A retraction and an update:
Retraction:
My sincerest apologies to Neville. I commented on my last
post that Neville had not returned my calls. Just received e-mail from
Neville & spoke to him on the phone. The reason he hadn't called - I left
my "800" number, non-reachable from B.C.
We had a nice conversation, and hopefully Neville will realize that
my average # of mistakes/day roughly = IMMM daily volume. Chalk up
another for me.
Update from our conversation:
Neville is meeting with Directors in next few days. He will do all
possible to update web page, pushing to give us all info possible. Unfortunately,
as Bob alluded, UPR has classified these wells as "tight", so I don't
know how much tangible info we'll get. Here's wishing Neville much
success.
Lastly, everything I know about taking delivery of shares - This
(mis)information comes from postings on the Internet, conversations with
2 brokers, & conversation with Neville. Most/all readers of this know
much more than I, so please correct where necessary. I'll try to be brief:
The short position is thought to be held by MM's as opposed to individual
investors. Individual investors cannot short stock held in cash accounts.
MM's can, as they don't always have to borrow stock in order to short.
MM's cannot short stock that has been taken out of circulation,
i.e. if I'm physically holding shares, MM's can't short those shares.
There may be limits as to how much unborrowed stock MM's can short, I don't know.
Best I can tell from all of this:
Holding shares in cash account prohibits the individual from shorting.
If shareholders have physical possession of shares, MM's can only short
whatever allocation they have, or can borrow from other MM's.
Therefore, if MM's are the shorts (which is most likely), taking physical
possession of shares lessons MM's ability to short. Also, if MM's see a
rush of "delivery" orders rolling in, they are likely to pull tent and
take their game elsewhere.
IMHO from all this: If we're serious, we will take physical possession.
I'm aware that "trusting" one another on the Internet is lame to insane, and
none of us cares to be the only sucker physically holding shares. But if
we have enough of a response from those who say they'll do likewise,
Quick & Reilly will be my first call Monday morning.
If the above info is flawed, which is likely, I would appreciate
someone educating me. It is not my intent to misinform. Also, I really
don't want to go to the trouble if this exercise is useless.
Thanks,
David
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