I think a 4% change on FWR on any given day is a tremendous signal. Now, I have no clue what that signal means, but for the last month this thing has traded between .97 and .98 and not a penny outside of that range. Something has changed here and I don't think it's amateur hour on the FWR trading blocks. I wouldn't be within a country mile of trading FWR after witnessing what has happened today.
I would have to think the drop of 3 cents today is for some sort of added risk that is discounted into the deal. Whether that has anything to do with the deal closing, the protest or some other factor, I sure don't know (and I don't think anyone else would either) - but SOMETHING has changed. Those 3 measly cents off the FWR price are monsters for a lot of people who have been buying over the past 30 days....