"You may be right but it doesn't make any sense to me. Why tie up capital just to break even?"

Because you still get the tax credit regardless of what you do with the shares... Some people/institutions participate in these FT financings purely to get the tax credit... they are not interested in keeping the shares... In this case they put up money in December and are now selling them in February... not a long time to put up money considering the tax credits you are gaining by doing so. Also, the 'four-month hold period' sounds great but in reality these big institutions have ways of 'pre-selling'/shorting these shares between accounts that enable them to effectively sell their shares before they even receive them or hold period is up... It's how it works.

red911