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Thanks for the peek.

In the mean time, I have & will continue to take the position that a hedged arbitrage transaction is not a constructive sale --- my thinking being that during the "waiting period" my gain is fixed and my actual loss is zero. However, one continues to have a theoretical large loss hanging in the winds should the transaction unravel, e.g. in a sense --- fixed/limited gain with a 95% certainty against an unlimited loss with a 5% or less (hopefully) certainty.

OTOH, good old Treasury, as you point out, may eventually shove it down my throat.

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