Gamco: As you say there is no requirement to provide an update. The notice was by a press release, not an SEC 8-K filing. Since nothing else to report, apparently just something to show the company is still in existence.
As was noted the change in the conversion rate was related to recent dividend payments. The following is the requirement in the note issue that calls for the change (the formula is a little complicated):
"If the Company pays any cash dividends or distributions paid exclusively in cash to all or substantially all holders of its Common Stock (other than dividends or distributions made in connection with the Company’s liquidation, dissolution or winding-up or upon a merger, consolidation or sale, conveyance, transfer, lease or other disposition resulting in a change in the conversion consideration as described under Section 10.05), other than a regular quarterly cash dividend that does not exceed $0.20 per share (the “Dividend Threshold Amount”), the Conversion Rate shall be increased based on the following formula:"
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