Cit Grp. Pfd A (fka CIT-A)

[Must Be Patient]

"Under the terms of the Company’s 8.75% Non-Cumulative Perpetual Convertible Preferred Stock, Series C (the “Series C Preferred Stock”), as a result of the delisting of the Company’s common stock, each share of Series C Preferred Stock is immediately convertible into 9.0909 shares of the Company’s common stock." Doesn't that imply that the preferred holder has to take some action to convert, but could choose to sell them on the open market instead?