The answer is simpleWhen astra and fire sky took stock for their companies............they i mean those investors were more worried about a decline in stock price than any possible increase.......this is because they were not speculateing or gambling that their shares would increase........they simply wanted to cash out their intetest in their companies.............to hedge their new shares in sgy they had no choice but to either short sgy stock either before the deal or after....... i think some of those shares were in lockup for some time after the deal which would put furthur risk of holding without some hedges