Kelvin - the irony here is that both longs and shorts have money riding for basically the same reason - that CCME is "too good to be true".
The case for the longs is based on a tremendous amount of due diligence that has been presented on the board over the last 2 years. You don't have the same confidence/comfort level as the longs here because you have been here for 2 weeks. If you are long, this company is "too good to be true" because of its extreme under-valuation based on many factors that have been discussed on this board. It could truly be the investment of a lifetime.
For shorts, the thesis is that CCME is "too good to be true" so it must be a "fraud". Many points of this fraud thesis have been rebutted and debunked since the release of the various hit pieces over the last few weeks. The last shoe to drop will be the release of CME's 2010 10K, signed by Deloitte with a clean opinion. At that point, shorts are likely to experience a severe case of "watery bowel syndrome", lose a boatload of money in an attempt to cover and are likely to move on to another target.
-Chuck