RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:prerolls Yeah, I would think so. MM didn't file that they sold any in October and like you said it's unlikely they started since.
It's the structural reason to own them ahead of the common. Everyone is complaining about the endless supply of stock, the ATM, tax loss selling, arbitrage... meanwhile the debentures have the opposite factors. Their supply is dwindling. I assume at least another 100k was done this month, so call it 10% of the float is gone.
Plus you get paid to wait large. 12% now and 16% in January at the last trade of 50 in cash and then the accretion debentures on top of that in March. On top of that, they can convert to common within theee business days notice (I was a small part of the 700k that converted. I legged it out and didn't short and made a small profit).
Opportunities like this shouldn't last this long but I understand why it's happened.
johnale wrote:
There has been a steady seller of the debs it seems - for a while now.
If we assume mm holds their position (seems likely) -
and you have some longs who overloaded them (me, you, Jeff, wealthbuilder ect. )
36.5 - .7 converted = 35.8
mm holds 28.1 mil
so you have a trading float of 7.7 mil shares - how many have already found a home? How many are left?
eventually something has to give.