That was my suggestion also to PABOB holders and what I have...

That was my suggestion also to PABOB holders and what I have done. The thing I suppose with options is you generally convert when they are in the money so not much risk at that point if there is a decent margin. There is some risk buying heads at the current price as the assumption is the price will go up which is not a given. Regardless, as I pointed out in my previous post, you are probably going to be better off doing this then if you purchased heads instead of the options at the time of your option purchase. From memory, given the strike price of the options, they have always lagged the heads more than the current share price. So your option purchase price plus current share price should be less than if you purchased heads back then. So even though you have probably lost your money on PABOA you have probably lost a lot less then those who purchased the same amount of heads back then.