The fact that TMR is trending higher has absolutely nothing to...

The fact that TMR is trending higher has absolutely nothing to do with the price of IBR at the moment. Post merger evaluations are just a guide to those that converted (I converted half my holdings). Until there is clarity on IBR and the scenarios unwind the market will find it next to impossible to value the remaining IBR share price. I took a calculated risk on swapping my TMR holding when IBR traded at 71-73c a few months back. I have now taken a calculated risk that three will be a fair and equitable offer for the remaining IBR shares if nothing more than to clean up the TMR registry.
I think I used the term gamble the other week when I explained my position however I consider it to be more of a calculated risk. There is NO WAY that IBR shares will become worthless without some sort of illegal attempt by TMR to delist them. Yep they are illiquid but they have VALUE. That VALUE will only become evident when there is more clarity by Hugh on what TMR intend to do from here. Remember the offer has to be to ALL IBR holders not just the 11% entity. They have done a backflip for some reason and that also has yet to be clarified. I think this story has a long way to go yet. Time will tell.