Yes GAC I agree there are some very obvious differences between last June and this year wrt to the shorting around the financing and proposed financing activities.  The biggest difference to me though, and the reason to not go short this time around is the closeness of the SSRA from both a timing and result perspective.  That being said I can see why someone who is willing to take on the timing risk would go short because the price drop was again predictable in the absence of the SSRA.  This proposed financing also provided a natural initiating point to short for some tree shaking and perhaps some hedging as well.  JMO