You're all correct. There's not enough money right now to pay a dividend significant enough to cause any shorters to cover. But the real float I think is much smaller than 350M. Consider how many shares are held in certificate form (I forget the number), plus how many millions are held by management and guys like pic who simply aren't selling down here. If SFMI can reduce the true "float" to maybe 100M, then if they did pay a significant dividend (which would be required for fewer shares), then anyone short would be scrambling to buy from a much reduced pool of shares. I don't think it would take much buyback to reduce the number of readily available shares by half.