SPAUL is trading at about 10 points below TAG. Like NKIDM a near zero movie is dropping out.
Any adjust with box office would bring the StarBond back up to TAG, at least. GLDFN is going to end up at about 5. One fifth of that would be added to the TAG.
Ergo, the EAP is about 1 point above current TAG, which is 10 points above current price.
Therefore SPAUL is ARB. (can only go up at adjust, based on current reported box office.)
ok rh?