vero: You are right that there is no specification on the time period for the voluntary limits. This has always bugged me and was not addressed in the Klawonn filings. I would therefore assume YA could fill up at open, zero by noon, fill up at 12:04 PM, zero out before close. Of course, that would require more liquidity than we have had of late.
The SEC also is entirely unspecific about it but I assume the test would be that at any particular moment the percent ownership does not exceed 9.99%.
I have a setting on my open buys page where I can select this limit, but the instruction also seem to suggest it would not allow a buy if it exceeded the specification at the time of execution, with no time period specified. I have no intention of testing that theory.
It is great to see you looking to the documents for factual answers. While most of them are there, it is also interesting to note the holes.
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