RE:RE:RE:RE:RE:TV's SPActually only 25% is hedged. It was hedged at a slightly lower price ($1.10 and $1.12) than I would have liked. I thought $1.15 was the sweet spot for entering some hedges. The other 25% was protected with puts, so Trevali gets all the up side minus the cost of the puts. The puts were at $1.04 and cost about $.03.