The funny thing is that short selling is a gamble, it always has been. This is that small percentage of how it can go wrong, but in this instance it went completly wrong, literally the worst possible outcome.
I wish i could say that i am sorry but, few hedge funds that have already pocketed billions and lost out this time but betting on the most likely outcome is not a sure deal.
It, like all the other loopholes the billionaires and corperations keep slipping through need to be closed up. No other industry or individual entity would be allowed to act in ways that manipulate markets and there are so many laws in place to stop it. The company i work for has had nightmares with anti-monopoly laws due to concerns of market manipulation and national economical stability.
You know his best defence would be to get an ex hedge fund investment banker to give evidence of times he and others in the market have done the exact same thing and made a profit and nobody complained.