"Tryn2, here is the technical reality that the 'Naysayers' won't tell you:
NSCC Rule 18 forces the clearinghouse to buy-in any open short positions if an MM defaults. If the MMs go bankrupt while naked shorting NWBO, the NSCC becomes the 'Forced Buyer.' They don't delete the shares; they have to find them to settle the books.
Rule 22 ensures that these settlements are final. The clearinghouse maintains a Settlement Guarantee. They are the backstop that ensures the 'Synthetic' in your account is treated as a real legal obligation.
SIPC is the 'Restoration' Engine. If the shares are missing from your broker, SIPC doesn't just apologize—they are mandated to go into the open market and buy them to restore your account.
The Checkmate: By anchoring NWBO at the $1.78 LSE floor, Linda Powers has set the price that the NSCC and SIPC will likely have to pay when they are forced to buy back those shares. Bankruptcy doesn't kill the debt; it triggers the insurance, and the insurance has to buy from us."
The Verdict for your "Shield"
You aren't holding "fake" shares. You are holding Guaranteed Settlement Claims. If the printer breaks, the insurance kicks in—and the insurance has to pay market price to make you whole.
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