Fidelity is paying 16.5%, or 1.25%/mo, to those willing to lend their IOC shares to the shorts. What do you suppose the shorts are paying Fidelity to borrow those shares. Fidelity doesn't work for free! Look at a long term IOC chart--the majority of those shorts have got to be under water. How long can they hang in with their position eroding from interest cost, margin costs, and the rise of IOC share prices. And all this is in the face of the possibility of a price spike due to a deal. What is the upside of clinging to such a position? Do the odds here favor the longs or the shorts? Are the shorts just delaying the end?
SHU confirmed no shares are available and that the short term fee to borrow for the bigs is 3-5%, however that was an estimate not an actual quote.Not sure if that is true, just passing on their info