At the time, IO price was plummeting and so was the SP, but lagging somewhat due to rebound hopes. Now, IO has rebounded, but people are still terrified of the $38 floor. Yes, SP should theoretically be >> 10 cents and that will come when confidence resumes. Instos lost a packet in the dark days. So did everyone else except short sellers.
At the time, IO price was plummeting and so was the SP, but...
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