Well actually the conversion merger of the B&A shares was approved yesterday per my original DD at the ratio of 1:1 and will be closing in a week or so. You can still squeeze out a couple pennies here on the arb, but some folks picked up a nice 25%-30%++ return.
In 10 Years I have never ever seen anything like this happen. An official PR and annual corporate shareholder meeting tally of votes last week said the two motions were overwhelmingly approved. http://finance.yahoo.com/news/Blockbuster-shareholders-OK-apf-1978737289.html?x=0&.v=1 Dinner time yesterday, evening, an ammended 8K with the complete contradiction saying both motions did not pass. http://biz.yahoo.com/e/100630/bbi8-k.html
BBI management obviously a pack of thieves and incompetents, milking every last dime from this dinosaur .
yea the PR was bull, i had a feeling they were going to pull back and bring up some more bull and I was right about this. bbi is officially barbecued. hello BBIQ
i dont really understand what you are saying here? so your saying if you picked up bbi-b shares and bbi shares that you'd gain 30% when they merged?
Spread. So long BBI-B and short BBI. When they would convert in a 1:1 ratio you would collect the discount. However due to the rejection of the conversion the spread is back to 8 cents or something. I did this spread a couple of times last months. However last month borrowing the stock was very difficult at my broker. So I wonder how many people really could profit. When BBI would get BBQ'd the 1 to 1 ratio applies again ;-) greetz. DCT