Short position reduced sharply, page-24

Here's my theory.

The price is being capped for a takeover. I don't think anything will be sold. No moly cop, no steel division, nothing.
The manipulation is being carried out by a current holder. Friday had around 14m stocks shorted. Then, three minutes before the close of the end of day auction, around 14m units get sold off.
They take a short position to nuetralise their own selling. This keeps the price down at minimal cost.
Why?
Ari will be presented with an entire take over. My guess is they will approach the major shareholders first. If they haven't already started. They have spent six months shaking the tree and throwing out as many leveraged holders as possible.
Next. The board is approached. Finally retail holders.
We have been bombarded by negative publicity. Yet, 10 bids front up around $2b for one portion of the company, and we have to go on a treasure hunt to find the story. The funds know this price isn't real. But it's an easy sell for retail holders if it's butchered.
There are far too many well orchestrated large crosses going through to ignore the control taking place.
None of the margin lenders will lend on Ari. There's some CFDs available, but hardly enough to matter. That means little retail buying.
That leaves large cash trades, AKA fund crosses.
The main comfort is the likelyhood of a fight. Two majors like AG and GIC will need a good incentive to handover control.
At least now, the lenders can see liquidity in MC at a healthy price. Ari is far from in trouble. Where else would starting bids go, $2b is the strongest you'd expect on first offers. Then the competition starts.
The banks must be reassured at this point. The share price, is nothing but a side show of manipulation and skilled trading. There's no one trading this stock!
Just the odd punter and some funds prepping it for the fight.
Should be good.
8.5c lol. It will certainly make the takeover look like Christmas. They have done a good job of scaring simple people away from a complicated opportunity.