Like when the debentures were first issued70 million dollars.........coupon 6% annually.........those debenture holders would have shorted the common shares at over 2.00 each..........and covered from .15 to .30 ......making a 1.85 to 1.70 capital gain..........now the debentures are recovered back to 82.00 and they can no longer hedge at 1.50 .....but they dont care because they have already made a sizeable gain and are now happy just to short at whatever the share price is........the real big winners in sgy have been the debenture holders .........imo