my view is COEs current sp simply reflects that many people...

my view is COEs current sp simply reflects that many people aren't impressed by COE, rather than any manipulation to pick off IPM lower. Who (other than the absolutely desparate) would sell IPM now at a loss given they have a lot happening over the next 12 month (and next years divi)? Seems to me that COEs sp is down (in addition to the market woes) because of the bid, lack of certainty being particularly unwanted at the moment in any company. COE certainly hadn't forseen the general market dump and in fact bought IPM on market for around $1.10+ (so a loss on those atm, not having learned from the Mosaic debacle). Regardless of which, COE now looks to me like a bargain despite its management. Pity existing COE holders (including me) have got smashed.