Well, no, not quite. When you naked short a security, you treat it as a contingent liability until the position gets closed.
Or until the security becomes worthless... like BCIT.
"The penny stock investor may be the most dangerous creature in the investment world, at least to himself.[...]His hypocrisy becomes most apparent when he then blames his losses on the greed of others." Robert C. Dugan, Director - JRM Capital