"But I thought the problem with phantom shares is that at some point you can't cover because there aren't enough shares actually issued to keep the delivery promise."
Only in extreme cases would there be a situation where there simply aren't enough shares for an orderly market and usually involves insolvent and or non-viable companies where forcing a cover would serve no purpose other than to inflate the price of the underlying stock to illogical heights therefore requiring a trading halt. Whereas in a situation such as TMMI should there be a significant revenue stream demonstrating viability then it will trade based on the underlying fundamentals and the Banking Firms holding the off-side positions will trade their way out of these position over a period of time. Obviously it will involve some volatile price swings in the process.
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