Rob & tom,
Might there be another factor at work in the recent weakness? If memory serves, IGEN had something like $100 million in tax loss carryforwards that expire at the end of this year. Hence the inclusion of tax accountants in the recent legal expenses line, with the idea that a settlement would make use of the carryforwards. It is becoming increasingly likely that any resolution will come after that. So perhaps the market is pricing in the loss of these carryforwards?
Anyhow, cashed my December calls, and have started accumulating January calls on weakness under $35. So far, so good, and I keep rolling forward a long-standing sold put position. Would have liked to see this one finish this year, myself. Did some tax loss selling prematurely, it would appear.
On another subject, given this last financing, we might see the short interest bump up some due to further hedging.
Cheers, Tuck |
