The point at which someone enters is a calculated risk. If the convertibles are replaced, then .30 and below will never be touched again, which makes this period a bargain. Then again, if the company can't let go of that obnoxious crutch we may never see .40. I wholeheartedly agree that the existence of convertibles at all is damaging even at the relatively low balance here. The prepayments are terrible let alone conversions.
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