It's strange - the market seems to completely hate the idea of...

It's strange - the market seems to completely hate the idea of the CRE takeover. Every step along the path has been met with selling pressure. You'd have to assume that if it failed, FML would explode like a coiled spring.

I would have thought that anyone who wanted to get out of FML has had plenty of opportunity to do so by now, but obviously there's still holders willing to sell at bargain basement prices.

If it were just about any other company, I'd presume someone knows something I don't, but I'm betting that this is just the market continuing its tradition of presuming FML management are not up to the task, despite all the evidence to the contrary.

I'll grant there is some risk in CRE, but I think the bigger risk at the moment is that Focus themselves are subject to a low-ball takeover before the market starts to reflect a lot more of the real value.