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Most likely they have shorted AMC at above $13.5 and going to settle the trade with their shares. When 100's of millions are involved they will not be making these kind of rookie mistakes.

Maybe. Or maybe they were just trying to monetize a private placement debt investment that they didn't expect to get back completely, since the outlook for movie theatres has changed significantly (you know - pandemic and all). Maybe they figured even if the price dropped below the $13.51, they would still get more than they would in a bankruptcy, and they'd get it out now, instead of having to wait until 2026 to be given equity in a a post BK company.

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