Please cover all Naked Shorts of ONP before August 24. Otherwise, I will send an e-mail and a letter to Mary L. Schapiro, the Chairperson of the SEC on August 25.
People have the right to short ONP and all others stocks. But the SEC Regulations is clear when you have to force the buyback of Naked Shorts.
Please follow the SEC Regulations.
What you do not understand is that a fail to deliver occurs between 2 parties. It is not a industry wide phenomenon. There are plenty fo ONP shares to borrow right now. The FTD may involve one or two houses, only.
John if you think I am holding my breath for the rule change 10/15/10 and the SEC to save me….you picked the wrong gal. http://complianceinsights.typepad.com/rule_news/
Long-Term Sentiment Disclosure
It is not humanly possible to expect 3,700 regulators to regulate
35,000 regulated entities
4,900 broker dealers
664,975 registered representatives
...now they have to learn 2000 pages of new law BS ...and in those 2000 pages you will find they now have to regulate trillions of derivatives.
I am long ONP and I believe that ONP is a solid business with great growth potential and honest management. It's just a matter of a short time before the MW accusations will be debunked. The analysts will cease suspending coverage and the share price will go up quite a bit. I am not at all anxious about the number of short shares, and I have no wish for the shorts to cover any time soon. I prefer that they would wait and cover at a much higher price.
Here is their failure to deliver shares
20100707 68619F205 ONP 1025 ORIENT PAPER, INC. COMMON STOC 6.77
20100708 68619F205 ONP 24089 ORIENT PAPER, INC. COMMON STOC 6.98
20100709 68619F205 ONP 22417 ORIENT PAPER, INC. COMMON STOC 6.65
20100712 68619F205 ONP 3160 ORIENT PAPER, INC. COMMON STOC 6.95
Hi Mira, I need your help. I just spent about 30 minutes on the phone with a very professional account rep at Charles Schwab in USA. I do all my trading in ONP stock with them. Here is what he told me:
1) CS does NOT allow any short selling of ONP stock -- they consider it to be a "high risk" stock and, therefore, they do not allow short sales. (Good news!)
2) Acccording to this rep, SEC regulation "SHO" deals with the 13 day issue on naked shorts. Althought it's academic in the case of Schwab, per this rep a security must be on the list of "Threshhold securities" with the National Securities Clearing Corporation before the 13-day rule applies. He looked up this list and said that ONP is NOT on this "threshhold securities" list - ???
3)The Schwab rep went futher to say that point #2 is academic. He said that any reputable securities broker would be forced to go into the market and cover naked shorts after 13 trading days to be sure they were not exposed to huge liabliaties risk -- especially with a small cap ADR like ONP.
Hope this helps some. Does this differ from your understanding?
(P.S. -- I insisted on a written record with Schwab that I will file a complaint against them if I learn they held naked short positions for ONP beyond 13-trading days. It is on the record!)
But they are not doing anything illegal unless they don't cover by the 24th. That is like calling the police saying somebody might rob a bank in 5 days with no evidence. I'm all for letting them know on the 25th, but you are shooting too soon.
Not at all. The SEC must know that ONP is on the naked short list for 9 days andteh SEC should contact all brokers to FORCE closing the shorts by August 24.
I already infomed the SEC and I urged all shareholders to fill the form online now. It's onlt take 2 minutes and you can do it annonymously or write your name.
Bye for now.
First fill this form for compliant online about abusive naked short sales. I just did.
You can file it annonymously, or write your name.
In the complaint write that ONP is already 9 days(as of today) on thenaked short list, and you ask the SEC to contact all brokers to close all naked short sales by August 24 following the SEC rgulations.
if all longs willfile thsi complaint online. The SEC will notice it today.