Here's the most interesting speculation we've seen thus far on the state of play in the Murdoch/Dow Jones story:

The Bancroft family may have voted down Rupert Murdoch's offer on Tuesday, but his $60-per-share proposal for Dow Jones Co. & Co. has opened a door that won't close.

"If [the family] doesn't take the offer, they have to figure out what to do with all the arbitrageurs who bought the stock in the last 24 hours," says Charles Wrubel, a managing director at investing banking firm AdMedia Partners. "They could sue the hell out of the Bancrofts."

We're sure there's some sort of precedent for that—but it sounds bonkers nuts? (Finance folks are welcome to chime in on this.) You've got to love a group of douchebag arbitrageurs who argue for the sanctity of the free market and then whine all the way to the courthouse like common class action suit victims when their greedy speculation doesn't quite turn out the way they wanted.

Dow Jones' Bancroft family in a bind [NYBusiness]