The last short count was around 8 million with almost 2 weeks of additional shorting not included. Now potentially add to that all of the March and maybe even the April puts that will surely be exercised and that number could be huge (definitely more than the float). It is my understanding that the decision to exercise has to be made on the expiration date (which is likely before any significant resolution of the facts, so the puts would probably be exercised)
Now, in a perfect world (might as well dream), all turns out well with the audit, numbers, cash, new pr, new cfo, etc, in addition, CCME announces it will prop up the price with a buyback, and it does all this before the stock opens for trading. Can you imagine how this would unfold under that scenario? People on the sidelines would jump in, all strong longs would hold, and all those shorts would have to cover. Where would they get the shares? Epic.
The shorts have won the battle for now, but the war is not over. If the CEO meant what he said in his letter with regards to his loyal shareholders (which btw would also be in his best self-interest) and is, as one poster said an "honorable man", then the final play is still his to make. In addition, with the halt in place he has all the time he needs to line it up perfectly. Assuming that there are only minor problems, the CEO needs to realize that this is a once in a lifetime opportunity to use the unprecedented short interest (#1 shorted stock on NASDAQ) to his advantage. Once he can get the shorts to begin running for the exits it will be all over, so put together a plan that will do that. Again, assuming no huge problems with the company, this should not be that difficult to do.
Anyway, it's more fun to dream while waiting. Still, stranger things have happened.
