Yeah relative to how many shorts there were it's high relative to OS and volume it's nothing. Not sure why you would think, and again relative, rise in short position would have to do with who is going to win rather than literally a hedge to a long position. The other thought is shorts would chase the stock down. I think there is some selling at $2 for all kinds of reasons, but so far no chasing the price down. I my book that's bullish.
Fwiw, I think NLST did not pick Sk lightly, they have the goods or they would not be in court. Of course that is not a guarantee they will win.
The question will be willful or not, if they don't settle that is. all imo.
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