Monte .. everything you've described is fantastic and thank you. Aren't you missing an important point however? As bondholders short NVAX they are making a significantly higher yield because they use the short proceeds to offset the monies they laid out to buy the bonds in the first place. Bondholders who remain unhedged are simply using the bond like an option that pays them. Either way you look at it you can easily see what a great deal these bonds are for the holders, especially as NVAX rises in price.