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).
They're in the money now, but all it would take to put them out...
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