It's a pretty binary outcome that traders are facing on this one and there will be a lot of legal ink spilled over it.

There are some increased risks for independent institutional brokers [that] are, in a sense, left behind and not picked up by a larger organization with larger capital.

The deal may be more or less credit neutral for most of the players and a slight credit positive for the industry.

It's a very technical and legal situation.

The company disclosed one technical covenant breach that appears so small that it raised myriad questions among investors as to why the special dividend was canceled rather than just postponed.

The car was pretty good, just a little bit on the free side. We're really happy with the car. We'll have to see how we are in the race, but it should be pretty good. We're here to win the race and that's what we're going to try to do tomorrow.