I assume you meant "Arbitrage crowd" which would be those funds or individuals willing to bet the transaction closes. Obviously, with this gap, few expect a higher price to emerge. Also, there must be some doubt tha the transaction will close either due to inability to finance or regulatory concerns or delays. Despite the company's claim that this deal is good for all stakeholders, it looks like it may only be good for the control shareholders that want to exit at the highest possible price (those that became new common holders by buying debt instruments and working the bankruptcy). My gut tells me this is a negative for customers and employees, and they may offer some resistance to the transaction. I would guess the PUC's in Montana and South Dakota may take a hard look at who benefits from this transaction, and if foreign ownership by a financial product "packaging" company is good for its constituents. Good luck longs.