Medinah Minerals (MDMN)

[easymillion]

ID - "RULES DO NOT APPLY"
You are right and I am wrong.
Thanks for the correction.
Same old Wild West rules apply as from 2008 (the following is from the "official" SEC website):
Division of Trading and Markets:
Guidance Regarding the Commission's Emergency Order Concerning Rules to Protect Investors against "Naked" Short Selling Abuses

I. Introduction

Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934, on September 17, 2008, the Securities and Exchange Commission ("Commission") issued an Emergency Order temporarily strengthening the delivery requirements for all equity securities. The following questions and answers regarding the Order as amended have been prepared by, and represent the views of, the Staff of the Division of Trading and Markets to assist in the understanding and application of the Order. They are not rules, regulations, or statements of the Commission. Further, the Commission has neither approved nor disapproved these interpretive answers and is not bound by them.
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...Bottom line...

How does Rule 204T apply to registered market makers, options market makers, or other market makers obligated to quote in the over-the-counter market, that are selling securities as part of bona fide market making?

Answer: Temporary Rule 204(a) provides that if a participant of a registered clearing agency has a fail to deliver position at a registered clearing agency in any equity security for a long or short sale transaction in that equity security, the participant shall, by no later than the beginning of regular trading hours on the settlement day following the settlement date, immediately close out the fail to deliver position by borrowing or purchasing securities of like kind and quantity.

We are extending temporary Rule 204(a)'s close-out requirement for fails to deliver attributable to bona fide market making activities by registered market makers, options market makers, or other market makers obligated to quote in the over-the-counter market (collectively, "Market Makers"). Thus, a participant must close out the fail to deliver position attributable to a Market Maker by no later than the beginning of regular trading hours on the morning of the third settlement day after the settlement date for the transaction that resulted in the fail to deliver position.

In addition, any Market Maker to which a fail to deliver position at a registered clearing agency is attributable must attest in writing to the market on which it is registered that the fail to deliver position at issue was established solely for the purpose of meeting its bona fide market making obligations. In addition, such written attestation must describe the steps the Market Maker has taken in an effort to deliver securities to its registered clearing agency.

Temporary Rule 204(b) provides that if a participant of a registered clearing agency has a fail to deliver position in any equity security at a registered clearing agency and does not close out the fail to deliver position in accordance with the rule's requirements, the participant and any broker or dealer from which it receives trades for clearance and settlement, including market makers, may not accept a short sale order in the equity security from another person, or effect a short sale in the equity security for its own account, to the extent that the broker or dealer submits its short sales to that participant for clearance and settlement, without first borrowing the security, or entering into a bona-fide arrangement to borrow the security, until the participant closes out the fail to deliver position by purchasing securities of like kind and quantity and that purchase has cleared and settled at a registered clearing agency. To allow Market Makers to facilitate customer orders in a fast moving market without possible delays associated with complying with this requirement of temporary Rule 204(b), we are not applying the borrowing requirements of the rule to Market Makers provided the Market Maker can show that it does not have an open fail to deliver position at the time of any additional short sales.

http://www.sec.gov/divisions/marketreg/204tfaq.htm

From the foregoing "guidance" and decreasing volume of sales, including FTDs, I would conclude there are a decreasing number of "active" MMs that do not have open fail to deliver positions, and are thus unable to participate in any additional short sales. Seems to have occurred earlier last week with 'lil sister. Explains why trading volume is "drying up". IMO