ING December put-call parity is out of whack; 15 put less 15 call creates a synthetic long with a discount of about $2.20; stock at 14.27 so inverse conversion gets $1.47 in premium. My question - what could the effect of the upcoming rights issue on this trade be? Any expectation on the value of the rights, and what will a short stock need to "pay"? Will there be an adjustment for the option delivery or not? It appears there is no difficulty borrowing ING.