Sorry- I hope you didnt think I was being a wise ass : )
One thing I never realized was that this technique helps with taxes if you are looking to take advantage of long term gains rather than get out.. Sorta neutralizes the position until necessary which could really be advantageous if you have a large position and dont need the cash immediately..
I think that that specific tax loophole has been closed. You can no longer count the time you were short against the block to get LT Cap gains. The technique is however heavily used in hedging, for instance, people buy convertible notes or bonds or preferred stock and then sell short against that box (namely the equivalent number of shares upon conversion). The result (if done right) is getting in essence an infinite rate of return....
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