Besides, you really don't need a lot of shares to hedge this type of product. You need options that are typically (at least initially) deep-ish out of the money and so have little delta.
Remember, just because the MM would buy or write one contract doesnt mean they'll buy or write tens or hundreds of thousands of contracts at the price.
What I'm saying is that trying to get rid of a lot of shares through $30MM worth of a reconv is very ineficient, if not downright stupid.
Buying a put option requires an upfront payment but you will receive money if the price falls below a specified price (the "strike price"). On the other hand, you receive money when selling a call option but may have to pay later (or hand over your shares) if the stock price jumps above the strike.
The problem is that this mechanism only works because there's a counterparty willing to do the trade. You can see the option premium (cost) for a variety of strikes on most financial sites (e.g. https://www.google.com/finance/option_chain?q=NASDAQ%3AAAPL)
As more people buy put options, the price of the put option goes up. As more people sell calls, the price of the call option goes down. If you have a small position (say, 1000 shares), your trade wont move the options market much, but if you have a large position your trades will affect the market makers (they also have a book and are looking to reduce their exposures profitably as well)