RE:Short position - it isn't what it looks likeBeckysboss wrote:
The biggest part of the outstanding shorts on Cardinal is likely tied to the convertible debt. They issued that debt when the stock was in the low $8's for the Mitsue properties. It totalled $50m so the noteholder probably put a short position on of about 6m shares as a hedge against that note. Pretty common circumstance with convertible debt. CJ cannot redeem that debt until 2019. So that note accentuates the short position, they wont' go away until the note is redeemed.
The debentures were issued at the end of 2015.For the first half of 2016 only two and a half million shares were short.