ELAN back from the depths (again !!)

Data from Bloomberg indicate that short interest in Elan fell significantly by mid-
December, month-on-month.
Short interest fell from 40.5m shares to 24m shares, the lowest level in at least 18
months. This had spiked in September–November.
The increase and subsequent reduction may be related to bond-holders shorting
the stock ahead of Elan’s redemption of convertible debt (into equity) in late
December.
If this trend continued through last month, much of the potential indigestion
associated with the new equity release (of 34.2m shares) may be mitigated.