The thing that bemuses me most about the paterson report is that...

The thing that bemuses me most about the paterson report is that it's recommendations have messed up the market for MAK.

This arbitrage recommendation is utterly stupid because the arbitrage opportunities are either nebulous or low value but the selling in MAK this week suggests that people have followed the Patersons thought. As a result the MAK price has been driven down and those thinking they are doing a smart thing in the short term selling MAK to buy UCL have supported the UCL price to MAK's disadvantage because the 13 for 10 is hardly attractive now!

This whole thing is a slapstick comedy.