Universal Energy Corp (UVSE)

[mikeyk]

Read the financing details on the CD's, the repayment wasn't based on a fixed price per share or fixed share amount, it was based on the lowest 3 days PPS in the last 20 trading days minus a 20% discount upon request for conversion. The CD holders were naked shorting their own shares ahead of asking for conversion knowing full well that as the price dropped, they got more and more shares. Look here for the naked shorting that happened once the CD conversions started, notice around 6/2008 there were over 106 million shares sold short, the float was 25 million shares at the time:

http://www.failstodeliver.com/