The answer to that is you.... the long time holder.

This is from the CIBC investor sercices account agreement... look in disclosures... Pg 11 of 74

This is what it says.. could not copy;

10. CIBC investor services right to use securities

At any time when I have a short position or I am in debt to you:

a) any securities held by you for my account may, without noticeto me, be pledged or repledged by you as security for any such indebtedness, whether for more or less than the amount due by me to you and either separetly or together with other securities. You may, without notice to me, loan such securities either seperately or together with other securities; and

b) any securities held by you for my account may, without notice to me, be used by you for making delivery against a sale, whether a short sale or otherwise and whether such sale is for my account or another customer, or for sale to any account that you or your partners, officers, or directors may have a direct or indirect intrest in.

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I think most banks/ firms have similare agreements that basicly allow them to use your stock without permission to short sell or loan, thus taking a contrarian position to you!

In other words in conflict of intrest. They have cart blanch to take the profits from your investment if you are not fast enough to do so... or in the case of loaning out those shares take the fees pretaining to those fees.

I once had a cert go missing from CIBC for 50K shares of Endevor silver.... By the time the cert was replaced the stock price had droped $1.00 + / share I was not allowed to trade the stock untill the cert was recovered. The cert was lent out while it was on 4 month hold!

CIBC denyed any respocabilty or liablity for the loss of that cert.