FIRE.DBI know I'm a broken record but another way to look at FIRE,DB is by calculating what it's worth based on the number of shares it converts into.
At 20 cents/share, the value of FIRE.DB is over 48 vs the last trade around 28.
So if you have 28k to spend, you could by 140k shares at 20 cents or buy 100k in bonds and get 244k shares when the deal closes.
The side benefit of buying bonds is that it makes shorts cover in the common which actually means more buying in the common then if you bought common yourself (assuming they have a ful hedge on).