A "short sale" involves borrowing stock that one doesn't own, selling those borrowed shares in the anticipation of the price falling, purchasing the same number of shares back once the price drops, and returning the stock to the lender. Profit is made on the price difference.

Is there any reasonable explanation as to why anyone holding millions of shares would need to borrow shares? Furthermore, once shares were borrowed, how many would place S&L above their 4.99% holding?

Conversely, there was absolutely nothing to prevent any warrant holder from simply selling shares they already owned, prior to a reset date, to enable warrant conversions at a lower price.

Not only could this be done by warrant holders, any shareholder aware of the reset dates could take advantage of the situation. This would no longer be applicable when all the covertibles and warrants were removed as a consequence of the "Master Agreement".

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Be well