Expected
• The merger will complete and we can close the short position in WMI through the exchange of SMI shares, making a profit of $ 5 per SMI share purchased over a 3 month period
• Example: lf WMI rise [to $ 60 per share and SMI rises to $ 120 upon. completion, we do not have any additional cash flow in the future and make $ 5 per share from the initial investment
• Example: lf WMI falls to $ 45 per share and SMI falls to $ 90 upon completion, we again do not have any additional cash flow in the future and make $ 5 per SMI share from the initial investment.