Agreed.
What do you think is fair value for the time/leverage premium on the warrants? I'm being very conservative and calling it $0.50, but i've heard people throw out $1-$2 for this. I also agree that between now and the warrant-registration date, we will definitely close the gap between current warrant pricing and the intrinsic+time fair-value. I just hope its the warrant going up, not the common going down ;).
When I bought it at $0.13, it was pure speculation with the possibility of selling before the shareholder vote as the acquisition had a very good chance of failing. When I bought at $0.35, that was after the "You can vote yes and still liquidate" change so I felt much more comfortable putting more money at stake. At this point they still had some words about needing to get as much as 40M dollars in financing to be able to liquidate everybody, etc. When I bought at $0.72, that was after they got the CME owners to take stock instead of 20M in cash, letting TMI liquidate all the IPO shareholders and still complete the acquisition. My $1.1 purchase was of course after the vote was approved, as the last possibility of the warrants becoming worthless was eliminated.
-Fernando
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