peacock could be the shorter or represents the shorters. 30M shares short is no joke. No sane investor would short 30M shares unless they are damn sure they don't have to cover. Last time I saw this action was with winstar. Shorters refused to cover and kept shorting until the company went BK. My bigest fear is that secured creditors could push this company into bankruptcy.
By law, if three creditors are not satisfied by the company's offer to swap shares they could go to court and force ICGE into bankrupcty. It happened a company I worked with two years back.