you are looking at only one part of the equation. if you think there is no chance for a halt at 1st interim look, yes, you are probably not getting involved. If you think there is 10%+ chance for an halt, you are buying 10-20bps of your portfolio. If you assign the same % as JL/HDG for 1st interim halt, you are buying 500-1000bps of your portfolio.
Let's put this into context. Real institutional player manages $1B+ so a 20bps position (0.2%) would be $20M. If the stock looses 50%, he would lose $10M on his position which sounds a lot but it is only 10bps of his portfolio. His top 20 positions probably move 10bps daily. It is a totally different game and thought process on the institutional level. That's why I will be interested in seeing who takes down the deal and where it prices.
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