RE:Convertible debenture premiumThe $104.01 current bid on the convertible debentures equates to an effective conversion price of $3.9524 (= $3.80 x 1.0401).
This in turn indicates a premium of 55% ($3.9524 / $2.55).
Of course you can't simply ignore the interest payments on the debentures--which is part (but only part) of the reason there is a premium. Still, 55% is quite the premium.
Paul knows more about this kind of thing than any of us and I'm sure he would have been aware that the issuance of the debentures could stimulate a short-selling downdraft in the common shares. That said, I suspect that he too has been surprised by the degree to which this has hammered the shares--relative to the debentures.