Section 6. Conversion. Holders of Designated Preferred Stock shares shall have no right to exchange or convert such shares into any other securities.
I have checked both the Edgar filings for Bank of America and for Wells Fargo, and the language is identical. The terms of the preferred sale are clear: these shares are not convertible to any other type of security, including common.
Excellent find. Thanks.
You are most welcome.
You might also be interested in the following: I noticed at a Wordpress blog a reference to a repository of these agreements in the form of (largish) pdfs: http://financialstability.gov/docs/agreements/. (To give credit where it is due, that link comes from this Wordpress blog site.)