LOL.
Short answer.
Yes there is a legal limbo.
Long answer.
The underwriters need to pre-commit prior to the deadline.
At 5.00pm on the last day, the amount of the shortfall is known. No more ordinary conversions are accepted.
But RAC's broker doesn't knock off at 5.00pm.
At 5.01pm the broker allocates the shortfall among the precommitted underwriters.
At 5.02pm the broker goes to the pub after a hard day's work.
IMO.
Happy to be corrected by any brokers.
Race options thread, page-519
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