Hey jrdig7, I am sorry that I cannot PM you. When I spoke to E-Trade today I was told that such requests are processed within 1-2 business days, but sometimes 5-7 depending on the transfer agent. I hope that LEHMQ stays above 5 cents a shares over the next 5-7 trading days, so that i can at least break even. GLTY!
Forgot to say that in order to do the conversion from preferred (once you have them) to commons you need to call your broker and speak with someone from Corporate Actions. They will put in a request for you to do the conversion. E-Trade does it for a $30 fee.
My understanding is that you will have to pay 49.87 for each share of stock you buy. The incentive at the offering time was that the current price in the future could be higher than 49.87. Make sure you clear that with E-Trade.
You have 1000 shares. You can convert into 20,051 shares. At 49.87 each your cost will be $999,943.37.
I could be wrong....I hope so. Let me know how it works out.
"...However, if the applicable reference price is less than $18.82, holders will receive a maximum of 53.1350 shares of our common stock per share of Preferred Stock, subject to adjustment, which may result in a holder receiving value that is less than the liquidation preference of the Preferred Stock..."
I dont think P series can be converted to common shares any more as the company is in BK and original common shares (LEH) do not exist. LEHMQ is not the same IMO.
If you're going to go the preferred route, to me the thing that makes the most sense is to get the cheapest one out there. Fwiw, I own Lehgq. Look at the following quote carefully:
""In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company."
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