RE:RE:RE:RE:BBD.PR.CUntil the Debt due >2023 is re-financed, the PR.C are definitively safe from conversion. The PR.C have a market cap of ~$150MM, under the theory that if you are trying to refinance $7.0B in Debt, are you really going to tell the Market things are that desperate that you need to convert $150MM in prefs to Commons? That'd be like telling the buyer of your house that you are getting Divorced... Martel and the gang are doing a good job in displaying confidence to the market - Repaying Debt, etc. they aren't going to look desperate by converting the PR.C's anytime soon. If anything, there may be a chance that they do a SIB on the prefs (B, C & D) to take them out @ lets say 65-75% of BV, with the understood threat that anyone who doesn't take the buyout on the Cs would be converted to common Bs.