Finally able to discuss FTR and FTRPR with a FTR Exec. He called twice just yesterday, and answered all questions. The conversion is mandatory, and will happen next June 28th, A Friday, last day of Month.
Do not expect any cut in divy, however, He indicated FTR has the option of giving shares in lieu of some of the divy.
Plans for capex are very nice, and too lengthy to Post here.
Bottom line: We are pleased so far. Potential is quite attractive.
GLTA.