Convertible notes cna be valued as bonds ore equity as thye can become equity.
I don't remeber how you value the conversion but I'd say the value as equity being bought back given the arbritage between them and the Roc Price/ Value. One of the finance wallahs could claer that up. It means they're probabaly not givng much away in offering to clear the decks. They may also be helping clear the short postion. The things prety opaque which is why they may be wanting to clear it.
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