merger fallout for investors

merger fallout for investors

Posted in the Transocean Forum


Miami, FL

#1 Nov 29, 2007
I'm not sure how thsi merger effected others, but I feel like we were all screwed under the terms of the merger and the way it was handled by the opeions clearing house.

The day after the merger, my RIG stock values had dropped approximately 10% on a day when the stock had popped $4.00.

I held May 130 calls worth 12.90 the day before the merger.
The stock went up $7.00 in the money on the merger day and FAILED TO REFLECT THE CHANGE IN VALUE SINCE THE STOCK WAS ORPHANED by the options clearing house. Today the May $130 calls shown on Scottrade is .RIGEF on a volume of 1 share at $20.68, and the orphan option I hold .RFUEF is at $10.20. that orphaned option is not shown on the RIG options on the Scottrade trading platform. With no publishing of the option, the market has sunk to zero and the holders are now forced to sell off at approximately 50% of value.

Class action suit anyone? I can't be alone here.

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