Difficult to know the real intentions of 65 , but I would be rather surprised if 65 is working only for himself.

Shorting for shorting, because it's so easy to frighten the small investors?

IMHO, I dont think so!

Who are behind 65?

Maybe guys who don't want to see Orbite s/p too high, so it will be impossible to takeover Orbite.

Why not spending few millions to get eventually  billions.

I'm speculating for sure ... 

GS doesn't know the determination of the small investors when they have done their DD!