"unless you are implying short selling by SPNG mgmt and associates. This is entirely possible, especially due to SPNG mgmt fraudulent behavior across-the-board. No names were mentioned as to who shorted, only that if OBO + NOBO > A/S, there is NSS."
I am not the least bit confused about this. If SPNG mgmt sold unauthorized shares into the market and broker/dealers relied on what turned out to be fraudulent opinion letters, OBO + NOBO > A/S does not mean NSS - it means there were fraudulent long sales by the company. There is incontrovertible proof that SPNG mgmt did exactly that prior to Sep 2009. The issuer is not "short selling" in this specific case, but selling new unauthorized shares and making delivery much later after the fact with illegal shares.
There is a very nice discussion of long sales causing a security to appear on the threshold list in Reg SHO. Perhaps you should read it when you have the chance.
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