"Did anyone really seriously doubt they would close the convertible??"
I thought it was possible but unlikely that this would affect the closing, and a bit more likely that it would affect the pricing. That you have not heard of this happening means little. How many cases have you heard of any deal pricing but not closing? Rarely is not the same as never. We know advisory panels recomendations are rarely not followed, don't we?
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"I am sure that everything claimed in these lawsuits was revealed to ML before the pricing..."
I agree, but that is not the question. The question is whether the PPM disclosed this to the investors. That is less clear. That Merrill closed without repricing suggests either that it was disclosed or that no one thought it material. Whether you think it was material before the approvable letter is one thing, but whether it is material after the approvable letter is another, rather like debating whether a broken nose is material to someone whose arm has been chopped off.
Anyway, it priced and now it closed. Let's see if the underwriters exercise the $25 million overallotment option.
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