Yes, I understand that, but why pay a "premium" above $18 for NSM shares. One part of the NSM shares will be cashed out with "only" $18 (==> guaranteed loss for a part of the NSM shares bought above $18 IMO), even if they choose to receive WMIH shares because not all NSM shares can be exchanged for WMIH shares (the number of WMIH shares NSM shareholders receive is fixed, there will be proration)!