DK I'm no expert either but my interpetation of "This debenture..." refers to the repayment of the loan plus 8% interest that we made to the company. Now I'm not sure but if you haven't converted by then you may not get your certificates. You may just get your loan back plus the 8%. ?????? The Hag I think someone posted that SEVU assumed we'd all want the certs and therefor issued them to all debenture holders. JMHO