Larry, larry, larry.... WAKE UP ... they DIDN'T cover in the low 4s...
But since the average selling price during the push from about 5 3/8 to 4 3/8 (on the ask) was 4 7/8, and they sold most of their shares at $4 3/4 on one day.... then when they converted for shares at $4.47 they ended up making money.
But not much. Hence they gave it up quickly. Just like when they hit the wall at $4 and found resistance, they stopped their selling VERY quickly.
However, this only addresses CC, and truth is that the other naked shorts are in a very precarious position.
And you know, it wasn't CC selling to the bid on those days, since they spent their 30k shares protecting the ask on the way up.
At least, not unless CC was ILLEGALLY selling in excess of their quota for the day. Are you suggesting this is what they did?
Would you happen to have information as to their trading activity?
No, it would have been the other shorts doing the selling. We know they weren't covering, because we saw which MMs were buying on the bid. It wasn't REDI or ARCA, the other main shorts. Nor was it NITE. .... Nope, those guys didn't hop onto the bid until the selling was done. But no one would sell to them, the stock was rebounding.
Yep, they lost money on the trade. But who said shorts were smart? ;-) |
