Dividend issue doesn't have to apply to IPIX, it applies to any stock with naked shorts. Where do the funds come from for the over-issued shares as all shares are owned by someone?

if a MM was going to have to eat all costs for naked shares, have to deal with regulatory FTD, and have no income for providing them, then why would they deal with them at all since it is a losing proposition?

If they flipped the shares regularly for pennies and a small profit every time, that is one thing, but to have to sit for years on hedge funds naked shares that is another matter.

These are just my thoughts, I am not a serious financial whiz kid and could be totally off base.