RE:No more Debentures!!!!Depends on how many people converted to common. They had the right to buy in at $7.50 per share, so they will drive the book value down. Those who let their debentures be called will drive the book value up.
Given the increase in the value of investments since quarter end, if you assume half the outstanding debentures converted and half were called, I calculate BV around $11.45.
Hopefully with the simplified structure, we should get a higher multiple on our shares, so at $8.60, there is a ton of upside.