looking forward, page-12

I guess where I agree with jonesw is as follows:

If you think TIM will survive as a going concern, then TIMPB and TIMG are a better buy than TIM itself due to the conversion terms. If TIMPB is being neglected, there is not only a doubt about the remaining interest payment but about whether the company will be around in Sep09.

I don't agree the stock is illiquid. There is 12,000 on offer on TIMPB at 37 and 11000 bid at 36. If you want to buy more than 12,000 TIMPB or essentially 48,000 TIM, I think you must know more than the market does or have $4000 too much money to spend!