Forsys Metals = NO Deal

Oops, There She Goes! Yeah, my arb play in Forsys Metals didn’t work out. Today the company announced that they have delayed the merger up to July 31st. The acquirer had trouble finding the $$$ to complete this deal. What else is new, huh? I took a small hit, but fortunately it was just a small position. In any event, it was a 38% loss in this arb play. There was no point in hanging around and hoping the deal comes through. I had a clear exit strategy and now I’m out. You learn and move on…