wjbatt07..."What's going to happen..."
1) Whoever sold you your air shares has to buy them back from you @ the going trading price, but...only at a time determined by you (your sell order). In real desparate situations, brokers have been known to call their account holders to ask them to sell their shares back to them.
2) If you don't feel like selling, they will then have to find and buy real shares and replace them with all the air shares in your account.
As the demand for real shares heats up, shorters will have to offer more and more money to entice sellers. So, it's not a good idea to sell during the early stages of a short squeeze.
On the other hand, if you wait too long, the shorters may have eliminated the air shares and the squeeze is over.
In RCCH's case, this still would not be a losing position to be in, because the shares that you didn't sell are now real shares and they will then be converted to new real shares on the foreign exchange.