They couldn't prove there was any naked short position in their stocks at all. So far, the cases have been dismissed because of that. And they had some very heavy hitter attorneys.
Problem is, it took a long time for those attorneys to understand that shorting against toxic convertibles isn't naked shorting, and that in every case, management is complicit.
The records in the court case against the crooks at American Healthcare (AHEA) were lost because the US Attorney's office working the case were in the World Trade Center. Copies of the records had to be gathered from the different FBI Field offices that worked the case. The AHEA CEO, Arthur Wheeler, is now living a nice rent free life in a US Pen.
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