The reason why people say they can cover UCAD is an issue of timing. MMs MUST cover the UCAD dividend NOW, while they can still hope for a miracle of CMKX going out of business later.
MMs are using CMKX like their own personal credit card. While they are reaping the benefit of the money they derive from shorting it now, the interest on it (once the eventual rise comes on the pps) will force them to cover at much higher prices but at a LATER point in time. When that time comes is unknown at this point but all the MMs are interested in for the time being is to buy time.
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