Not necessarily expecting you to answer this....just talking out loud.
20.2 million shares on loan and 17.8 million of those, sold short....
Leaves 2.4 million borrowed, (but not sold), shares held.
So the 2.4 million borrowed shares held, are still increasing or decreasing in value (depending on what the pps does every day)
If they return the 2.4 million shares borrowed, (but not sold), they don't have to cover any difference in pps....only pay the interest on those shares.
Does that sound right, anybody, anybody?
Seems to me, that if the above is correct....a increasing number of shares borrowed, (but not sold), means shorts are expecting, feeling, magic 8 balling, the pps to increase, for whatever time period they're looking at. Otherwise, why borrow the shares, not sell them immediately, and why pay interest whilst holding them, just to return them?
(I believe that's the first time I've used whilst, in a sentence)