BusinessWeek reports that Wall Street has its eye on a new pot of cash -- your pension. And it's a mighty big pot -- $2.3 trillion. But Wall Street is not looking at the entire pension industry, just a $500 billion portion known as "frozen plans" that are closed to new employees and whose benefits are capped. McKinsey forecasts that frozen plans will triple to a hefty $1.5 trillion by 2013.

As usual, Wall Street's plan to buy these frozen pensions will line its own pockets and it will help companies as well. For example, if Wall Street charged a 2% management fee, that alone would generate $30 billion in revenues by 2013 if it bought all the frozen plans, but that fee income is probably the tip of the iceberg.

Companies are eager to dump their frozen pension plans. Why? These limping plans weigh down corporate balance sheet and new accounting rules will require companies to mark the value of their pension assets to market each quarter. In a down market, that could wipe out a company's operating profits.

Although analysts appear reserved in their sentiment, insiders appear quite positive in regard to the future of ZymoGenetics Inc. (NASDAQ: ZGEN). However, short interest in the company has been increasing and is running at approximately 18% of float. The company is currently engaged in marketing it's protein based treatment for stopping blood loss during surgery. It faces entrenched competition in that field.

I myself would have no desire to short this stock right now, even though its level of return stinks to high heaven. The major impetus behind why I think short sellers are in essence shorting themselves is multifaceted. First, ZymoGenetics reported 2007 increases in sales and gross profits, even as the company made clear that it is years from profitability. Second, as reported by Forbes, New York-based private equity firm, Warburg Pincus has increased its stake in ZymoGenetics and is considering a request for greater presence on the board. Third, and finally, I simply think that ZymoGenetics shares are at their natural bottom. To me, the indications I get from the company's share movements of late have all the earmarks of a classic Wall Street tug of war.

I'd be tempted to jump in on this stock right now myself, but only with long term intent and only with a gambler's share. Press clips give me the impression that the company's team knows what it's doing on the pharmaceutical side. The basic financial numbers, however, indicate to me that the company needs some modest cleaning up in that regard.

ZymoGenetics stock is currently trading within the very bottom of its previous five year range. Analysts are positive but quietly reserved on this stock. Analyst consensus is a firm hold.

Gary Sattler is a freelance blogger with no stock picking credentials. He does not knowingly hold interest in the companies mentioned in this blog post.