My guess is that they shorted in Feb and were expecting AVIS to fold like HRTZ. And now that there is a car shortage with rental car businesses not doing the same thing they were doing before covid, they let the short ride. They obviously started running into trouble about a year later, and then it went full retard from then until now. I would think that they were covering a little bit, but position started to deteriorate around 6/7 and they pushed it too long out where it blew up and they had to start covering 7/12. Just looking at the volume. I could be wrong though.