debentures
according to my bbg data, trading volume in the debentures just died since a couple of days. screen prices are also off the highs, at the moment it is not favourable to do the conversion into stocks for a few % arbi gain. i think this is the main issue here, liquidity in the debentures. GCM has $2.4mio in their escrow account to fund the bond buyback, but I am getting the idea that they are price sensitive. At least, i dont see anymore reported buyback trades. That would provide more confidence. Also, we are close to 5 business days before end of month, so the conversion will be halted for the remainder of the month. We have to await end of month to get an update of the share count. But as long as this stock is turning >2mio shares a day, this is good. As mentioned by someone else in a previous posting, a lot of new shares that has to find a new home and needs to be digested by the market.