I have a good sized position and a long term capital gain. I didn't want to complicate (for US taxes) the later taking a cash distribution from a Cdn company. Secondly, as I've written (and won't repeat here) at SI, I'm much more cautious on the sector. Big profits in these thinly traded names (or even NEM) can evaporate fast, I'm trying to reduce my rather oversized positions in PM stocks. It's been a great ride on this leg and I'd like to just keep and book a good portion of the gains.
MOY has finally firmed up, and today there were some bids in size that allowed me to exit this situation. Finally, despite the ultimate very nice payoff in this play, I really don't want to continue to be associated with it (for the reasons I stated during the long "black out" period), even if there is some more arbitrage play left. In other words I have no interest in the arbitrage or in the new Moydow.
