Ann: S&P Ratings Services Downgrade, page-26

Stoeger,

I still don't understand how shorts lose if a company stops trading. If the value of the shares is zero then I thought shorts would have won the lot. I always thought that if a company was in danger of going broke that shorts would drive it down to zero. Are you able to tell me how shorts lose in this situation and why your group saw a price under 20c as too much risk. I was expecting the shorts to attack the company at this level.

GPASAS