disguy_ovahea , 3 months ago

Yes, but the article makes it seem like their failure was based on mistakes. This was exactly what they intended.

A private equity firm bought them to naked short the stock, while running the business into the ground, so they never have to replace the holdings they never borrowed in the first place. It’s the same as what investors tried to do with GameStop before r/wallstreetbets caught on and held them out of bankruptcy. It’s called predatory naked shorting.