anmca -arbitrage opportunity here, page-10

if you sold ANM but still held the fully paid ANMCA's (which by then will be called ANMNA) of course you will still receive the 3.2c dividend because they are attached to the ANMNA's.

ANM has no dividend at all. If you are short in ANM you will still be entitled to the 3.2 c of ANMNA's for how ever many you hold.

The assumption is:
because ANMNA is going to convert to ANM in like 2 years but have the 13 cent return of capital (this is how its described - its not interest or dividend and therefore tax-free, i found out to my delight recently),
it will therefore sell at a higher price than ANM. THe risk in that is if ANM drops 12 cents or more.
If ANM stays where its at you will make a quick gain on ANMNA's which will be selling for a minimum of 55 cents (based on ANM price right now).

I'd like to know if anyone actually understands this.
Sorry - explaining things isn't my strong point.