Oh yes, I've experienced this a number of times. But one that I was totally blindsided by was with an arbitrage trade we had on in the GE/HON merger. It was by far the largest position in our book. Everyone expected all the approvals to come in, and the DOJ/FTC had approved it, shareholders had approved it, and at the last minute, before closing, the EU decided to block the merger on their own antitrust review. We lost about $40 million in just three minutes. A painful learning lesson for us.