Without digging I think that 2013 was target for conversion. Wildly incorrect? No, I don't think so, rights to 200 per option @140.00 per. Or am I incorrect in this? Offer closed about 04/27/12 trading in mid to uper 70's if I recall correctly at that time. Options were only offered to holders of record before 04/14/12 or sometime around that date give or take a few weeks. As incentive offer was under then market price. Share structure would by necessity change by addition of more shares of common stock 80 mil at 0.70 ea. Keeping in same perspective of a discount of around 0.07 puts pps at 0.55 or so. Knowing that more shares were issued then to raise equity and knowing that millions more would be added in future a drop in pps was to be expected. But a reduction before allotment was not indicated in published perspicuous.
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