Someone who has heavily shorted this stock had an exit strategy. As OP said, the shares are being distributed back to there rightful owners. I would guess off the cuff that since the 15th, 1 - 1.5 million shares shorted have covered (that would bring the SI @ 8 - 8.5 million shares). There is some good news here. Some shorts are getting spooked badly right now.
These are my reasons:
1 - Historically the stock has ran up into earnings
2 - The company has beat Rev and Earnings over and over again which has caused a nice POP after EC
3 - Election uncertainty looms large here (up or down on the markets)
4 - This earnings season has been HORRIBLE as far as Revenue beats. Earnings have been weak, forward guidance on the light side. Company's that have blown out the numbers with good guidance have seen big pop's. The market is looking for places to put money before the elections / year end / fiscal cliff blah blah blah.
5 - The risk reward on SKUL (short wise) is pretty poor. Thus the shorts leaving (albeit with a couple of buck a share profit).
IMO IF SKUL Keeps with it's pattern, there are still A LOT of shorts going to be holding the bag here. There has to be shorts out there that don't have a partner / plan to exit. The sheep that followed the big boys into the risk/reward short game.
Look for a run up next week and of course we are all eager to hear what Mr. Andrus says!
I believe that as one short is covering, another new one is taking over. Otherwise the stock price would be back around 15. There is no way that this many shares are being covered without the share price advancing..