Replies to post #24861 on Universal Energy Corp (UVSE)

[mikeyk]

Well I can give you the basics, not gonna go through the whole time line again, already posted it way too many times over the last 9 months.

Naked shorting, dilution, A/S increase, more naked shorting, another A/S increase, failed well, financial sector collapse, change in the naked short rules, more dilution, hurricane Ike, and more dilution. Not necessarily in the order I wrote it, but basically sums up all the bits. It was a perfect storm for 6 months from June until December 2008. Lots of stupid people (CD holders) got greedy, boxed themselves into a corner by naked shorting themselves into oblivion and making it hard for the company to pay it's debt. Now they have to wait and be patient or force another A/S increase, possibly making it impossible for them to sell any of the shares they convert into if they forced the issue.