Stop playing with the numbers. Just buy the stock at 11.20 and get it for 80% of book. End of story, rights offering or not. Especially if the offering is cancelled. Give me a break. There is zero dilution to any holder who exercises and the added benefit of oversubscription. That is the hidden treasure here. I sold my rights as I have said previously and bought stock today. I will gladly buy more in the shorts hit it harder. I could buy rights back anytime before expiration for less and still take part. Right now you pay 2% to save 5%. That's a fair deal if it is not cancelled.