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Microcap & Penny Stocks : VLVT (was CSMA)
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To: I Am John Galt who wrote (539)11/16/1997 5:42:00 PM
From: TraderGreg  Read Replies (5) of 11708
 
Whew, needed an aspirin after that post. Thanks for the explanation on how MMs swap shorting back and forth. WRT to EUTO, let's see if I understand this. You got in hand 25MM certs when only 16MM should exist?

The big question: When a share is shorted illegally, what implications does this hold to the buyer of that share? This may sound naive, but it wouldn't surpise me to hear that the SEC would treat those longs as owners of stolen goods or scale down the price to reflect 16/25 of prior value.

But seriously, it seems to me that this would be treated as an illegal short of some of those 50 MM that weren't supposed to be traded, thereby requiring an immediate cover by the shorter. Correct?

Has not much of this covering occurred though? I noticed, my eyes not deceiving me, that EUTO traded as low as 2 mils (2/10 of a cent) and shortly thereafter it broke through 25 cents. In Franco's lexicon, that's a 125 bag city Arizona. Or was that a reverse split and my stock data service didn't adjust for that?

TraderGreg
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