ferngrove merger, page-2

Is it just me or this there an obvious arbitrage for ETW holders??! Sell ETW, realise your capital loss, buy ETWG. It's really that simple!

If ETWG=ETW*4.435 under the terms of the recapitalisation (I'm not sure if ETWG also gets its 4.125c interest payment on top of this), then ETWG should be about 4.435 times the price of ETW.

It isn't, which means that either ETW is heavily overvalued or ETWG is heavily undervalued (or some combination in between)!