Every once in a while you find a stock that the shorts just plain get wrong. MHR is one of those stocks. Just be patient.
My guess is that if you talked to the institutional traders who are shorting this, they would not be able to give you any fundamental explanation for why it should be shorted. Their answer will be something like, "because the short interest is high...", or "...too many preferred shares...", or Gary Evans beat me up when I was a kid, or some crap like that.
Shorts never look at the company that MHR will become. They probably don't even know it's a growth company, what it's asset values are, or will be in 5 years.
The money that will be made here by longs will be incredible, compared to the few dimes and quarters the shorts have made keeping the share price suppressed over the last year.