jon, as far as I can tell no one has refuted that CMKX is a non qualifying piggyback, which means there is no MM short position whatsoever.
Personally I can't see hedge funds risking the dough necessary to make any worthwhile cash...so if there is any short at all here, that leaves your 'vested' individuals, and if it's vested individuals, they can't short any more than the total of the underlying stock they have...correctamundo?