It could mean several different things. The investors think Spirit will be forced to take a low ball offer from Frontier, even lower than the loss they’re taking now so they want to control the price they sell at best they can. Or they believe the offer will be stock and no cash, (they want cash), or maybe no offer comes in and we’re in chapter 11 again(stock wiped out) and then possible chapter 7. Could also mean they don’t want their money tied up in a merger/acquisition that may again fail.