I was just looking at it from a principle point of view. You need a converted option to be worth at least $2 to recover the face value of the bond. If you dont convert you get the face value of the bond back which has a higher value than the options you would recieve at todays price. I dont really follow what you are saying. You mean because of the interest coupon overall it is in the money?
I was just looking at it from a principle point of view. You...
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