Conversion Solutions Holdings (fka CSHD)

[mretgnol]

porsche bought all shares while MM were selling what was not available

WTF you talkin about Willis?

Porsche exercised their options taking their ownership level from roughly 46% to 74%, then announced a tender offer on the remaining shares either not owned by Porshce or by the Lower Saxon government.

while MM were selling what was not available

This thought is exactly why people lose money in stinky pinky land. MM's process trades for clients. It was hedge funds, banks, and stupid investors who were shorting Volkswagen shares. Anyone with a brain should have known better since VW was selling more cars than ever before with greater margins.

Only 6% of the float should have been available. 13% was out thanks to people loaning their shares to be shorted against. AND GUESS WHO HAD LOANED SOME OF THEIR HOLDINGS? Porsche themselves.

Elliott Associates LP, Glenhill Capital LP, and Glenview Capital Partners LP are three U.S. hedges who got creamed holding VW short positions.

Porsche is being investigated for triggering that squeeze because they unloaded shares into the cover and later backed out of the deal. In fact, VW bought a division of Porsche and Porsche is now being sued for orchestrating a bogus cover run.


Funny thing, in Germany, German law doesn’t require disclosure of positions in cash-settled options. Meaning, by law, no one has to disclose their actual holdings if they paid for their options from a cash brokerage account.

If I think Google sucks now and I want to short it, I need to find a long position who will loan me shares to short against. In the case of VW, the long position who was loaning shares to short against....was PORSCHE. Once the short grew, they exercised their options and called in the lent shares.

It had nothing to do with NSS, Market makers, wankers, the pope, etc...