River...I agree with you. I know for a fact MM's try to match up orders and some make money off it when they can (on top of the commission for the transaction). Zecco and Scott both do it, because I've confirmed it. In this case, the MM's may be trying to manipulate the PPS to a lower level to get a bigger profit.... Just a thought.
Posted by: riverandfold Date: Friday, August 13, 2010 11:11:19 AM
In reply to: op9171787 who wrote msg# 5365 Post # of 5369
I'd be willing to bet that's how it's happening. I've downloaded the Short Volume listing from Finra dating back to 08/04 (the date of earliest purchase on the Form 4)
The way I understand this listing is that it reports any and all transactions that an MM had generated that didn't have an offsetting buy or a sale to directly offset it, which either means the shares were naked shorted (by the true definition of going naked short) or it could mean that the MM might have sold or bought the shares to cover or fill a previous transaction. (I want to specify that I DO NOT think this listing are Naked short sales)
I don't think we saw the MM's 2.5M transaction sale to Lee, but we are now seeing the buys (called shorts on this listing) where the MM is buying the shares to cover their 2.5M short sale to Lee.
this means the MM sold 2.5M to Lee at .024 and now they are making a profit by buying up cheaper shares in the open market.
They still have a ways to go to get to the 2.5M total
