With the caveat that I am no expert here: I think there is a market effect on borrow costs. Too high and they can't make money. Too low and it's not worth the lenders risk.
I think the holders use the short sellers to hedge their holdings in bear markets and where they perceive short term risks to the share price. Some would say a self-fulfilling prophecy. It would be easier to lend than sell and buy back large blocks with the requisite discounts for block sales. It also looks bad on the register and with the unit holders I suppose.
Better to lend out, ride the downturn and make some percentage on the margin and then sell some when there is some froth. If there is a squeeze the registered holders feel no pain and can call if the want to take some real profits.
On the bright side they would definitely see long term upside otherwise they would sell out and move on.
PNV Price at posting:
$1.20 Sentiment: Buy Disclosure: Held
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