Dec. 22 at 3:06 PM
$GOEV $GORV $WOLF
Even through reverse splits, bankruptcies, mergers, asset sales, or corporate restructurings — failure-to-deliver (FTD) shares do not disappear.
They must be returned.
A reverse split doesn’t erase an obligation.
A bankruptcy doesn’t nullify settlement rules.
A CUSIP change doesn’t magically close a short.
A corporate shell shift doesn’t reset the ledger.
FTDs are settlement failures, not opinions.
They sit at the clearing level and remain open until delivered or force-closed.
You can restructure a company.
You can wipe out shareholders.
You can move assets overseas.
But you cannot legally erase undelivered shares.
That’s not theory.
That’s how settlement works.
