With the risk of getting abused .... and as a relative newbie to...

With the risk of getting abused .... and as a relative newbie to options ... can somone explain why AYO options are trading at 14c and convert at $1 and the SP is currently down at 68c ... ? With 38 million of them converting in Sep04 shouldn't the AYOO price be worth nothing until the SP gets up around the $1 mark ??

Or does the market expect the SEP04 SP to be well in advance of $1 and the options are hard to get ??

Tks for any help in understanding this

Yolande