Banter and General Comments, page-5013

Only a small % of retail shorts will have to be covered on the small chance that GXY's price will bounce.

eg
UBS Australia borrows black rocks 5% of GXY
UBS Australia short sells the stock on-market into the waiting hands of a UBS Nominee account in Europe. Seperate identies so there is no ASIC flag.
Blackrock requests loaned shares back.
UBS Europe direct transfers shares purchased at a lower price back to UBS Australia (Dark Market) and there has been no or very little onmarket covering.
UBS Australia returns the shares to blackrock. They are not stupid.

Tell me I am wrong.