"A classic example of a fraudulent company being caught with their hand in the cookie jar by short sellers..."
As you are probably aware long sales wherein the stock is not delivered timely will also trigger appearance on the threshold list. An equally valid explanation is that this is a classic example of a fraudulent company selling shares faster than they could deliver.
"...only remaining issue is if OBO = NOBO > A/S."
I assume you mean OBO + NOBO. You have made the implicit assumption that if the outstanding shares exceed the AS there is a naked short problem. This ignores the very real issue of the principals' penchant for fraud. I would not be the least surprised if they had exceeded the AS with their sales. They had no problem doing just that until they knew the SEC was looking and tried to cover their tracks.
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