Although I have concluded that you are probably correct that GXY will either be sold at a price possibly lower than the current price, or slowly drift into oblivion, (glad I did not buy a while back), I think you are taking a larger gamble than the potential reward justifies. If there is a rally, even one on rumor, you could really be in trouble. This stock often trades less in a week than you have shorted. On higher volume, it could soar, even if only a sucker rally. So I really question your strategy, however only time will tell.