According to the Senior Care announcement, "More shares have been purchased than could possibly be available in the market due to naked short selling by certain market makers."
The company did not name the specific market makers but said its lawyers have informed the short-sellers to cease and desist. The company says it will monitor possible manipulations of its stock to ensure that shareholder value is maintained.
Senior Care entitles land to develop communities for seniors, including both commercial and residential projects. The company recently exchanged more than $7.5 million in real estate mortgage debt for common stock on its Oasis Planned Urban Development project near Elko, Nev. It said the exchange reduced its ratio of real estate mortgage debt to real estate equity to a new low of 16% and should add approximately $160,000 per year to the company's earnings due to reductions in interest payments.
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