Lou Kurrelmeyer

Corus Bankshares Shorts Are Getting Creamed

Update from the Federal Register at a257.g.akamaitech.net/....

"1. Franklin Resources, Inc., San Mateo, California; to retain 5.01 percent of the voting shares of Corus Bankshares, Inc., and thereby indirectly retain shares of Corus Bank, N.A., both of Chicago, Illinois."

The filing appears to have been made on 9/21/2007, which coincides with the increase in buying on 9/14/2007-9/19/2007.

Raise the Red Flag for Corus Bankshares' Huge Dividend

I share your puzzlement on the share price of this stock. Doing the math from the 10-Q released on August 7th, the book value is $14.55/share. The stock price has fallen since the August 31st publication date of your article, and has been trading around $12.50/share—upping the dividend yield to 8%. Short interest continues to climb, and is at 18,701,300 shares (96.95% of float) according to ShortSqueeze.com. That is 32.9% of the shares outstanding. The average daily volume keeps dropping. Is it possible there is so much short interest that there are too few shares available for sale for the price of this stock to move up?