gnulnx, you didn't address me but I offer some thoughts. I'm sure you know all of what I type therefore the thoughts are aimed at someone who knows nothing in regards to the topic.
Pinksheet stocks you can't "legally" short, yet anyone with trading experience knows shorting is a reality in microcaps and frequently done. Since one cannot borrow against Pink shares, those who short simply "naked short" and never deliver the shares they sold you, thus the term FTD or Failure to Deliver.
On the NYSE, AMEX or NASDAQ boards, to short one must borrow against outstanding shares by selling at the Ask. If every outstanding share was "Certed" and held in paper by every shareholder, in theory, the stock would not be shortable. No trades could take place unless Certs were turned in to trade the stock. If there were Naked Shorting beyond five days to balance accounts, the SEC would probably step in and penalize the cheaters. These stocks are more heavliy monitored by watchdog agencies.
On the OTCBB and Pinksheet stocks, those that dwell in anonymity, you could have the same situation exist where every Outstanding share was Certed and held by shareholders. Here however, because of Naked Shorting and the SEC's inability or unwillingness to enforce the law, you can still have shorting occur, trades take place and MM's moving shares. It would still be "business as usual" because of naked shorting.
Holding Certs on a big board has an effect. Holding them on a Pinksheet is no advantage dispite the advise of Paul Alonzo.
If they were to issue a monetary dividend to shareholders, PBLS would pay the amount to all Transfer Agent verified Outstanding shares stockholders. Those who had Naked Shorted would pay the dividend to any shares above and beyond the Outstanding totals.
If the dividend amount was large enough, it could be very painful to the shorting parties. If it is small dividend, the amount earned by shorting the stock may far exceed the dividend amount. Naked shorting is 100% income for the shorter if he never has to repurchase the stock. A larger dividend would obviously have great effect.
None of the above would affect the exchange on which PBLS sits. They would still have to meet and go through all the requirements and formatilies to effect a change in the exchange on which they reside.
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