4our....i have been at least considering what you wrote. My take was that the conversion was not automatic. What i thought I read from your post that initially went over my head was that they could voluntarily convert. Okay, maybe that is true....maybe, if you are correct. My thought is that why would they? They would lose their 10.5% dividend....a pretty good rate....and for what, to get the same number of shares they could buy on the open market? I would imagine that if voluntary few would want to convert and lose that guaranteed dividend. I suppose maybe some may think things will pop again very soon and would throw away their dividend. I just don't think most who bought those shares were in it for the common shares....they wanted the dividend. I keep hearing on this board and others that people are worried they would automatically convert once the trigger price is met....my contention is that it is automatic only if change of control due to liquidation.
I don't think we have anything to worry about here....and i am in the camp that absolutely hates dilution. I am also not worried about a RS because we have lots of time, if Bavi works as well as we believe the price will be just a few short months of showing signs it does and they have plenty of shares untouched on the table that they do not need to worry about raising cash under pressure for a few more years. Things actually are pretty rosey for this company, but some would like many to believe it is not. I understand the frustration, i del it too each day the price falls further....but i am a forest through the trees guy and the big picture says this is going to be a great ride for the faithful longs.
