A few random and unconnected thoughts rattling around in my head:
1. I can't see any reason why any entity would borrow shares to hold. It's just a transitional short time period before they sell to short, no?
2. JP Morgan are only acting as Trustees. They probably have not joined the party on their own account.
3. In the case of the churning cross-trades, the broker/s acting to carry out the trading is/are potentially just as culpable as the client. Both can be found guilty of misbehaviour.
4. If ASIC does successfully prosecute this obvious, prolonged and deliberate price fixing, a Class Action by defrauded shareholders would be one subsequent event to watch out for. Should wound a hippo or two where it hurts [in their hippo pocket.]
5. Possibly not all, but certainly most lending agreements for shorting have a clause in them requiring the shares to be returned to the Lender if a General Meeting is called. This is to allow the 'true' Owner, e.g. a Super Fund to be able to vote at the Meeting. I'm wondering what STX can think of to call a Meeting about in the near future? That action would set off a stampede of short covering that would be a sight to behold, I think.
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