Only example that NSS does exist. With no enforcement of FTD, why cover if short a stock known to have internal fraudulent activities? Short as high PPS as possible, then let fraud known publicly, ala NY Post and whisper in SEC ear. Pensley blew whistle in May 09, selling restricted shares and shorting occurred in July, SEC suspension in Sept after ill-gotten gains on both sides of the fence. NSS has more firewalls than sellers of restricted shares, so much easier for SEC to nail them vs big hedge funds, and/or others doing shorting.
Makes perfect sense to short the hell out of this thing and probably why so many anxiously awaiting de-registering of shares.
Rumor has it this particular case was trying to be streamlined because Trustee and SEC are aware of possible large NSS position, and is why file was posted. Could be SEC now looking at both sides. Agree with you and SRV, could be no shorts exist, or still
Why liquidation dates continued? Why Tao terminated? How can Celia sell Dicon to SPNG for $5M, buyback in expedited fire sale for $675K, then voluntarily BK Dicon and sell for $5M again?
Many unanswered questions judge has to chew on.
As you and SRV surmise, on the surface, nothing more than an elaborate P&D, but a lot under the surface and, in reading court transcripts, judge wants to know details before allowing liquidation and de-registration.
Read court transcripts. Trustee attorneys under the gun by federal judge and was brought up in court by judge that Trustee attorneys lied to judge in court. Worst thing that could have happened for anyone still short. Now judge seeking details and allowing new motions.
No position in SPNGQ, so totally objective. Interesting case to view from the outside.
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