The issue is that the bonds were originally trading around 30 cents at time of conversion.
By converting half to shares, they immediately turned it into 50 cents and still owned half the bonds.
I would think they are mark to market, so by converting they just showed a big gain in their books (or more likely avoided a big write down and a lot of hard questions from ratepayers).
In order to show up large losses/write downs, I suspect they may not be sellers until the price approaches 9 cents or so.
BBI Price at posting:
8.1¢ Sentiment: None Disclosure: Held
