They are shorting IPIX or their nominees are on their behalf. And to add injury to insult the MM's know the game and front run the shorties which leads to wild, destructive selling as we are currently witnessing..
Undoubtedly.
Why else is there such massive selling and new lows?
I have seen this death spiral through Preferred convertibles many times and I always feel for the poor, stranded longs as they don't stand a chance when the death spiral selling begins as it has now, sadly, in this issue..