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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!
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To: StockDung who wrote (481)3/8/2006 10:57:50 PM
From: ravenseye  Read Replies (1) of 5673
 
Message Boards | Overvalued Stocks : Anthony @ Equity Investigations, Dear Anthony
To: Janice Shell who wrote (89170) 1/6/2005 7:31:05 PM
From: AsturiasPh.D/MBA 89171 of 93941

Anyone ever hear the words "Naked Shorting" brought up in the Elgindy case?

Not once.
Message 20923790

Day 25: 12/14/04
Michaelson - direct - Berke
5251
1 short squeeze?
2 A Yes.
3 Q And what happens if you have a short position, no matter
4 how right you are about the company ultimately going down to
5 zero, but what happens if there's a short squeeze?
6 A I would be in an underwater position.
7 Q What does that mean to be in an underwater position?
8 A It means -- well, it depends what I would do in reaction
9 but if I didn't do anything, I would just have an unrealized
10 loss on that position. I'd be -- I would have -- it would be
11 worth -- I would have lost money on it.
12 Q Even though you were right about the company being a
13 scam, you'd still lose money?
14 A Yeah.
15 Q And while we are talking about that, have you heard of
16 something called buy-ins?
17 A Yes.
18 Q What are buy-ins?
19 A Buy-ins relate to the fact that you have to borrow the
20 shares in order to short them. The shares come from
21 somewhere. Even in Canada which supposedly was naked shorts
22 you get bought in. So, the brokerage can just make a trade
23 for you without your permission because they have the right to
24 call in -- you have borrowed shares when you short a stock and
25 if the person who lent them to you or somehow in the system
HOLLY DRISCOLL, CSR
OFFICIAL COURT REPORTER
Michaelson - direct - Berke
5252
1 wants them back, you have to buy them in the market and give
2 them back. That's -- it's much more complicated than that.
Message 21746809
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