Because GLEN is the only MM with any quantity of stock, how did he get it ? I looked up the monthly share volume reports and GLEN showed up back in October:
GLENDALE SECURITIES, INC. 85,040. This is not enough shares to support MM liquidity.
Don PR'd the arrangement that GLEN was going to be the initial MM back in mid Nov. How does a sponsor make a market in a (new) stock ? by acquiring stock from the issuer. I am guessing that big block that went by at .34 was the deal with GLEN. It wasn't sold to the shorts, it was sold to GLEN. GLEN is on the long shareholder's side. He is definately not in this to lose money.
How long it takes the other MM's to piggyback and get on both sides of the B/A (accumulate stock) might take more than a day or two (duh), more like 2-4 weeks. The liquidity of the stock dried up. It will take time to re-establish the other MM's. Nite with 100, UBSS with 1 share, others with 100. They need to buy stock and with noone selling this will take more time than overnight. I believe that MM's are chomping at the bit to get a piece of the action that soon will be traded.
I doubt Don came all this way unless he knew how to make em cover. IMO
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