Didn't they stop naked shorting?
BUYINS.NET: ECGI, NWD, BCON, TIDE Have Been On BUYINS.NET Naked Short List For 13 Consecutive Trading Days
By M2
Last Update: 9/9/2005 11:48:15 AM Data provided by
Sep 09, 2005 (M2 PRESSWIRE via COMTEX) -- www.buyins.net, announced today that these select companies have been on the NASDAQ, AMEX and NYSE naked short threshold lists for 13 consecutive trading days: Envoy Communications Group (ECGI), New Dragon Asia Corp. (NWD), Beacon Power Corp. (BCON) and Tidelands Oil & Gas Corp. (TIDE). For a complete list of companies on the naked short lists please visit our web site.
Regulation SHO took effect January 3, 2005, and provides a new regulatory framework governing short selling of securities. It was designed with the objective of simplifying and modernizing short sale regulation and providing controls where they are most needed. At the conclusion of each settlement day, data is provided on securities in which: 1) there are at least 10,000 shares in aggregate failed deliveries for the security for five consecutive settlement days, and 2) these failures constitute at least 0.5% of the issuer's total shares outstanding. Regulation SHO mandates that, if a clearing agent has had a fail-to-deliver position for 13 consecutive settlement days, that clearing agent, and the broker/dealer it clears for, must purchase securities to close out its fail to deliver position.
Envoy Communications Group (ECGI) is an international consumer and retail branding company with offices throughout North America and Europe. With 21.63 million shares outstanding and 8,107 shares declared short as of August 10th, the failure to deliver in shares of ECGI has not been resolved and a buy-in is possible.
New Dragon Asia Corp. (NWD) engages in the milling, sale, and distribution of flour and related products, including instant noodles in China. It offers a range of wheat flour for use in bread, dumplings, noodles, and confectionary products to retail and wholesale customers. The company also provides a range of instant noodle products, including packet noodles for home preparation, and snacks and cup noodles for outdoor convenience. New Dragon Asia markets and sells its products through distributors, supermarkets, and food stores in China. It also exports its products to other countries, such as Korea, Australia, Malaysia, and Indonesia. The company is based in Shenzhen, China. With 45.06 million shares outstanding and 107,790 shares declared short as of August 10th, the failure to deliver in shares of NWD has not been resolved and a buy-in is possible.
Beacon Power Corporation (BCON), a development stage company, engages in the design, development, configuration, and sale of products and services to support electricity grid operation. The company develops alternative sustainable energy storage and power conversion solutions that provide electric power for the renewable energy, telecommunications, distributed generation, and uninterrupted power supply markets in the United States. Its development stage products include Smart Energy matrix, Smart Power M5 inverter system, and Smart Energy system. Smart Energy matrix regulates the frequency of electricity on the power grid. It also regulates the frequency of electricity produced by a distributed generation facility and compensate for temporary differences between the demand for electricity and the amount being produced by that facility. Smart Power M5 inverter system converts direct current electricity produced by photovoltaic panels into alternating current electricity for residential and commercial use. Smart Energy system stores electricity for telecommunications, cable systems, computer networks, and Internet markets applications. Beacon Power Corporation was founded in 1997 and is based in Wilmington, Massachusetts. With 48.86 million shares outstanding and 265,720 shares declared short as of August 10th, the failure to deliver in shares of BCON has not been resolved and a buy-in is possible.
Tidelands Oil & Gas Corporation (TIDE), through its subsidiaries, engages in the development and operation of transportation, processing, distribution, and storage projects for natural gas and liquids in the northeastern states of Mexico and the state of Texas in the United States. It operates a natural gas pipeline between Eagle Pass, Texas and Piedras Negras, Mexico, as well as a propane distribution system serving residential customers in the Austin, Texas area. The company was formed in 1997 under the name C2 Technologies, Inc. and changed its name to Tidelands Oil & Gas Corporation in 1998. Tidelands Oil & Gas is based in San Antonio, Texas. With 74.28 million shares outstanding and an undeclared short position, the failure to deliver in shares of TIDE has not been resolved and a buy-in is possible.
About BUYINS.NET
WWW.BUYINS.NET is a service designed to help bonafide shareholders of publicly traded US companies fight naked short selling. Naked short selling is the illegal act of short selling a stock when no affirmative determination has been made to locate shares of the stock to hypothecate in connection with the short sale. Buyins.net has built a proprietary database that uses Threshold list feeds from NASDAQ, AMEX and NYSE to generate detailed and useful information to combat the naked short selling problem. For the first time, actual trade by trade data is available to the public that shows the attempted size, actual size, price and average value of short sales in stocks that have been shorted and naked shorted. This information is valuable in determining the precise point at which short sellers go out-of-the-money and start losing on their short and naked short trades
All material herein was prepared by BUYINS.NET, based upon information believed to be reliable. The information contained herein is not guaranteed by BUYINS.NET to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. BUYINS.NET is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. BUYINS.NET may receive compensation in cash or shares from independent third parties or from the companies mentioned.
BUYINS.NET affiliates, officers, directors and employees may also have bought or may buy the shares discussed in this opinion and may profit in the event those shares rise in value. Market commentary provided by Thomas Ronk.
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