cdo response due out soon This is a slow and very quiet event....

cdo response due out soon This is a slow and very quiet event. It either means that CDO is capitulating behind the scenes to Affinity or else Affinity is trying to figure how to get themselves out of this mess.

IMHO, I reckon that the bid is already failed. The market is pricing CDO only marginally above the Affinity bid, and well below what we all know from the press they are will to buy for (ie 4.65). And with hte $14m guaranteed profit clause in the formal offer, it is pretty clear that it was meant to fail.

So, what is the reason? Is CDO only a front to make Brett Sutton at Affinity a bit more carry on the cash he is sitting on, ie a bit of greenmail-type transaction? If they are really serious you would hear them spruiking this a bit, a la Allco, don't you think?

Either way I guess I will hold at least until the Traget Statement comes out. I wish there was a third party to make this an interesting race!