This is me speculating what's going on: Old Peak biz has been under pressure from what I hear. Good chance they needed to raise cash in their fund to meet redemptions. MLX is/was a very big position for them. So, they are forced to sell some MLX stock to raise cash, but they actually want to keep the economic exposure to MLX. What does one do? You sell the stock to an investment bank and enter into a long swap position at the same time with the very same investment bank. That way you are still "long" MLX via swap but also have cash on hand to pay back fund redemptions.
In short, yes, OP is still gambling that MLX share price will rise. But they are cutting that position progressively. Seems whatever recovery plan they had is not working out.
And while I'm gossiping, another (unfounded) rumor I heard is that APAC and OP are at odds. APAC is happy to see OP being squeezed out at ridiculously low share price and APAC is happily picking up some of those shares on the cheap. FWIW.
MLX Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
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