• 28 Jul 2014 at 3:45 PM

Cynk Short-Sellers Screwed Again

So why isn’t Cynk worthless again, as it was before Belize’s hottest stock was briefly worth $6 billion? Probably has something to do with Tom Laresca and other benighted short-sellers having to buy the thing they knew was a scam to cover their shorts.

Ironically, the skeptical attention drawn by the stock’s rise may have played a part. Sensing a classic “pump and dump” scheme, skeptics who sold short the stock instead saw it keep surging….

Many were likely buying Friday to close out those positions. That could explain why Cynk still was valued around $600 million.

Why Cynk Didn’t Sink 100% [WSJ MoneyBeat blog]

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Comments (3)

  1. Posted by Captain Oblivious | July 28, 2014 at 4:48 PM

    I got 200K to go -150%. No I won't buy you in guy come on bro! I dont never buy nobody in!!-Every SL guy in the forgotten borough

    You can't even borrow a piece of shit like this so I don't know how people are shorting it. We'll let the SEC sort that out

  2. Posted by Misguided Cowboy | July 28, 2014 at 5:15 PM

    Classic example of shooting oneself in the foot.

  3. Posted by Short, But Long | July 29, 2014 at 10:26 AM

    Short CYNK, get sunk.

    Pun 'n' Dump MD