Haven't you heard the 61.5M bond becomes due on 19/11? The bond...

Haven't you heard the 61.5M bond becomes due on 19/11? The bond holders can make a choice between 1) exchange their bonds for shares at 8c or 2) continue holding the bonds for another two years at a 10% interest rate.

Now, I believe a majority of the bond holders is plagued by serious doubts regarding GXY's ability to survive for another two years. Consequently they would elect to have their bonds exchanged and once this is done they would sell the shares right away. As any intelligent man would expect such sudden selling pressure should inflict serious damage to the share price so some of these guys could have come to the conclusion that they should short sell GXY in advance and cover the short position later by utilizing the shares they receive on 19/11. This could be what we are witnessing right now.