debt for equity swap, page-5

Do you think there are any hedge funds still short on this, because there has been mention of the one closing it's position in the last couple of days and it makes me wonder, wouldn't they be sweating a bit every time this goes into a Trading Halt as it was looking ominous late last year when it went into a trading halt and it would seem that the hedge fund I am referring to was still short at that point? What would happen if it did go bust while someone was still short?