.James Chanos is of course right. He says there is no recourse by which he means you can’t force them to pay you early but then he says that you agree to pay them in cash or stock and if BTC trades down they will “pay with stock.” You can’t pay with stock if the debt holders

$CORZ $CRWV CoreWeave-Core Scientific struck a $9 billion all-stock deal but both shares tanked. Even as the deal spread grew wider, merger-arbitrage investors are staying away. Why? I looked into the complications there re borrow & IPO lock-up expiry. More on Bloomberg Terminal

Pentwater’s hedge funds soar 21% in H1, among their best ever. The driver? A bold, $1B bet on US Steel–Nippon Steel deal that it stuck to through the 18-month saga that divided the US steel industry and became a flash point in American politics bloomberg.com/news/articles/…

Merger-arb investors are finally enjoying gains again after the trading strategy resulted in some 1H windfalls. With fresh billions to wager, all they need now is a new wave of dealmaking. Positive sign-- 2 big-ticket M&As already announced this week bloomberg.com/news/articles/…

A huge week for merger arbs as complex, mega deals go through: $HES $CVS Hess-Chevron $53bn merger closes after a favorable arbitration ruling. Adage, Citadel, HBK among top HF holders stand to benefit $SNPS $ANSS Synosys-Ansys $35bn deal got China nod bloomberg.com/news/articles/…

Wanna an illustration of the $OPEN trading frenzy?

$EDR $TKO More details emerged: Icahn purchased its shares between March 3 and March 21, “with deep conviction” the buyout was “unfair”. His firm proposed a class action lawsuit, in parallel to the price appraisal case many other hedge funds took bloomberg.com/news/articles/…

"The 10-day average of retail participation in non-profitable technology companies reached 23% — the highest level since a Goldman Sachs trading desk began tracking it — and rose to 25% this week." Norah Mulinda Yiqin Shen

A story for Opendoor investors and goldendoodle owners

Hard to nail a call much better than Edwin Dorsey did with $PTHL today