Hope this time he is writing concisely without conjecture and making clear points ... I do believe he has got it right this time ... BCE is toast ... the bondholders know if the merger is allowed they are getting screwed, but in all likelihood they will be "saved" by the lack of liquidity.

Even ther arbitagers won't touch it ... I knew it was good short but didnt have the fortitude to put my money there.

Think we may see quite a tumble on the markets .... I think the only hope was a 1% rate cut yesterday and that would only have prolonged the inevitable. 

Orgy