RE: RE: RE: RE: RE: News out Heel is right - in theory, the stock should drop by 75 cents the morning it goes ex-dividend and that usually happens. However, the drop doesn't always happen that quickly or, depending on the market at the time, it may not fall at an amount equal to the full ROC. So for those willing to pay close attention and get in and out quickly, there is a possible arbitrage play. I did this in 2008 with Avenir - they announced a large special distribution in November 2008 with an ex-dividend date near the end of the year (Dec 28 if I recall). I watched the stock closely during the intervening weeks and bought it on dips as some in the market lost interest or got distracted. Plus, the market was still getting hammered at the time and that put pressure on some shareholders. Anyway, I received a special distribution ROC of about 20% for holding the stock an average of about 3 weeks, and then sold it the morning after it went ex-dividend for only about a 5% drop below my average cost base. All in netted about $10K with very low risk for holding less than a month. Something similar may be possible here, although with the reorg involved it will be more complicated and harder to follow (but with potentially even more upside than there is today).
GLTA! JL