Tuesday, November 13, 2007 5:03:46 PM
Just an opinion here: CDs are callable or noncallable. I do not think that what PAIM did was legal re: mandatory conversion of CDs.
Bottomline: People who sent in their CDs exchanged them voluntarily while the CD holders w/ brokerages did not convert, ie PAIM is liable at maturity date.
Without looking for the old original PR re: receiving the CD for shares, I do not recall that these CDs as being callable until 2010 or 2011. I can not remember. Anyone wanna lookup and post.
In my opinion. I am not an expert or portray to be one.
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