I think that you made a good purchase at 0.62 (and some are getting an even better deal now).
I don't think that the Class 18 argument was very well developed. It was clearly last minute and the subordination by 510(b) is very murky and not clear on its face how it applies to the LTWs.
I really think that if we're debt, then we're class 12 and if we're equity then we're class 21. Bluzie had a nice link to a document with case studies of the 510 subordination a while back, illustrating the very ambiguous nature of 510.
At any rate, interesting movements today, the B/A has been jumping all over the place!
DIMEQ never gets the love or the attention... oh well, I remain unconvinced that the market (or what approximates a market for DIMEQ) completely understands this security or how to discount its potential value. On the other hand, perhaps my estimates of its value are not accurate!
That little dip in the morning brought back memories of another play, JRCC, that I was in back in 2006/2007. I put in a stop loss about 20% below the (then) current trading price of ~$11.00/share and my stops got triggered, leaving me in the dust when the price recovered and went positive for the day ( I think that it ended like at $12.00/share).
It was my first small-cap investment and I had underestimated price swings in small, illiquid securities... the chart today looked exactly like the one where I got stopped out. Of course, the stock continued to rocket up and hit $60.00 within about a year (Full disclosure, I got stopped out at $9.00/share... still made a nice 100% profit... but man... $60.00 would have been nice!).
Best,
Jared
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