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I also took a bit of a gamble this morning by buying some Jan 18th $6 calls for 10 cents.

My thinking is if no offer is accepted by late January, I will lose 100% of my investment. If the special committee accepts the $6.60 offer, the stock price will rise, but not all the way to $6.60 initially, maybe to somewhere between $6.20-$6.30 and I could make 100-200% in a few weeks (of course it could only rise to $6 in which case I would lose the investment but I'm betting that I would at least break even.

Lastly, they could accept a higher offer (or even just receive a higher offer) in which case, I'm could make well over 1,000% or 2,000% in just a few weeks if the offer is $8 or so. I'm optimistic that the offer will be increased, but by how much and when, who knows. I'm guessing that the company wants to have this resolved by year end.

Of course the original $6.60 could get flat out rejected and the stock price could drop, in which I would happily celebrate losing the small amount I invested in these calls as I expect that scenario would be best for my large long YONG position.

I did this in my Roth IRA to avoid tax on short term gains (possibly at a new higher 2013 tax rate...eek) if it works out. The downside is I wouldn't get any tax benefit if I lose on the investment.

Just to reiterate, there is a good chance of losing 100% invested in these calls so best to avoid if this is beyond your risk tolerance.
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