mcooa, page-3

The current options lapse on 31st December 2008. These are worthless. Nobody will pay 25 cents to convert them.

The new option will not happen until the 28th January 2009. If you are holding MCO shares on this date, you will be entitled to buy 1 cents options. You will need to pay for these sometime before March 2009.

If you want to convert these to shares, you will have to pay the final amount before 31st march 2010.

This is likely to cap MCO around the 10 cent mark for a while now.