RE: So Where's The Conversion? There is nothing particularly significant about today in terms of the conversion. The fact that the arbitrage gap between prefs and commons has closed a fair bit is probably some indication that "the market" thinks its imminent. However, aside from possible dividend compensation, it doesn't matter when they do it. If they wanted to do B's as well as A's and do them together for some reason, then they had to wait for June but beyond that, there is nothing that special about this date in the conversion picture. They will probably do it (or look at other possibilities like making a cash offer) once the restructuring plan is better defined.