Watford.Two statements are incorrect:Expiry ( conversion) date...

Watford.
Two statements are incorrect:
Expiry ( conversion) date is Nov 2015 not 2010.
2010 is reset date for interest variation only.
There is no conversion in 2010 unless BNB chooses to pay out.
It is an unsecured note, so if BNB collapses,lenders will be paid first, do you really think there will be left overs for note holders?
The note sells at $38 at the moment telling you that note holders have no confidence they will see interest payment or conversion...
Once it is clear BNB will survive and providing you are patient enough to wait until 2015 and happy with interest payment only, only then is it buy!