Besides FANC only being on the bid, with their history of liquidating insider shares, ABLE, Natexis Bleichroeder, is also making a market in CPPC now. The plot thickens. You might want to DD ABLE. They have a history with not reporting short sales. This is pure conjecture, but insiders MAY be shorting the newly issued shares before it is registered with the SEC, ie, HEDGING it.
ABLE - Natexis Bleichroeder Inc.
Natexis Bleichroeder Inc. (CRD #1101, New York, New York) submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured, fined $26,000, and required to revise its written supervisory procedures with respect to applicable securities laws, regulations, and NASD rules concerning riskless principal trade reporting and ACT short sale reporting within 30 business days. Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that it executed short sale transactions and failed to report each of the transactions to ACT with a short sale modifier. NASD also found that the firm was a registered market maker in the securities, and, when an order was presented to the firm at the firm's published bid or published offer in an amount up to its published quotation size, it failed to execute the orders upon presentment and thereby failed to honor its published quotation. The findings also stated that the firm failed, within 90 seconds after execution, to transmit through ACT last sale reports of transactions in eligible securities. The findings further stated that the firm incorrectly reported to ACT the second leg of four "riskless" principal transaction(s) in NNM securities and incorrectly designated the capacity of such transaction(s) as principal. Furthermore, NASD found that the firm failed to report to ACT the correct symbol indicating whether a transaction was a buy, sell, sell short, sell short exempt, or cross for transactions in eligible securities. NASD determined that the firm's supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations, and NASD rules concerning riskless principal trade reporting and ACT short sale reporting. (NASD Case #CMS040009)
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CPPC - L2 Quote:
MM on Bid : 20
UBSS 1.4500 500 11:28:03
NITE 1.3000 500 11:33:35
HILL 1.2000 500 09:40:35
LABS 1.1000 500 10:49:36
FANC 1.0500 500 10:51:21
FRAN 1.0500 500 11:28:03
ABLE 1.0100 500 09:55:51
BEST 1.0000 2500 10:49:48
VNDM 0.5600 2500 11:17:54
SEAB 0.5500 2500 10:50:41
VERT 0.5200 2500 10:50:47
BRGE 0.5100 2500 09:49:30
ETRD 0.5100 2500 09:03:56
MM on Ask : 18
FANC 0.0000 500 10:51:21
UBSS 1.5000 500 11:28:03
NITE 1.5000 500 11:33:35
FRAN 1.7500 500 11:28:03
BRGE 2.1000 500 09:49:30
HILL 3.0000 500 09:40:35
ABLE 4.0100 500 09:55:51
VERT 4.2500 500 10:50:47
LABS 4.4500 500 10:49:36
VNDM 4.5000 500 11:17:54
DOMS 4.6000 500 08:54:29
VFIN 5.0000 500 06:50:46
ETRD 6.0000 500 09:03:56