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Msg  18889 of 19238  at  6/19/2019 3:58:43 PM  by

RichAbe


 In response to msg 18887 by  bankbuyer
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Re: S A Piece on the Pimco ARP Tenders

 "Pimco could have absorbed the minimal cost of their profits"
 
I am repeating myself but there would have been ZERO cost to PImco.  The cost would have been paid by the CEF holders.
 
Nuveen let the holders of their CEFs pay to bail out Wall Street in violation of their fiduciary duty.
 
At the time I read both the CEF's prospectus and the ARPS prospectus.  The CEF prospectus said they would address a discount to NAV if one developed.   They did not do so.
 
The ARPS prospectus clearly stated they would not be responsible if the auctions failed. 
 
At the time both the ARPS and the CEFs were trading at about a 10% discount.  They bailed out the ARPS holders with the CEFs money - the opposite of what the prospectus said. 


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Replies
Msg # Subject Author Recs Date Posted
18890 Re: S A Piece on the Pimco ARP Tenders bankbuyer 0 6/19/2019 4:03:15 PM
18891 Re: S A Piece on the Pimco ARP Tenders gjunk3 0 6/19/2019 4:29:04 PM


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