On the 26th of November CS substantial holding was 81.5m shares. These shares will be made available by CS to the note holders for hedging (it was part of the note agreement). By my estimations they are going to use nearly all of them. Because Linc is so volatile even with a strike price 30pct away from the issue price the delta will be around 35 to 40, meaning they will be looking to short around 70-80m dollars worth if they want to hedge correctly. I hope this explains what I mean
LNC Price at posting:
99.5¢ Sentiment: Sell Disclosure: Not Held
