You are technically correct that Offor and management wouldn't share what their shares produce for them no more than I would with my shares share with them the proceeds of what I get for them by Total or from short sellers/brokers on the portion of my shares which are shorted shares.
See, it doesn't matter whether I get Total shares or a dividend from Total or from Erhc respectively on my shorted shares... that's because it's the shorts and their brokers who have to go to the market and buy Total shares and deliver them or dividends in cash.
So yeah, ERHC won't share anything on the shorted shares and I'm sure a good percentage of my holdings are the shorted shares. But the shorts and their brokers will.
So in that sense, you're right... and in a way you seem to be saying that shorts exist.
Krombacher
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