They have a few possibilities. They can either follow the letter of the law and do what is right, admit they were wrong and properly cover all of their phantom shares, failures to deliver, legit shorts, naked shorts and phony electronic share entitlements by taking steep losses and making longs a lot of money. Or they can press the shorts, find more capital from one of their crony friends or Grandmas money to manipulate the stocks they targeted even lower so that it is less costly to cover or else another hail Mary attempt to bring the stock prices so low that longs capitulate, basically doubling down on their bets, which is highly risky. Or they can go the illegal route and just leave everything as is and let the shorts sit without any covering and simply not properly and lawfully report the exact numbers on their short books/accounts to FINRA/SEC/etc. Do not even ask me why this is even a possibility but unfortunately for the capital markets, it is, partly because the SEC is an inept bunch of cronies and friends with most of the criminals who naked short sell and also because even when firms are caught not properly reporting their massive short positions, they only get slaps on the wrist, often fines that are some fraction of the proceeds from the profits they took by massively shorting, illegally; its actually still profitable to illegally short, just look at the FINRA website under regulatory compliance actions, it happens monthly and many many firms are actively engaging in this kind of fraud. Lastly, they can just throw up their hands and give up, funnel whatever cash money is left in the firms accounts to offshore banks and launder the money via various methods and then go bankrupt like what NITE is contemplating right now. Some years later, I presume they could then open up a new firm, the easiest way would be in a foreign land and continue the pump and dump shorting scams and blaming the company and management for the fraud, rinse/repeat. These are the possibilities and these are the scenarios going on all around the market all the time for the last decade, each and every one of those scenarios occurs.
Allegedly NITE is attempting to get a funding package of $400M but I suspect its like Greek bail out monopoly money, its just whatever they can get their grimy hands on knowing full well that its probably as you say, "done".
GLTY and keep your eyes open out there, many suspects, too many chiefs and no indians. 
