I wasn't born yesterday, and I've been trading for nine years....firstly, if you assume no NSS shares entered the market, it means that the float flipped 9 times, and then magically, on the last flip, all the shares landed up in the hands of 'investors'? You know that is not the case...there were MANY 'investors' from the beginning and they took most of the shares OUT OF THE FLOAT. And there were many traders caught by the halt ( they are not investors). The only way the trading volume could get that high is if new shares entered the market. Now we know RPH didn't sell any, and his family sold precious few, so you know where those shares came from don't you? That's right...NSS.
You can't say all $15M was lost by investors, and then say the trading volume was all traders. You can't have it both ways. It goes like this....investors bought and held large chunks of shares from the beginning...meaning to meet demand MMs naked shorted. They are allowed to do that, in fact they are expected to....but the are supposed to cover within 3 days, which many did not (smelling a scam I guess, meaning they would never have to cover ). Those FTDs formed the basis of the $157M figure. The MMs ( or their clients ) pocketed the money. It happens every day in every market.
You cannot convince me that traders alone created that figure by flipping a 30M float. If that were true, there would be no investors that lost money. Or are you going to tell me that traders become investors after they lose it all?
BCIT? Preventing it from unfreez-... what? In your dreams canteen boy. - clarity Oct 22, 2008
