Chart - Z1P, page-10541

That is exactly what I have been saying that SP going down has nothing to do with note holders, yes it favours their short position because 100 million is already sold short at $9.18 but they also have very long term prospect of the company and already paid time value of money upfront.

Note holders are supposed to make 33 million profit on 400 million via 2.1% interest per annum in 4 years, so they are hedging the same amount to counter volatility.

I don't think they will return borrowed shares before 360 days because that's the instrument they have for shorting, whether they want to use it or not is separate thing but they definitely would want to have that instrument in their pocket.

Lastly note holders don't care whether SP going up or down, they have binding agreement whether zip pays back or liquidator.