I'm betting Carl is laughing at Ackman yet know that he spent alot of money on buying puts
that have a time expiration on them at a much lower price that he will continue to squeeze ackmans 60% short position and now watch the put premium ackman paid go up in smoke as well. It's kinda like if I lose big on a short position i'm going to throw more money at it by buying puts now! lol
Now Ackman has to guess right twice - direction and time which is damn hard to do.It is difficult enough to guess the right direction which stands a 50/50 chance but to do so within the right time frame is nuts. My guess is that Ackman will lose all of his premiums paid and the other 60% of his short position will blow up in his face for a double whammy.