Here's an off the wall post, but since Bloomberg reinforced how corrupt the system is here goes. CHNW had 5 billion A/S and is now reporting 3.5 billion O/S. Esprit just raised the A/S to 11 billion.
Say there are 1 billion shares NSS. What's stopping the MMs from going to Garr and saying: Hey, we're short 1 billion shares, how about selling us 1 billion shares so we can cover our NSS when you have the CUSIP change? Esprit has enough because they raised the A/S.
Then the MMs cover their NSS by putting them in our accounts. The company is richer because of the cash and no one would ever know a NSS existed. MMs would be out the cash they had to pay Garr, but would cover their tracks as being NSS CHNW. The books would then balance with a true O/S figure. Or should Garr just say....cover your short on the open market!!!! Probably wouldn't make too many friends that way, but who ever thought of the MMs as friends!!!!
Probably a little illegal, but at this time, I wouldn't put anything past the MMs. Garr did say he was visiting with some MMs....could they have been the ones that are NSS CHNW??
Crazy post.....but.....
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