If you truly have shorts not to worry. The SEC usually releases trading in about 5-10 days. This way the stock goes back down to its true price, around $1. That means you will easily cover your short.
Not that I have ANY compassion for shorts but I suspect most trades will be cancelled. However, as I understand it one person owned 72% of the outstanding stock in the company and there were no shares available for shorting, so it is unlikely there were many if short positions in this stock..