Shorted PCX after the rumors. Avg 0.844. Still holding the short. Equity likely worthless in bk and chance of rumors being wrong are less than 5% in my view
IB doesn't have shares to short right now but amazingly after the rumors there were a lot of shares to short for a long-time. They kept disappearing and reappearing
Agree that "chance of rumors being wrong are less than 5%", however as per my comment in my journal, (perversely) the stock could rise above $1 tomorrow even if Chapter 11 is announced.
I will probably just cover everything tomorrow to prevent any nonsense squeeze. This might be the best way to play bankrupt stocks. I made some nice gains yet I traded badly. My trading software was flashing new lows on PCX for quite a long time before I decided to take a look at it Then I checked my flyonthewall feed and saw the bk rumor and immediately started to hit the bids. Had I checked earlier I would have made more Flyonthewall costs $35 a month, it does lag quite a big the actual news, in this case it paid itself many times over but I'm currently researching a better news feed that doesn't have a ridiculous fee like a bloomberg.
ATPG might be traded this way too. Problem is that sometimes the company just files without having the event leaking out
I have been doing a bit of reading on Seeking Alpha about ATPG. From what I gather, ATPG should be safe until 1 November, when the next bond interest payment is due. ATPG May 2015 http://cxa.gtm.idmanagedsolutions.com/finra/bondcenter/BondDetail.aspx?ID=MDAyMDhKQUU4
Twitter might be the answer: 3.33pm https://twitter.com/Benzinga/status/222413260794757120 3.35pm https://twitter.com/Street_Insider/status/222413665029197824 https://twitter.com/Street_Insider https://twitter.com/Benzinga
Do you all think FSIN is a good short at these levels? It seems like the December $9 put for .65 could be a pretty solid bet if it's going down.
What I don't like about Twitter is that there is too many jokes and sarcasm, forces you to double check everything. ZH is the worst offender