Peer Valuation -> >$3, page-75

I was thinking about how the shorting will work over the demerger... So if someone shorts FFX over the demerger, they owe the lender the FFX + LLL after demerger. Would it be advantageous at all for these instos who have participated in the LLL shortfall offer to short FFX and then use their LLL they acquired at 70c to pay back the lender? I'm assuming there wouldn't be an advantage but can't quite get my head around it.