Not necessarily bad news.
the $280m conv. pref stock was priced at $5.36, with conversion price of 27.5% preminum over that price, equating to $6.87 and that begins 4th Qtr 2010 and ends 3Q 2011. Any sellers can convert anytime before 4Q 2010 at $7.61 but it's a mandatorily convertible in 4 equal increments matching contractual delivery dates of the newbuilding drillships.
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Beeee took profits @ 50 bucks.......Good luck oh yea went to short @ 6.84 didnt work out got out beeeeeeee.
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