OldBen, alien addressed the issue before I had a chance...and he is right.
It's using FINRA's Daily data as black & white evidence of massive FFGO shorting that makes proponents look foolish. FINRA's bi-monthly reports are a final consolidation of the Daily numbers and they showed negligible if any FTD's. That is enough confirmation for everyone but the Massive NSS Conspiracy theorists.
You and your team will have to use whatever factual information you can unearth to determine the primary reason for FFGO's demise. I like your approach of investigating "dynamics". It sure makes your job easier because there is so much of it right out in the open.
Should you determine that there is no hardcore evidence that massive naked shorting was the cause of FFGO's failure to follow through with their dividend promise, you will be able to focus more intensely on the remaining possibilities.
If during your research, you do uncover some degree of illegal shorting, and it happens to be by management themselves in offshore accounts, then your case will become that much stronger.
I would be curious as to what actions you feel that the company took that were genuine & legitimate. If you are referring to the early dividends that were eventually given to shareholders, be aware that that is a tactic used to set up expectations of a much larger one. Those little dividends were just morsels of bait, costing the company next to nothing, and they paid off 3400-ful by reeling in new victims who saw it all as a sign of legitimacy. It is neither a new ploy nor one used exclusively by FFGO. Far far from it
Once again, the best of luck with it all.
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