JPM to buy BSC for $2.00!!!!

yep and you get Morgan stock so if that falls it will be less than $2.

Quote from newguy05:

glad i stayed the fuck away from this one, although some otm puts would be nice. Can someone answer this:

BSC closed at 30 friday, now the offer from jpm is $2. Does that mean the stock basically just dropped from $30 to $2 on monday open? So all the bottomfeeders who bought at $30 on friday are completely screwed (~93% drop)?

is this correct? thanks.
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Cant wait for the parade of ET'ers who will tell you they shorted the piss out of this one or "got lucky" and bought puts last week LOL
 
How does the company get to negotiate what its shareholder's are going to receive for their stock?

They're not in bankruptcy.

If I was holding shares (and I'm not) I do not understand how anyone would have the right to sell my shares. I might understand it if a stockholder vote was taken.. but this seems like highway robbery.

What laws/rules am I missing?

Thanks
 
yes the situation has to be catastrophic, otherwise no way bsc would agree to sell at $2 when it closed at $30 on friday. Although I am sure there were a lot of pressure from the government and others to sell bsc before the market opens too.

Monday will be a interesting day, see how all this plays out in the market
 
Reminds me of Jan 22rd. Markets were down 4% in the premarket and then swoosh they close flat. This isn't as bad as it seems.

Futures surging off lows:

Dow 11,862.00 -122.00 -1.02
S&P 500 1,277.50 -15.50 -1.20
NASDAQ 1,700.50 -24.00 -1.39

The spooz futures was down 24 at one point . Not anymore. Hahahaha
 
Anyone that lived and traded through the Savings & Loan crisis are reliving the blowup of all the financial wizards that seem to implode in their own dung approx once a decade.

Mozila for President. .. :D

Remember when Papa Bush said Ken Lay was the best idea since sliced bread? How about LTCM? South American defaults? Orange county blowup? Asian currency crisis?

The bankers and investment houses will be refinanced with "OUR" money and they will blow themself up again as soon as they can get the quants picking ideas out of their asses again....THEY WILL.

Anyone remember when the Texas and California "TO BIG TO FAIL" S&L's etc blew up?

Same game, different scam. As far as the housing mortgage "OWNERSHIP SOCIETY" bs was unfloding..........we all could, should have seen the end coming.............many of us did but as simple daytraders we never knew the entent of all the "toilet paper" thet was peddled to the fools chasing yield etc. Now we have a better idea.

Always remember this about bad news..............it always gets worse. .. :eek:
 
Quote from stock_trad3r:

Reminds me of Jan 22rd. Markets were down 4% in the premarket and then swoosh they close flat. This isn't as bad as it seems.

Futures surging off lows:

Dow 11,862.00 -122.00 -1.02
S&P 500 1,277.50 -15.50 -1.20
NASDAQ 1,700.50 -24.00 -1.39

The spooz futures was down 24 at one point . Not anymore. Hahahaha
More...

Now they are down 28 dickhead.
 
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