It WOULD be a squeeze. You could sell at any lower price and any remaining shares you held would be in a company with monster capitalization -- all squeezed out of the shorts.
Heck, what if they just wanted to be able to put out a secondary offering for 2B shares at $10. That way you could decide whether you wanted to bail at $9.90 or hang on to see what life is like in a stock with billions in cash... They would need to have adequate A/S room to implement such a plan.
My personal guess is that SM just wanted to shake some shareholders loose to facilitate buybacks. But this other notion intrigued me enough to post it and see what others thought.
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