Possible arbitrage on OSTK
Overstock has some preferred shares trading under ticker OSTBP. These were offered about a year back to current shareholders at about 10% discount, for sweetener. It was part of Overstock's push to issue shares on the blockchain. Since those blockchain shares required creating a new brokerage account (and some other restrictions) this was the lawyers' way of making something equivalent available to everyone.
They have identical rights as OSTK except that these also get a 1% dividend. So theoretically they should trade at a slight premium. In practice, because they have a small float (500K, I think) and are very thinly traded -- they have retained that discount. Occasionally the difference gets smaller -- they were equal in early December -- but usually right around 10-15%.
Except now. Currently they are at 62-63 which gives OSTK a 40% premium. I would expect this difference to narrow in the future. And if there is a sale of the company, they will be worth exactly the same as OSTK.
I have recently rotated some of my shares out of OSTK into these. It means I now have to pay hefty long-term gains on the lots I sold and I was giving up the liquidity of common. However, the discount seemed too great to ignore.