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They are paying up, just for the "no" outcome.




They ARE, or INTEND to? It's not Jan 31, 2026 yet, so, AFAICT, only the "Yes" option can be short-circuited if it occurs. They can't pay the "No" side until Feb 1, 2026, right?

Good point, so for completeness: They'll pay out either "Yes" or "No", but definitely not nobody or themselves (except if they're also "Yes" or "No" holders).



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