote because they bought shares from a naked seller.
Where is the disconnect????
Example... Let's say a company has 1B shares and the legal shorts represents 50M....That means someone loaned out their 50M shares (and they lost the ability to vote these shares) and the borrower subsequently shorted the 50M. Then those who bought those shares are entitled to vote those shares!....Now let's say someone sold 300M naked shares. They weren't borrowed ,so no one lost their voting privilege, however, those that bought those 300M shares through their reputable broker would be able to vote those shares....Thus if every share voted, one could ascertain the number of naked shares (If total votes is greater than outstanding votes then the difference would be naked shares)...Perhaps, this is why we are having the ASM...to vote AGAIN on something that was already APPROVED??!! Come on!!!! Why would LP (and gang) put themselves through this voting. It is only to raise the blood levels of shareholders to vote...They dont care for yes or no. They only want to see the raw vote count so they can compare to the legitimate outstanding shares. It is so obvious to me!!!
Look at the charts since we last voted...How many naked shares do you think were sold during this period? And tell me, who is capable of selling naked shares?
It's not your every day retailer....NO!! It is the same entities that we are suing....That's right...The MM's are the only ones who can sell naked shares....
Theory....I bet the rehash vote, it is to get an idea on the size of the naked shares since the vast majority of the naked shares occurred since last vote...
ASM end of June...Hmm!!! Just in time for MTD decision and discovery to begin...It certainly would be nice to know how many naked shares you need to uncover during discovery. I'm very certain of this!!
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