I am even lower than you. Before the capital raise I was happy...

I am even lower than you. Before the capital raise I was happy to start initiating positions around $4.50.

Now that the capital raise has occurred and all shares are now diluted in terms of future earnings (and due to the fact that we will never see the money from the capital raise: its going straight out the door to pay claims):

I will not start initiating a position until low $4 as future earnings per share will by definition be less.

I also give a heads up to my fellow hotcopper posters:
Look at IAG book value and net tangible assets per share: its much much lower than current share prices: that's a big gap downwards if IAG can't generate sufficient profit.

The market has been paying a high multiple for IAG,
this is now going to change to a lower multiple going forward.

Don't over pay for this stock, that's my opinion