$USD still down. Hey, bob or anyone>> option question:
NT - Nortel -- 1:10 reverse split coming. The only options are January.
If one were to bid to open the 2.50 calls at .05 ---
and get them ---
After the reverse do the 2.50 calls become 25.00 calls?
This might be educational to watch.
Item 3.03 Material Modification to Rights of Security Holders
On November 7, 2006, the Company announced its planned consolidation of outstanding Nortel Networks Corporation common shares, no par value, at a ratio of one post-consolidation share for every 10 pre-consolidation shares as approved by its Board of Directors. The share consolidation, which was approved at the annual and special meeting of shareholders of the Company held on June 29, 2006, will become effective as of 12:01 a.m. on December 1, 2006 so that shareholders as of such date will hold one new Nortel Networks Corporation common share for every 10 Nortel Networks Corporation common shares that they held prior to such time. The new Nortel Networks Corporation common shares will start trading on the Toronto Stock Exchange and New York Stock Exchange when the market opens on December 1, 2006. No fractional shares will be issued as a result of the consolidation. Registered shareholders otherwise entitled to a fractional share interest as a result of the consolidation will be entitled to a cash payment in lieu of the fractional interest. The amount of the cash payment will be equal to the product obtained by multiplying the fraction by the average closing price of Nortel Networks Corporation common shares (as adjusted to reflect the consolidation) on the New York Stock Exchange for the 10 trading days immediately prior to December 1, 2006. If such price is not available, the payment will be based on such other price or prices as determined by the Company’s board of directors in its sole discretion.
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