lateline business, page-11

Easytimes,
Can't see why banks would accept your scenario, when they know conversion by them at this price is going to cause a massive drop in price when they are selling.
Who would really want to buy stock knowing say in 3 years time banks would be massive sellers of their converted stock.
What ever conversion factor you use it impacts on potential upside of the share. Remember banks want the best deal for themselves not shareholders.
Regards
Buffett