All - Long time lurker - first time poster. I noticed an apparent arbitrage opportunity (PCP violation) in Sprint (S), and it's not based on dividends. Rather, I think it has something to do with their pending merger. If someone were to try to arb this via reverse conversion (short stock, short put, long call), is there a way to estimate how they could get burned and by how much? I'm obviously only posting this because I'm too scared to ride the lightning myself. Picture attached, and merger announcement in next post. For comment.