I would imagine that many of our account are margi

I would imagine that many of our account are marginable accounts. The fact that these are pinkies and not marginable shares may be irrelevant.

I am not so bothered by "real" shorts that execute a borrow. What about Nakeds?

Under a real short there are still just 1,400,000 shares/votes. The short just moved the voting rights to his buyer away from the guy with the margin account.

Under the Naked, we now have more voting shares.