It is interesting that the short interest reduction is pretty close to the size of the Transamerica position. Perhaps they reached some agreement with the short seller, or perhaps Transamerica was short against the box and simply delivered to themselves, liquidating both positions at once. They might have done this to delay a taxable event.
Either way, it doesn't really matter. It is nice to see that there is equal interest to buy on the part of a short seller as there was from an institutional holder to eliminate a long position.
Could this explain the lack of options activity? Could Cohodes have bought enough to deliver on those options contracts finally? Time will tell soon, but short interest numbers start getting collected tomorrow for Sep, and if the shares are delivered to the options MM to cover their short it won't happen until Saturday.
TransAmerica sort of accidentally collected that much of Navr. They had about half that when they merged with another investment firm which also had a couple million shares. We all know TransAmerica was not pleased with Navarre this last spring...It seems they may have decided to take their lump and move on. What does surprise me is the stealth in which they did it.
Makes me wonder if I am smarter than Transamerica by holding? If as we longs think, the stock is about to take off, then it was a monumentally stupid move by them, or maybe they are right. My guess is they had a better investment to make and lost faith in Paulson. Hope it holds arund 3.50.