If you are churning shares to accumulate, you should end up...

If you are churning shares to accumulate, you should end up increasing your holdings over time (UBS has decreased) .

If you are churning them just to make money, then your avg sell price needs to be higher than your average buy price, otherwise you are playing a bad game.

If you are churning shares and losing money doing so as a strategy to push the price down to put your shorts in the money, you'd want to make sure you don't lose more money on the churn than you will make on your shorts.

If there is 5% shares shorted, this is about 6 million shares. If the avg strike price is $15 as some have suggested, then if the shares are $13 when you have to buy back your shorts, then you have made $12 million profit.

But UBS and others seem to have lost alot more than this to date. Why lose $30 million trying make $12 million...