What is FTD ?
Counterfeit Shares: A History Lesson
In the "old days" the treasury would have a certain number of stock certificates printed and denominated (like currency) With a face value (par) and a certificate number or serial number. Much the same was as money is printed. Each and every share that existed was printed, and there were tangible pieces of paper (stock certificates) that could be counted (booked), with a unique serial number and the company seal giving us the A/S or Authorized Share count. Again all the shares that exist were the A/S.
As shares were issued to Founders, Insiders, Promoters, Service Providers, Brokerage houses, their MM Market Maker Divisions, and retail to the Public. The amount, denomination, and serial numbers were recorded (booked), and the books of the company and of each Brokerage house could be opened to see who had - what - when and where. This is the O/S or Outstanding Shares.
Some founders, insiders, vendors, lenders, were given restricted shares or a different class of shares or warrants or options that prevented some of the O/S shares from trading retail with the public. These shares are O/S or "out" but can't be legally sold or traded. Everything else that is left for the public to buy or trade is "the float."
Bring in Computers - the death of paper shares. Most if not all public shares are now traded digitally. Trillions of shares worldwide are computer entries without a paper trail. This is why the counterfeiting of shares is now so easy. In fact, with a legal short, you "borrow" shares you don't even own - from a legal shareholder who may not know the shares were borrowed - from a broker that may not even have shares to lend - that puts out a "locate" to find shares not in their (book) of business. The transaction happens even though the shares are not found and cash moves (they do take cash), but..the shares are not located and the broker FTD's (Fails to Deliver) the borrowed shares they couldn't locate. Well to go home for the day and close the brokerage house, you have to balance the buys and sells... so a computer entry is created to account for the FTDs as if they were real. BAM we have newly created counterfeit shares. Do this a billion times a week and we have billions of NSS "Naked Short Sales" in the system that FTD, "Failed to Deliver".
My opinion is that SPNG is in a position where naked shorts created counterfeit shares and the naked share count is between 800 Million and 1.5 Billion exceeding all of our O/S Outstanding shares. We need an event that requires a full counting and accounting of the legal shares. An uplist to Nasdaq, a small dividend, a split in any direction..etc. All of the books get opened and the counting begins...Like musical chairs....the nakeds (or their brokerage houses) have to buy legal shares to turn in and match what their book says ..or they get exposed ...and guess what?? There are not enough outstanding shares in existence to cover the naked shares..hence the MOASS. A Naked short may have to buy a share in the open market - deliver it to cover and close the short - and then buy the same share again in the open market.
A member said I am spreading the NSS "rumor" - I say that the NSS situation is fact- SPNG management said so 14 months ago in a letter to shareholders..we are on RegSHO list. etc. etc. - look up "member" spongeboy on ihub and read my other posts on this subject including facts on NSS in SPNG and my opinion as to share count. Hang on to every share you have.. these next 10 days will be interesting.
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