The plan is already in place.. See message_id=35883152
Treasury Unveil Details of ‘Stress Tests’ and Preferred-Stock Convertibility
Convertible preferred stock will carry a 9% dividend and be convertible into common at 90% of the closing price of the common stock on 2/9/09. Preferred shares may be redeemed at par if both parties agree; otherwise they automatically convert after seven years.
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