Anchorage and its lending cohort are buying shares on market to ensure it will have a majority (90%) control when/if it can effect a purchase of remaining bank debt and eventually convert to equity.
Banks may not want to sell them all of their debt, and may agree to take a haircut on half and retain the rest for future and full repayment.
Anchorage and co don't want to get stuck owning 80% of the company, where 20% stubborn retail holders refuse to sell, and the former doesn't have a pathway through the courts to compulsory acquire remaining shares.
If I was them and the above was my plan, I'd be buying large chunks of shares when/as they become available. There is also an incentive to cap the SP so that any debt that converts occurs at a lower and more dilutive price.
DYOR
SGH Price at posting:
17.5¢ Sentiment: Sell Disclosure: Not Held