Conversion Solutions Holdings (fka CSHD)

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Why would hedge funds pay that kind of money if they could simply naked short? I guess those hedge fund guys aren't too bright.

Probably because they're too lazy. To avoid being caught, they would have to hide the activity by either colluding w/ others (which may end up costing them the same amount) or creating a big distraction. The latter can be done very cheaply by attracting a bunch of NSS diehards. Regulators will think these folks are more wackos and do nothing.

It would take a lot of energy though to keep such a group on message and move them to each desired target on a timely basis. One has to watch out other hedgies don't steal them.