After the global financial crisis of 2008, Allied Irish Banks (AIB) was rescued by the Irish government.During 2013 and 2014, the tiny fraction of shares remaining with the public appeared to be vastly overvalued in the Irish stock market. The American Depository Receipts (ADRs) of AIB appeared to be overvalued even relative to the inflated Irish price. The case illustrates the possibility of pervasive mispricing in an illiquid market and the difficulty of valuing companies with large embedded option values.