Elite Pharmaceuticals Inc (ELTP)

[paulbk]

CHDN is probably working for the preferred stock holders. They have another payment of 10 million shares due early April, right around the corner. My guess is they are shorting these as they have done in the recent past.
The ten million in interest payment shares plus the 8 million one of them - Midsummer- still holds gives you an idea of the overhead. Of course it probably works out that if you have 10 million shares to short, you can probably short more than that if you are able because you are driving the price down as you short. Other market players are most likely hip to this and they could pile on with shorts of their own of various sizes. They are only squeezing a few pennies out of this but at these volumes it adds up to a nice days work. Easy money for them. Painful as it might be near term I'd love to see Midsummer zero out.
Given the volume, ten million may not be that much. Still, it's a bump in the road,
GLTA