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Post by gwb on Feb 26, 2015 20:31:50 GMT -5
How high can this number go before 'something' happens? Wasn't a firm and trader group recently sanctioned for doing this for many companies (including MNKD)? You would think that would scare someone? Guess not... I belive Merrill Lynch was sactioned and fined a whole 2 million dollars in 2014 ! The below was posted on twitter October 2014.
Who needs visual evidence of how naked shorting has affected? $MNKD #Manipulation
/photo/1 Reply Retweet Favorite More Embedded image permalink 5:04 PM - 2 Oct 2014 |
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Post by savzak on Feb 26, 2015 20:57:25 GMT -5
I admit my ignorance on this issue. Can someone please explain: if 6.5M shares are sold but not delivered, how do the buyers get the shares they purchased?
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Post by ezrasfund on Feb 26, 2015 21:11:59 GMT -5
I believe that the shares are eventually delivered so the 6.5 million cumulative total doesn't mean as much. Otherwise the trades would be cancelled. But even if the shares are eventually delivered a situation is created where there are always a significant number of undelivered shares floating around.
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Post by kc on Feb 26, 2015 21:29:53 GMT -5
I wish we had an attorney on the board. I would think a letter crafted to the attention of MannKind, the SEC, NASDAQ AND the DOJ questioning this situation might at least force a response by one of the parties. When your addressing it to all the parties then somebody has to respond to the party writing the letter. There is probably also a house or senate committee too. The company would have to respond in some way to all the parties. Another way way is to send it to the company and ask them to make a shareholder amendment to be discussed at the annual meeting. Again an attorney would have to read the bylaws to understand the protocol need for a shareholder amendment. Since control is with Mann it would be heard bet get a down vote to investigate. house committee on Financial services financialservices.house.govHow high can this number go before 'something' happens? Wasn't a firm and trader group recently sanctioned for doing this for many companies (including MNKD)? You would think that would scare someone? Guess not... |
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Post by jpg on Feb 26, 2015 21:32:10 GMT -5
I admit my ignorance on this issue. Can someone please explain: if 6.5M shares are sold but not delivered, how do the buyers get the shares they purchased? If my imperfect understanding of the 'game' is correct they simply pass IOUs around so the shares are mobile. That is in contrast to the occasional error of matching shares and buyers. The former is illegal (and theoretically could be considered criminal) while the later is simply bad computer accounting (explain that one to me in 2015 though...). Regardless of the cause this is not supposed to happen on this scale and regulators are supposed to monitor and step in when extremes are reached but seldom if ever do. The sanctions for not playing by the rules are small (although I remembered a bigger fine then 2 million $...). |
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Post by Deleted on Feb 26, 2015 23:42:04 GMT -5
i would like MNKD to do a reverse split - so every 2 shares get reverse split to 1. that would get the share count down and further prevent these games
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