Subject: Re: Liberty SiriusXM Group
So the YouTube analysis I have watched talking about a 20% arbitrage opportunity is incorrect

It's not that it was incorrect (probably) but rather that the prices of the securities changed. SIRI's share price went down more than LibertySirius's share price recently. As I mentioned earlier, there are no natural buyers of SIRI shares at the moment (except for those covering a short position in SIRI stock or someone trading around an options position). It would be irrational for an investor in SIRI to buy SIRI shares when the Liberty trackers are at a discount and imminently converting to the same security. The exchange ratio is basically set at 8.4 with only minor tweaks at closing.