What happens to the shorts on merger day. Must they be covered or do they just get transformed into shorts of NewCo.?

Does AUM have any shorts (doubt it, but still)?

If shorts have to cover, can they do so by shorting AUM? (proceeds of AUM short sell to cover ECU short).

Does the 15MM payment to ECU have the same effect as declaring a dividend thus forcing shorts?

If they must cover, how would they affect the existing share prices? You can't have just ECU go up without AUM rising the same proportionally, you can be sure the arbitrators would see to this.

Any reply to any or all of these questions would be truly appreciated.

Later