Janice here is your proof that NSS is not a figment of our imagination!!! Its been around for quite some time but no one wants to admit to the failure of the SEC's computer systems!
Smart companies do fight illegal naked short selling ...
(PRWEB) March 8, 2006 -- It’s not uncommon to read about small publicly traded companies complaining about the evils of naked short selling and the negative impact that it has on their price of their stock. It is however, quite uncommon for companies to actually take action and do something about it. The difficult, sometimes daunting task of taking on the issue of naked shorting is usually costly and time consuming, taking valuable resources away from the company’s operations. Some of the most prominent anti-naked short selling proponents include Overstock.com (OSTK), Great West Gold (GWGO), Global Links Communications (GLKC), and CMKM Diamonds which has ceased trading since October of 2005.
One of the newest companies to take on naked short selling is Loftwerks Inc (LFWK). While many of the fore-mentioned companies diverted resources towards fighting naked short positions in their companies, Loftwerks has tackled the problem by diverting more money back into the company, and buying back shares. In fact, in recent news releases Loftwerks has announced that insiders of their company hold more shares of their company’s stock, than have actually been issued.
CEO Dennis Ammerman stated, "Insiders decided to buy more shares than are legally available. There is no stock definition for this type of buying; therefore, we created our own definition. We call it 'Short Seller Captured Capital.’” Essentially what this means to Loftwerks shareholders is that insiders own the entire outstanding share count, and then some.
The last time a scenario such as this was revealed, was with Global Links Communications. Robert Simpson, CEO of Global Zann Corp. at one point had in his possession the entire issued and outstanding stock of GLKC, and filed the ownership with the SEC as required. Despite owning all the stock of Global Links, the stock continued to trade millions of shares per day. As investors caught wind, shares of Global Links quickly gained more than 1000% moving from under .01 to over .14 in a matter of weeks.
CMKM Diamonds continues to press on in its fight against naked short selling, now in its 5th month of its historic certificate withdrawal from the DTCC. Since the call to request physical delivery of shares in November, the task force set up to account for the shares has tallied over 400 billion of the 703 billion issued. Widespread reports indicate that many shareholders that have requested their certificates are having trouble actually getting them from their brokers.
So there you have it.......
CMKX is not the only one!!!
