So, covering after crossing the 365 day long term requirement could start happening and then continue to happen for some time. I think many are assume that all 52 million shares were shorted on 9/25/2008 and will be covered in a single major "short squeeze" in a single day. It could be that the bump we saw a few weeks ago could have been covering by a group(s) who shorted pre-seizure who already passed their 365 day requirement?
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