CuriosityWhile the common shares have been slipping, the debentures have been creeping up. The bid was recently 87-ish. A few days ago there was a large amount bid at 90. Today the bid is 93.
Suggests someone may be trying to go long the debentures / short the common. And, as has been noted, the short interest on the common has been rising.
Going long the debentures / short the common strikes me as a rather dangerous trade. The common could double and we'd still be short of the conversion price ($3.80?) of the debentures. But then I like where this company is heading.
But if you were to feel confident that the common will only tread water (or worse) for the next 2+ years then that trade would indeed make sense.