Michaels Stores.(MIK).. LBO at 44 bucks

2 buck discount.

stock trading at 42..

the deal probably needs till year end to close. given lbo financing needed.

so looking I guess at a 5% er over 6 months.

annualizing 10%.. ok deal.

some returns but then again is part of arbitrage which could fall apart.

a small allocation might be justifiable. a big one never.

i mean i prefer keeping the money in icocz or other preferreds, whether they are paying or not. .icocz is a very nice one by the way..

there are other prefs i might ûpdate on in the near future..