I can see that your discussion is solely based on your PPS cost basis since you were in at such a low price. But we all had the same opportunity to add and thereby profit from a different point didn't we? I'm not saying it didn't set us back 6-9 months but that is the time frame we are expecting "the" good news so it shouldn't matter in the long run. But you're right - JP Morgan is a POS and I didn't like the way the deal was brokered but I played the ball where it laid.
Looks like the merger breakup is a win/win for them. The breakup fee and being unsaddled. Of course having a strong balance sheet doesn't hurt along with the posibility of a CNC merger. I'm finally back in since the JD will probably rule in the next month. Too much upside and very little downside.
A tiny observation - when the SP was down and they had just issued the converitbles, Erck was made to look like Madoff's twin. Not long ago the bashers (and a few longs) were ready to lynch SE and highly questioned his strategy. My, my - how things have changed.