aazpb, page-38

They will never convert to equity. Only companies with a gun held to their heads will convert to equity and I haven't actually seen it yet. Babcock went under before even considering converting to equity and the whiff of forced equity conversion for TTXPA sent HDF shares into a downward spiral. Dilution would destroy the share price during the 20 day VWAP period, where the lower the shares went as people got out to escape the coming tidal wave of hybrid holders, the more shares are issued to the hybrid holders and the worse the dilution destruction.

cheers