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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: cubsfan who wrote (5019)	3/1/2009 2:14:00 PM
From: RockyBalboa	Respond to of 6370

Just look what I said 2 days ago: they are copying my price ideas: Message 25449184 The day before AIG actually traded 39c. Too funny.

To: cubsfan who wrote (5019)	3/2/2009 9:54:01 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 6370

Yes.. different methods are possible. The Citi $25 Preferreds trade on average at $8. The stated conversion per $25 of preferred - 3.25, multiplied by the preferred discount (and neglecting any accrued unpaid dividends) yields $1.04 for the common today. The common at 1.50 trades still at a premium to all classes of preferreds. This is still a significant large scale arb opportunity. Provided that anything what has been said about the preferred conversion is true... There´s still a lot to trade in C preferreds. I got me some cheap P well below 8, but unfortunately missed out shorting other preferreds near 10. P is most active today, and recovered from the drop. HSBC - trading about half the expected discount of the rights offering - off 17.5% to mid 28. JPM is now the bank with the highest market cap ($81.8B), it overtook HSBC ($70B) today.