Was it possible to effectively trade Peabody or Patriot Coal on a post-spin basis before the spin-off?
The NYSE authorized a “when issued” market for both Peabody and Patriot Coal under the symbols “BTU wi” and “PCX wi”, respectively, which began October 18, 2007. Trading in the “when issued” market allowed investors to initiate post-spin trades in either Peabody or Patriot Coal, prior to the actual spin-off occurring. The trades were conditional on the spin’s planned completion on October 31, 2007. BTU wi shares were not entitled to the benefits of the Patriot Coal distribution.
