i got lucky, i had no idea if i should hold or convert my shares.. i converted, i KNEW that they didnt have to honor it. even I knew that from day one.
Then you "knew" wrong. They had an absolute obligation to convert your CD and preferred, if that's what you wanted.
so, i sold it at .0004.. and the fact they sent me my buy back money to my acct?????
Once again, they'd made a commitment, and were obligated to honor it. If they hadn't, shareholders could have sued. And they would have won.