which way to jump!, page-5

Hi Blues,

By holding PIH and accepting the conversion to BIP, I am running the duel risk that BIP falls in price (which it did last night, dropping 12 US cents to USD 18.30) and the AUD appreciating against the USD (which also happened last night, the AUD-USD moving up to .9268. At close of business in NY the conversion value of PIH was AUD 4.74.

There are a number of questions:
Is the 15 cent premium is sufficient compensation for the risk?
How easy is it to liquidate BIP positions?
Should I join the pirates and continue to hold BIP?