RE: Stock monetizationIf Wellington converts we’ll hear about via a NR. I don’t think they will however – the announced sale of the company put a wrench in that one. To convert now puts them on the same playing field as the rest of us – i.e. awaiting the outcome of whatever return might come from a buyout.
More likely they’re reduced to making their profit from shorting now. Which may explain why this board has become so busy with bashers recently.
Short positions are made public twice per month. The latest for March 31 shows only a return to the short position held mid-February. Funny, I expected it to be a lot higher.
Here’s the recent history:
Symbol Report Date __ Volume _Change
SMY – T 2006-03-31 ___ 68,900 _ 17,500
SMY – T 2006-03-15 ___ 51,400 _-17,500
SMY – T 2006-02-28 ___ 68,900 _ 18,100
SMY – T 2006-02-15 ___ 50,800 _-14,300
SMY – T 2006-01-31 ___ 65,100 _-66,000
SMY – T 2006-01-15 __ 131,100 _-38,300
SMY – T 2005-12-31 __ 169,400 __-7,600
SMY – T 2005-12-15 __ 177,000 _-19,000
SMY – T 2005-11-30 __ 196,000 __-1,000
SMY – T 2005-11-15 __ 197,000 _ 29,000
SMY – T 2005-10-31 __ 168,000 _ 88,350
Looks to me like the stock is being naked shorted. It began its steady decline beginning last week after the first NR on the default. Over 7M shares were sold during that week, none reported by insiders. Sure some sales were by panicking longs ditching the stock, but it couldn’t have been that many shares. Heck, some of us were buying more to average down. New buyers who twigged on the sudden drop came on board too.
As for the bigger holders, BTG and OTPP, I suspect they were among the “third parties” in discussions with the special committee, if not with Samsys before that committee was struck. The looming liquidity crisis has been known for some time now as well as the onorous terms of the debenture loan, which were poised to contribute to it. If the bigger players wanted out, they would have exited long before last week. The same goes for Horowitz and his controlled shares.