Looks like capitulation but not panic - a whole lot of shorts have realised that with BoA involved the chances of a deal are now infinitely higher than the chances they can force us to zero & bankruptcy; but they all went short at $3+ so they are not exactly rushing for the door. They are not moving slowly, but all the same, while the percentages look big we are still talking pennies here.
The good news is that there will be a lot of shorts arrogant enough or stupid enough to gamble that HDY won't get a deal, that potential partners will be put off by the lawsuits and that the lawsuits will bankrupt the company. When none of those happens and we do get a deal and those shorts panic, then we will see some interesting action ...
