FIRE cheaper through FIRE.DB It's now cheaper to buy FIRE.DB at the offer of 47, call up the broker and ask them to convert to equity than to pay the offer of 14 cents on the common.
Wild stuff. Plus there isn't a need to convert it to equity right away if there isn't a need to sell right away, the bonds make 17% current interest once the coupon jumps to 8% in January (13% now). The bid/ask spread is even smaller than the common on a % basis.
Why does this happen? Arbs loaded in to FIRE.DB because retail didn't take advantage of the debenture refinancing and now that it's done they are looking for liquidity and retail still doesn't understand debentures.