Unfortunately, I don't know the answer to how many air shares there are at present. It would be nice to know instead of trying to use a slide rule. Of course that has been a problem not just for RCCH but other securities as well. Since the TA was gagged, a number of changes have occured, but to date, the largest change would be HR4173 which will hopefully provide some positive changes in order to calculate shares. Below is a nice timeline of events.
In July 2009, the SEC released the following document which is useful in understanding the mechanics of the marketplace and decisions taken regarding policy. SEC Takes Steps to Curtail Abusive Short Sales and Increase Market Transparency http://www.sec.gov/news/press/2009/2009-172.htm SECURITIES AND EXCHANGE COMMISSION 17 CFR PARTS 200 and 242 [Release No. 34-60388; File No. S7-30-08] RIN 3235-AK22 Amendments to Regulation SHO AGENCY: Securities and Exchange Commission. ACTION: Final rule. http://www.sec.gov/rules/final/2009/34-60388.pdf
In August 2009, The Federal Reserve Bank of Cleveland wrote an excellent paper, which sought to provide a financial framework to analyze and moderate systemic risk.
Federal Reserve Bank Of Cleveland Policy Discussion Paper Number 27, August 2009 On Systemically Important Financial Institutions and Progressive Systemic Mitigation James B. Thomson http://www.clevelandfed.org/research/policydis/pdp27.cfm
At the time, hearings in congress began and a number of initiatives were bundled together until December 2009, when a comprensive bill, HR4173 was introduced and has since passed the Senate and the House. HR4173 is over 1600 pages long. Included in the legislation is the following language,
*"Requires every institutional investment manager that effects a short sale of an equity security to file daily with the SEC specified short sale disclosures. Makes it unlawful to effect manipulative short sales of securities. Requires registered brokers or dealers to notify customers that: (1) they may elect not to allow their fully paid securities to be used in connection with short sales; and (2) the broker or dealer may receive compensation in connection with lending the customer's securities. " H.R. 4173: Wall Street Reform and Consumer Protection Act of 2009 http://www.govtrack.us/congress/bill.xpd?bill=h111-4173 * From summary page.
Until such time that better information is known I will stick with my motto...
---------------------------------------------------------------------------------------------- fun have you calculated how many air shares are out there? Would every transaction since the TA was gagged at 338 million OS be considered the sale of air shares? thanks