Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

What is going on with the bu$$? Is the weakness related to the fact that the underwriters of the recent zero coupon convertible did not exercise their option, and the bu$$ extended it? Very strange behavior... since the conversion is north of $26, you would assume that by nod and winks, the buyers were persuaded that the price will be above conversion soon and they'll be able to short against the block, but without such an excursion, I don't understand the rationale for the short position doubling last month. Why short under the conversion price?