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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Richard Mazzarella who wrote (9773)1/22/2003 9:32:28 PM
From: d:oug  Read Replies (2) of 11603
 
"market makers with a significant naked short position"
.
biz.yahoo.com
Participating OTC Bulletin Board Companies
Confirm Certificate Only Transfer Procedure
Meets Market Compliance and Trading Standards
Thursday January 16, 11:57 am ET
BLAINE, Wash., Jan. 16 /PRNewswire/ --
A group of OTC bulletin board listed companies
that have exited the DTC system and have subsequently
been the target of a media campaign that questions
the validity and legality of this procedure have jointly
confirmed the precedence for the use of this method
and support by all governing bodies concerned.
The group of companies that have opted out of
electronic share ownership
via the Depository Trust Corporation (DTC)
in favor of actual share certificates includes...
These companies began exiting the DTC system in 2002
due to its inability to provide authenticity of actual shares trading,
allowing for illegal naked short selling trade abuses.
Under a naked short sale of stock,
short positions are not declared,
shares are not borrowed to cover the short sale,
and shares are sold without delivering the stock
to the purchaser.
Naked short selling results in the undermining
of real shareholder ownership by naked short sales
of stock and resulting failed deliveries of real certificates
that artificially inflate share ownership
and devalue the trading prices of shares
in the marketplace.
Unscrupulous brokers and market makers may conspire
to manipulate and devalue the price of securities in this way....
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