I think one of the interesting things about the bond conversion...

I think one of the interesting things about the bond conversion is that - as MtK is unloading them immediately to clearly pre-arranged buyers - what kind of agreement do they have with those buyers that MtK will not turn around and sell future conversions at a lower price point? If you were a large investor buying hundreds of millions of converted bonds - you sure would want some guarantee they do not tank the price in the future. Assumption would then be that any future conversions will only come at either the same level (last at 17.5) or at higher levels.