National Bank of Greece ADR (fka NBGGY)

[fourdueces]

Think the solid play has been exposed and really most profit that was worth the risk has since gone. If you believe that the deal can get done by Dec 31st, and that they're will be no bail in. The preferred was the right angle. Cause all reports are saying that the ecb will have to buy back all preferred since they are a hybrid share of preferred more similar to a bond. The liquidation value is $25 a share. They did a similar buy back in the 2nd bailout. Most reports have it at 50% of liquidation value which is 12.50. So it still has a 50% upside. But all this buying has mostly been retail. On the other side you have Moodys downgrading the preferred shares which are non cumulative from CA(hybd) to C(hybd). With another review pending in a month. Also it seems the float has been loosened up some. Beginning to trade tighter and beginning to see buys on level 2 from BATS and FINRA exchange. Has been mostly GCTC for a week. Hoping someone is shorting this now other then me. Cause I just got a call from my broker the interest rates on these bowored shares go up tmrw. I'm not short common so I don't know if they did also. But since I got the call common has been inching it's way up. So who knows.