I would agree with that.

A hedgefund or mutual fund co. in the US could own say 5 mill. shs. in one of their funds. They then decide to "collar" that position. So one of the other funds they manage takes a short position of 5 mill. shs. by selling to some 3rd party. They deliver the 5 mill. shs. But you can see the float has been increased temporarily by 5 mill. shs. although the original owner of 5 mill. would not have the shs. to tender.

In this case even though there are long holders of 157 mill. shs., 5 mill. would not be available to tender unless borrowed from somewhere else.

Bottom line IMO it won't effect the $ price of ARU. The short position will disappear just as the previous 10 mill. did.