Mad Monk: I think the news release on IMMM, stating that the reason for the decline is a massive short selling campaign is phony, pure and simple, and if it is, getting hold of certificates will not help.
There are only few financial entities that can short stock which is not marginable, and IMMM is definitely not marginable. All the other shorters do not need your stock certificates or your stock to short. If your stock is not marginable it cannot be loaned out either.
The only possible source for shorting in IMMM are market makers, and they need not borrow stock to sell short. Another group of people that can short are those that short against the block, namely they own securities or equivalent securities (such as convertible debentures, or securities that will be delivered to them in the future, or become registered for trading in the future, such as in Reg S securities, restricted stock etc). These people shorting cannot be stopped by withdrawing your securities from your broker. Pure and simple.
Personally, if management knows that indeed massive short selling is the reason for the decline in the price of the stock, they must also know who is doing the shorting, since these people are either market makers, or holders of Reg S or restricted securities. If they know who is doing the short selling, they should come clear and let their suffering stockholders know about it.
Zeev
PS. I do not usually barge into a forum in which I have no position, or do not expect to hold a position. My reason for coming by is that one of the posters e-mailed me (few months back and just recently) suggesting I look into buying the stock. I did not like it then, but thought it might become attractive now. After reading management's last press release, I came to the conclusion it might be best to wait for the next shoe to drop. It reminds me too much of BCHP and CHUR, in both cases, I did not like management's whinning about short sellers (they were also sub $1 stock), and these are now trading at fractions of their prior sub $1 values. The range is 0 for BCHP and about 1 to two pennies for CHUR (in chapter 11 as of this writing).
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