The buyout price is 63 cents, but the current stock price is almost
double of that.  Why?  Is that going to prevent the buyout firms from
acquiring 90% of the shares?  What do you do if you still have a short
position on it?

Nevermind, I found the answer.

WHAT WAS the answer? (I'm kind of curious too).

The 90% shares don't come from the outstanding shares, but instead,
they are newly issued from the Company to the Holdings.  No shares
need to be bought from the stock exchange.  So the outstanding shares
now only represent 10% of the value of the Company.

This is the answer; however, I'm still surprised that the stock price
is almost double that of the buyout price.  I remember that the stock
went down to just above 90 cents when this buyout news first came out,
and ended at $1 that day.  Haven't shareholders realized that their
shares aren't as valuable anymore?  What is holding up the share price?

Well generally in these distressed sales private equity companies dont
buy unless they are getting a good deal so if BS gets it at 63 cents
the real price is sure to be higher and the investors expect the price
to stabilize at the high level once BS gets its cheap shares which
they can sell at a profit. The only question is how higher. The market
seems to be varying between .9 and 1.4