Unsolicited Quote Stock, is is what BEHL is, there are no MM's making a market in BEHL stock. If a company is quoted by meeting the SEC guidelines of current information and Market Maker has filed a Form 211 then the MM may quote the stock and provide a liquid trading environment. BEHL however has no such MM, there has been no Form 211 ever filed on BEHL's behalf, so no MM can buy, sell or bank shares of BEHL. They only represent a customer who has made an unsolicited quote, that is all MM's can do here, just "represent" customers and that is all.
So when you hear discussion of how the MM's are manipulating the price or holding it down, or selling naked shares to drive the price down it is not talk that pertains to BEHL as the MMs have no "skins" in the game, only the customers. Now are there big customers that can manipulate the price of BEHL? There certainly are, they can in fact manipulate the trading on a daily basis if they have any interest in the stock. But that requires massive volume as the liquidity of trading is the only means they are able to make money. BEHL's volume is anemic, border line dead at this point, if the PPS does not find lower trading at .0001 this will see some no volume days. As the only interest in this stock now for liquidity are traders taking a risk at that PPS in hopes of a huge volume day for unloading shares.
The common misconception out there is the Daily Reg Sho Report, this is commonly used as the rallying cry of those wanting to claim as the culprit of price decline as opposed to just poor management and company performance to achieve results. BEHL is such a company that could not deliver results and in fact because that had to keep selling shares in order to keep the flow of money coming through the door. The point of the individual short reports is to document the settlement rates of stock, the Daily is the first report in the line of many others that show where the unsettled shares start. The Bi Monthly show the actual shorts that have occurred after long positions have finally settled. Many know that shares do not settle in your account immediately as you cannot trade unsettled positions for at least 3 days.
If the Daily was so accurate and contained no long positions and showed a true unsettled rate then there would be no need for any further reports. If you see 80% of BEHL shares not settled for yesterday's trading for example and there were no long positions contained then the Bi Monthly is not going to show you anything new. The fact of the matter is, it can take many days before shares settle, 3 days is the average, but at times some can exceed 13 days and beyond. In fact the goal is to settle all trades by 13 days, if these pass that threshold then they become Fail To Delivers. There are many reasons for FTDs, and the last of FTDs for BEHL at such huge volumes was August of 2009.
The point of the multiple reports is show that rate of reduction over time for settlement so when you see 80% for the trading yesterday and this accumulates over two weeks the next report should show the final settlement rate along with what was actual short positions taken. So for BEHL there have been 0 shares shorted since the 1st of December and 100% of shares have in fact settled, although I have not checked the most recent FTD reports, I doubt much will be there with this low volume to effect any price action going on here at this stuck trading range.
The fact is the largest influence on PPS for BEHL is the 10 months of dilution of billions upon billions upon billions of shares. That is supported by the many amendments of Authorized Shares being raised from 750 million shares to the now current 5 billion shares all within a short 8 month window of time. Sure there were shorts going on, but their impact was negligible compared to BEHL's drowning of supply to the market. The flood of shares made it easy for the shorts to take advantage of the continuos fractional ownership being spread across all shareholders. In fact one if so inclined should research the aspect of Venture Capitalists and understand their role in things, as they are given huge blocks of shares in trade for immediate funds at a huge discount of share price. There is more than enough evidence out there to point to such transactions going on with BEHL.
