"FWIW a $20 LEI price "values" LEIE @ $18.50 (ignoring risk etc)...

"FWIW a $20 LEI price "values" LEIE @ $18.50 (ignoring risk etc) so not sure why anyone would be buying LEI at $20 over offering a higher price for LEIE?"

At last some LEIE trades. $18.30 for the most recent while $20.03 for LEI. $18.30 is pretty close to their intrinsic value RELATIVE to LEI that gj0201 estimated above. I was expecting that when trading began that the LEI price would dictate where LEIE should be and this is the case. The high 15s was too big a differential and would have made many rich if they could have exploited the arbitrage opportunity.