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AIB down more than 30% overnight in Ireland on news of second bailout

|Includes: Allied Irish Banks, P.L.C. ADR (AIBYY)

According to an article today by Finbarr Flynn of Bloomberg ("Ireland to Take Majority Ownership of AIB in Bailout"), the Irish government could end up with 90% of AIB:

“The big surprise is the increased capital number for Allied Irish,” said Sebastian Orsi, an analyst with Merrion Capital, the Dublin-based securities firm. “The government could end up with over 90 percent of the group, subject to investor take-up of the planned stock sale to shareholders.”
On the Short Screen message boards at the end of July, I noted that I had purchased $2.50 strike, February 2011 puts on AIB.

Disclosure: Long puts on AIB