I can't get over this Apollo "subscription option". And I've been trying all week. Currently pressing Alvaro daily for further details.
As you alluded this isn't a traditional options contract with a defined (at least not publicly) expiration to go along with the strike.
Fruitlessly speculating the greeks on such a play has left me baffled. Most of my early retirement fund has been made with a myriad of different options strategies. I'm a gambling man who appreciates the artform, but this seems way out of character even for kingpins like Apollo... especially in this market environment. These guys are the quintessential OTC speculators/destroyers. Even if it's just a hedge within a deep set of strategic positions (which I suspect) , even if they are just planning/continuing to short it to death... Even if they still have all of their ~2million commons from last year's deal and other big lots from the early convertible notes. Even if they've gotten into a perfect position locking up a sizable part of the float (but not wanting too much to have to file)... Even if they know they have a group of shorts right where they want them or they are the group of shorts right where they want to be (or both)... I can't believe they would agree to such a strike and initial date. Did they really approach management asking for this? Surely, because we didn't need this extra premium.
This group basically has free reign over any OTC ticker they want, and they've enjoyed this status and associated spoils for many years now. Any contract they bring should be considered some rumple stillskin type trickery from best-in-class predators who do not lose.
I hope management fully understands what they agreed to here, because the surface level over-optimism of it gives me a sour stomach instead of excitement.
Hopefully I can report back if Alvaro decides to sift through my enormous emails. And hopefully these boys really have decided to win with us in mind for a change.
