Zeev's Turnips Patch-No Politics (ZEEV)

[skono4]

siri has 90mils shs short vow! talking about great timing on squeezing the shorties.
****************
It's a convertible arbitrage situation. The short interest is deceptive bacause if you own the bonds you have an option to buy the stock and short a % of the total shares depending on perceived risk of default and intrinsic value of the underlying stock.

I believe there's half a BILLION shares embedded in the various "equity-linked" securities SIRI outstanding. So if they've shorted 50-75M against those there's no panic to cover as they would just absorb the loss on that fraction of the position and offset that by the appreciation in the value of the convertibles that they left unhedged.