It goes against all logic and common sense to believe that I O U s are allowed to increase day after day without being settled. Research into the Depository System will show you that all buys and sells by all M M s and between all MM s are settled at the Depository where all the shares are - like the Bank. If you bought 1000 shares of any Pinky and they were naked shorted to you -- you can take delivery of these shares any time you wish. The selling broker went temporarily short against his account at the Depository. The naked short date and the SETTLEMENT date at the Depository are not on the same day. I think the difference is 3 days. A more serious issue is a ' Fail to deliver '. I seriously doubt if there were ever any of these re KATX. There is a huge amount of KATX shares available at all times in KATX. If you wish to call them I O U shares -- do so -- but they get settled within 3 days at the Depository.
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