Q being dropped is already priced in by the optimistic crowd. I think (and PL confirmed this) that changing the BK7 to BK11 is not a given and is that risk priced in?? Maybe that is what you refer to? In any case, if we get through BK11 with the structure as currently is, then like all pinkies, we will hear something that makes the stock move up - I would not expect anything until summer/fall. Many are optimistic that a deal is right around the corner but PL seems to be completely absorbed with just getting the BK7 changed to BK11 - no time for anything else like creating real value which is what we need to improve the stock price.
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