RE:RE:RE:It's a great deal for US Still makes sense to switch into the debentures from the common FWIW. You will lose some liquidity but the stock and bond package (convertible at 28.5 cents) is worth north of $50 but offered for less than $35.
Apparently the arb exists because the borrow cost is so high but long only investors can take advantage of the arb and end up in a better position.