I see. I just did a quick calculation of the current common divided by his total shares with this swap. I must have had a number wrong.
The swap itself, from what I understood and still do understand is that indeed it is still similar to an option contract - that someone else owns the shares and ackman can purchase them at a specific - or has - but they are not fully his as of this time, a technicalIty that allows him to full-sell off still at any time.
I understand that he would have to pay interest and more if the price goes down - however is the rest of my understandIng correct?
EDIT 're read your post. Do you mean it's like he owns 15million more shares but he actually doesn't? It's just a bet that it will go up or down?
Thank you and be well,
-zargis