I am still of the opinion that whatever short position remains in old PKGP can be covered by purchases of whatever is the equivalent trading instrument for the company, Packaging Plus. Thus, any shorters who have not covered by June 30 with purchases of PKGP will, after June 30, be able to cover with NEW Packaging Plus stock, XXXX.
Think about it for a moment, if the requirement were perfectly rigid and it was mandatory that a short of PKGP must be covered with a purchase of PKGP(and only that item), then a slick shorter on the morning of July 1 could say: "I am trying to cover, to meet my obligation, but they won't sell me PKGP anymore...So how can you expect me to cover". Now, does that logic make sense to anyone?
Thus, I gots to believe that outstanding short positions of PKGP at close of trading on June 30, can/must be covered by purchase of new Packaging Plus stock, XXXX
Then again, the government makes these rules don't they.
TG |
