After the tender there will be 30% fewer shares to short. Will that make it harder to borrow the shares to short since the float will shrink significantly? Do you view the company as so fundamentally weak that you do not care about the short term prospect of a potential squeeze? I'm long but am baffled by the shorts' rationale/thinking. If you make a convincing argument, I will dump my shares and that should help your (I mean the shorts) cause.
well, there is no absolute short but funds who are long, they also short to hedge or borrow shares from themselves to short. Bottom line, there will not be enough shares to tender.
If you tender then the chance of all shares be sold at $4 is very high.