My reference to 0.8c was regarding a potential entry by @R21....

My reference to 0.8c was regarding a potential entry by @R21. You're right, a TO price of 0.8c does not help anyone except those who enter now. However, with a SP of 0.4c, a hypothetical TO at 0.8c assumes a 100% premium. The TO bid* price could be much lower e.g. if we consider the average SP premium in TO's to be 20%, that could mean a TO price of 0.5 to 0.6c if the VWAP SP price is about 0.4c a certain number of days before the TO bid. That is entirely possible.

*TO bid price is a joke in the context of BLY, given how much control Centerbridge has and the general state of play.