Post by kranker on Sept 7, 2006 23:17:53 GMT -4
GenesisIntermedia Stock Who's CEO Was Ramy El-Batrawi Listed on Initial 'SHO List' for Excessive Fails for a Period of 105 Consecutive Trade Days
LOS ANGELES, Sept. 7 /PRNewswire/ -- GenesisIntermedia (GENI) stock
who's CEO was Ramy El-Batrawi was listed on the first official SHO list
published January 10, 2005. GENI was listed as a SHO qualifier for
excessive fails for a period of 105 consecutive trade days. Yet, in those
105 trade days, not a single share in the company has traded. Still today
millions of shares are still short in GENI, states Mr. El-Batrawi.
Naked short selling, which is failing to deliver for the purpose of
depressing a stock price, is a large problem in the US stock market. The
buyers all paid cash for the shares, and the sellers defrauded them by not
delivering (which has been illegal for 72 years). For years the SEC said
there was a problem, and then in 2005 they passed regulation SHO to address
it.
GENI was attacked by a group of aggressive short sellers intent on
depressing its stock price. Many of these short sellers sold GENI stock
short without first borrowing it. Naked shorters built a position larger
than the available float.
GENI voluntary delisted itself from NASDAQ and starting in 2002 began
trading on the pink sheets at .0001, but short sellers stayed short. Their
motive for not covering their position is not to pay taxes on their
enormous profits they made illegally shorting GENI. As long as they do not
cover their short position they do not have to pay taxes. That is why after
three years of being delisted from NASDAQ GENI's stock was on the initial
SHO List.
Selling stock short and failing to deliver shares at the time of
settlement with the purpose of driving down the security's price is a
manipulative activity, in general, violating various securities laws,
including Rule 10b-5 under the Exchange Act. Generally, Investors must
complete or "settle" their security transactions within three business
days. This settlement cycle is known as "T+3," shorthand for "trade date
plus three days."
To be listed on the Regulation SHO threshold security list there must
be a minimum of 10,000 shares and 0.5% of the issued and outstanding shares
available recorded in the CNS system in a failed settlement status. This
level of trade settlement failures must also persist for a minimum period
of 5 consecutive trade days before qualifying for the list.
SOURCE GenesisIntermedia
tinyurl.com/f7ob2
LOS ANGELES, Sept. 7 /PRNewswire/ -- GenesisIntermedia (GENI) stock
who's CEO was Ramy El-Batrawi was listed on the first official SHO list
published January 10, 2005. GENI was listed as a SHO qualifier for
excessive fails for a period of 105 consecutive trade days. Yet, in those
105 trade days, not a single share in the company has traded. Still today
millions of shares are still short in GENI, states Mr. El-Batrawi.
Naked short selling, which is failing to deliver for the purpose of
depressing a stock price, is a large problem in the US stock market. The
buyers all paid cash for the shares, and the sellers defrauded them by not
delivering (which has been illegal for 72 years). For years the SEC said
there was a problem, and then in 2005 they passed regulation SHO to address
it.
GENI was attacked by a group of aggressive short sellers intent on
depressing its stock price. Many of these short sellers sold GENI stock
short without first borrowing it. Naked shorters built a position larger
than the available float.
GENI voluntary delisted itself from NASDAQ and starting in 2002 began
trading on the pink sheets at .0001, but short sellers stayed short. Their
motive for not covering their position is not to pay taxes on their
enormous profits they made illegally shorting GENI. As long as they do not
cover their short position they do not have to pay taxes. That is why after
three years of being delisted from NASDAQ GENI's stock was on the initial
SHO List.
Selling stock short and failing to deliver shares at the time of
settlement with the purpose of driving down the security's price is a
manipulative activity, in general, violating various securities laws,
including Rule 10b-5 under the Exchange Act. Generally, Investors must
complete or "settle" their security transactions within three business
days. This settlement cycle is known as "T+3," shorthand for "trade date
plus three days."
To be listed on the Regulation SHO threshold security list there must
be a minimum of 10,000 shares and 0.5% of the issued and outstanding shares
available recorded in the CNS system in a failed settlement status. This
level of trade settlement failures must also persist for a minimum period
of 5 consecutive trade days before qualifying for the list.
SOURCE GenesisIntermedia
tinyurl.com/f7ob2
