I think you will find that the tender was oversubscribed because of the difference in tender price and market price. I tendered my shares, and expect to rebuy them at the market, pocketing the difference.
Poondog: There will be more tender offers. Some of us might consider participating next time. Would you please post when you get paid and how much. It should be $3.00 which is 98% of 3.06, the NAV on 10/16.
I expect there was a fair amount of trading the tender. Even I thought of it, eventually.
The important issue is: will the PPS improve? Will the discount shrink?