I would postpone calling in your certificates until after the AMEX listing otherwise you may have a bunch of paperwork to convert them to the new exchange. Once you're on AMEX though there won't be a need to have the certificates in your own hands b/c they can't naked short. It would only make sense to have gotten your certificates a long time ago for example when it was a penny stock and if it was being held down by the market makers thus keeping the price below the approval level. We don't have the problem today and I think trying to get your certs at this point would be a big headache. Don't get me wrong, I want the shorts to fry as much as anyone. Just my opinion and I'm not positive on the process of the new listing.
¶ MH, DTC holds the shares on behalf of the customers...
and all the free trading shares that are NOT in Certificate Form are currently in DTC... The shorters can borrow from DTC in order to short SEVU, but a fair amount of shorting is done "naked", without a Borrow by certain MM's, pro-shorters using Friendly MM's Accounts (illegal) and through Canadian Brokerages that are essentially unregulated by SEC...
I estimate the size of the current short position at about 500,000 shares or about 15% of the Float... A sizeable portion of this Float is held by Management and shareholders friendly to Management... To dry-up the DTC holding of SEVU shares, all they have to do is convert their "Street Name" (DTC) stock into Certificates and I believe this process has already began in earnest...
This should eventually force a buy-in when the DTC runs out of shares and the shares borrowed are compulsorily recalled... There is NO WAY Shorters can buy back 500,000 shares in the open market, without creating a very large price increase... This is likely to be compounded when SEVU lists on AMEX and the change in Symbol and Cusip # should Trigger wholesale covering of Short positions...
Regardless of AMEX, I encourage all LONG TERM holders to convert their shares into Certificates... You will discover that your Broker will be reluctant to do so because he probably agreed to have your shares loaned to some shorters... You'll probably have to threaten your Broker with filing a complaint to NASD and SEC before you'll get some action and the sooner you do it, the better: at one point the DTC will run DRY of SEVU shares and you don't want to be last... Even if you act NOW, it'll take 1 to 3 weeks before you see your Certificates....
Here is some good reading on DTC and why you should have your shares in Cert Form...
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