Ann: Ceasing to be a substantial holder from MS, page-7

They returned borrowed stock. This means they have bought shares ie the transactions marked "Buy" and then returned stock means they have returned them to their owners meaning they are closing the short position. The shorting happens when the term Borrowed stock happens. The covering the short happens when they buy but ya not official until they return' in regards to paying interest on the borrowed stock. Gets messy when they have long holding and short at the same time, but's that is how they must declare it.