I believe you are correct......however...many people have continued to convert shares since then. I do agree....there was a large batch converted when the exchange first opened.....but some of those people will sell at least some of those PDRs when the exchange becomes liquid...giving the buyer a new maturation date while lessoning the impact of that first batch of guar. PDRs. Don't forget...many of us took the 2 year option.....so I don't think the 1 yr. PDRs being sold will have that much impact....all things considered. I also believe it may not matter. If they get their act together......there's a good chance the sp will out pact the guar prices anyway....making the guarantees just insurance policies. If that happens.....the guar. PDRs will be in effect.....free trading PDRs. I am not aware of anyone who has sold any PDRs? SS
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