Plugging the leaks to retail, IMO, was a participation requirement by the Investment Houses so that they could subsequently walk the PS down to just above the flow thru share level of $1.70 during a quiet time, say when NOT was on a road show. I do not believe they will let the PS go lower than where their clients loose advantage. However, they do need to mitigate their risk at participating at $2.80 and finding clients: ideally, they would like to make the delta between $2.80 and $1.70 on a short, before selling all the risk to their clients. They certainly cannot have retail getting wind by the rumour mill of what is really below Eagle1a and keeping the PS up.