If the MMs or any body else is shorting KATX and continues to do so until the RM into KATC---
---an RM with a new CUSIP on 1:1 ratio ----all shares are called in to be replaced---therefore all borrowed shares must be returned to be turned in for re-issue as KATC---as the old KATX will cesase to exist
Unless the short position is in excess of several million , there will only be a small ripple due to the covering buy-in--and the MMs will have plenty of lead time--