RE:Bought 1 Million Shares Friday.....Month End GiftI believe you are correct on this.
If I am not mistaken the conversion to shares would be an option to the debenture holder after the term has come due. This will give Spectra lots of time to put the cash together or raise another way ( if required but doubtful ) to pay off the debentures with no dilution. actually a very good move on managements part.