If you were six percent short at $8 - which some were - it was diabolical. At $20 you were down 9 percent of your fund. Moreover your position had increased by 2.5 times and your fund had reduced - so now the position would be over 16 percent of your fund. At that point the position is threatening the existence of your funds management business. After all it is now possible to lose 20 plus percent of your fund on a single obscure short. This is a major drama for someone...
Post script: For the avoidance of doubt the fund I know that was heavily short CCME was covering the whole way up. They are no longer heavily short CCME. They did however lose meaningful money.
They would have been only a small part of the volume. There are probably more than one party caught in this squeeze. Whether the squeeze is over? Who knows.
Correction: Several people have observed that the CFO is not sub 30 and not educated at an Australian university. I stand corrected. There is a young director of CCME who is also the financial controller of another listed company that fits that description. I wrote this from memory and confused my directors. The registered office of the company however is a serviced office in Hong Kong - the same serviced office as that young director operates out of.