[hinckley buzzard]

Plus, the preferred stock carries the option to convert to Common at 18$ a share.

[Attention Surplus Disorder]

THAT conversion feature was nullified the other day; I think it was rumored to be so when the orig news came out, but the SEC came out with a ruling against convertability and BAC pledged to not attempt to convert. I don’t imagine BAC would want to trade out of their senior position for common stock. (Which yields ~~3% btw)