Banter and General Comments, page-6113

That's because you're ignoring the fact that the shorter is also looking at creating collateral damages as they take the price to $1.5

If they're just shorting for the sake of it, meaning to profit from the short, they will make a lot more money than what they "lose" on the deal with the fund.

If they're shorting for another reason (which I strongly believe), like on the orders of a thrid party looking at a TO, then the loss they're making here (the "generous offer to the fund") will be largely overweight by the money they are being paying by the 3rd party.