As much as I hate to admit it, since it makes no fiscal sense whatsoever, vengeance does seem to be the only explanation for such throwing/shorting away of cheap shares.
It's almost as if the perpetraitor has no concerns about paying the piper.
There comes a time when shorted shares are shorted just too cheap, and shorts find themselves mistakenly evaluating the market.
Methinks this is one of those times. Investors are just not going to give their shares back for cheaper than they paid. That'd be like selling your $1200 oz gold for a thousand, when the price is going up to $2000.
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