Sure. Assumption is for a long position desiring to sell shares through their broker.
(IOW, short pledging and/or secondary exchange selling are different processes.)
1. Share certificates (certs) with restricted legends are deposited with a broker.
2. Client fills out appropriate forms to get the legends removed.
3. Broker contacts corporate counsel and/or TA.
4. Broker gives client the ok to sell.
5. Client sells shares. At the time of sale, certs are still at/or between the TA and the broker (some cases broker sends certs to TA before a sale, sometimes after a sale).
6. At this point the sale is reported as a FTD.
Specifically to JBI in late July, 2011-- the average of 5-digit daily reported FTDs spiked to the 6-digit level on the exact day a significant amount of shares were eligible to have their restrictions removed. Subsequent 6-digit increase in JBI's Float numbers as reported by the TA line up with the reduction in reported daily FTDs back down to 4 and 5-digit numbers.
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