They're in the money now, but all it would take to put them out of the money is a permutation of some or all of the following ingredients: 1)a delay in achieving stated targets, leading to investor nervousness/scepticism; 2) subprime or other related falls in the US; 3) a fall in the options (due to their being close to expiry) resulting in a fall in the FPOs so that they reflect the value implied by the options (snowballing so that the options fall even more, etc).
habanero 3, page-7
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