With all my years of experience, once in a while there are situations I'm simply unable to understand. Here are the facts: NBG current share price: $1.41, with a 1 for 10 reverse split upcoming. NBG options: DO NOT have a bearish skew. NBG upcoming offering: 2.27 billion new shares to be offered at $5.50/share (Post reverse split. That's the equivalent of them floating new shares at $0.55 with NBG currently trading at $1.41). So the obvious question: How is this not free money? Why not short synthetic stock at $1.41 (buy puts and sell calls), and then offset that position by subscribing to the new offering and picking up shares at $0.55? I get that the offering could be over-subscribed and you may not get the full amount of shares requested- but still. The discrepancy between the current share price and the price of buying into new shares about to be floated is so wide, it makes no sense. the market simply doesn't pass out free money like that, so I must be missing something... but what? ---- http://www.reuters.com/article/2013...feedType=RSS&feedName=financialsSector&rpc=43 Greece's National Bank sets rights issue price after reverse split ATHENS | Mon May 20, 2013 10:49am EDT May 20 (Reuters) - Greece's biggest lender National Bank said on Monday it would sell 2.27 billion new shares at a price of 4.29 euros ($5.50) each, as part of its recapitalisation plan. The price is calculated after a 1-for-10 reverse stock split.