Now more than 11 cents !!!
Don't get too excited you can only sell for less than a nickel. And if you placed a large order to sell at market your "dime" would shrink to virtually nothing.
With GERS going away on or before January 13, 2022 the only reason I can think of for buying the stock is the "premium" play in PVSP. Seems a little shaky to me, particularly when KK has recently told us he doesn't know when this will occur. In fact, reading between the lines KK may be telling us not only that he doesn't know when; he doesn't know how to accomplish this "premium" exchange. If that reading is correct, holders of GERS may actually be holding nothing on or before January 13th for quite a while -- maybe forever? I am not asking for trouble, just reading the words: We are still working through the regulatory and tax opinions required to execute. However, if we are successful, then it would involve the conversion of preferred shares into common shares, followed by some form of transfer or exchange transaction inasmuch as the entire point is to enable our shareholders to access liquidity without restriction. To be clear, we have no confirmation yet on how long a successful plan would take. The estimates from counsel include a broad range. We obviously want it done as soon as possible, and that is what we are hoping to accomplish.
Do you have any other insights?
Personally, with the decertification document, the SEC policy statement, and the Schwab notification as documentation, I am declaring my entire investment in GERS as lost for income tax purposes. If (and I certainly hope this is the case) something comes of these good intentions -- I will file an amended return. But to wait for that to happen is not wise in my opinion.
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