RE: From $10 all the way to ??When a stock has dropped more than 50% in six months, while short position has gone from a small number to more than 28M shares - that is a fair indication that bad news is coming.
So - jump on showtime if you wish, but - there are strong indications that they have not fixed the problems and that perhaps the problems affect long term costs relating to getting the OOIP out of the ground.
That said, if I was short, i think I might take this op to close out some of the short position because there are three ellements of risk w.r.t shorters here.
First is that thermal works as advertised and increases recevoery to the high 30% number. That won't happen for some time, but you can't close out 28M shares quickly. Second is that they exit the quarter with a good number (even is the average number is poor) and the market looks forwards, not backwards. Third is that someone puts an offer in. The poison pill somewhat the last one for a hostile takeover, but for a board supported takeover, no issues. Would be tough for the board not to support an offer at $6 right now!
For that reason - and against my better judgement, I did buy some below $4 today.