I found the wikipedia article on 'naked short' very interesting.
The fact is, I don't know much about short selling, and didn't now what a 'naked short' was until you prodded me to look it up.
This goes back to those missing 9M shares from the purchase of GBE, of which Shenher owned 97%. Or was it 94%?
Anyway, GBE cost CPOW 28.6M (pre-split) shares. 97% of 28.6M = 27.7M.
For his 97% of CBE, Shener got ~19M shares, which he split with his wife. 50K shares are assigned to his son.
So that leave 8.75M shares missing, which it seems to me I have pointed out ad nauseum.
3:1 split 7 Dec 10 turns those definitely restricted shares into 57M.
The 8.75M mystery shares turns into 26.25 M.
And I see from my notes, on 26 Nov 10 91,050 shares of CPOW were issued for 0.03% of the previously outstanding shares of GBE. (My notes say 0.03%, but it appears that should be .3%, which still leaves a couple of % of GBE unaccounted for.) In any case, those become 273,000 post-split shares.
In all there are an additional 4,474,924 shares that may still be restricted. Or they may not.
Anyways, there are 240,077,760 shares issued and outstanding, of which the Shener's 56,994,387 post-split shares should be restricted. Maybe 60M shares restricted, gives 180M float.
The most heavily traded day was 9 Dec 10 with 120M shares.
Even if you subtract the mystery 26.25M shares from 180M, you still got 150M shares unrestricted ... which leaves 30M shares for the die-hard till-death-do-us-part crowd, which seems like plenty to me.
This is assuming none of those 50,016,000 issued and authorized shares as of 30 Apr 10 were restricted, which turns into 150,048,000 post-split shares.
