Jun. 12 at 7:45 PM
$BCAT What makes this one interesting is the Saba's lawsuit against the Blackrock fund's runners for discarding their votes as the largest shareholders. It's now in the Supreme Court's hands. Waiting until 6/25 to see if they take the case. For BCAT, Saba is currently liquidating their remaining +10M shares. Hundreds of thousands of shares on near daily basis.
They finally went under the 10% ownership threshold and no longer have to report trades immediately, so until they report their quarterlies, we simply assume they are staying the liquidation course they started last September. In that timeframe, they have liquidated around 6 million shares to get them below the 10% threshold, that they reached mid-May.
It's likely they are in the low 9M high 8M share range now, as they steadily sell while trying to keep the price stable until they are out.
This could go banana's 6/25 if Supreme Court decides to hear the case which would favor BCAT.
