RE: RE: RE: RE: Shorts Covering thru Pref.A. ? From the point of view of giving the commons some room for growth, they could delay conversion to just before the June dividend. They could well do that to make it possible to get two sets of financials out before conversion as well. An ideal conversion would be one with less dillution -- the ratio becomes less than 12.5 to 1 over $2 which seems unlikely this year -- but you never know.