I'm not following your logic. If States Street holds 5% they are a substantial holder. If they lend those shares out do they lose their status as a substantial holder. Your post only makes sense if lending to shorts affects your substantial holder status. Is this more blue hand nonsense?
If I own a house and I lend my house to a third party I still own the house.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-106
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