Shorts are covering ! D- Day for shorts.
As the morning goes – it is now taking NEWL less than 300,000 shares to move up one penny and still 500,000 to move it down the same amount.
Short covering calls go out in the afternoon and shorts will have a big decision .
Professional traders NEVER answer a short call and will cover – to fight another day .
NewLead Holdings Ltd. (NEWL) Pre-Market Trading
7:40 am NewLead announces granting of temporary restraining order against Ironridge Global IV, Ltd (NEWL) : Co announced that on June 3, 2014, the Company was granted a Temporary Restraining Order, against Ironridge Global IV, Ltd. prohibiting the further issuance of common shares in payment of dividends on Series A Preference Shares (“Preference Shares”) of NewLead. The TRO is pending the hearing and decision on Petition for Preliminary Injunctive Relief Pending Arbitration.
On June 3, 2014, NewLead filed in the United States District Court, Southern District of New York a Petition for Temporary Restraining Order and Injunction In Aid of International Arbitration Proceedings to prevent the conversion of any Preference Shares of NewLead into NewLead’s common shares pursuant to conversion of its outstanding Preference Shares solely held by Ironridge as well as the issuing of any of the Company’s common shares to Ironridge.