Second, CHK is extending the average maturity schedule of its debt by replacing senior notes due to mature over the next six years with convertible preferred shares that come with no maturity date.

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Earlier this year, there were 3.25 million shares outstanding and 1.4 million preferred shares convertible into common stock on a one-for-one basis.

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That poses a dilemma for Mr Geithner: he will not let the giants fail, yet he is determined to avoid nationalising them. (Indeed, the plan was apparently rushed out, perhaps before it was ready, in part to put such talk to rest.) He envisages a new round of capital injections, with the government taking preferred shares convertible into the common variety, as needed, to bolster banks' cushions against losses.

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It should be noted that the preferred shares are convertible, with a conversion ratio of 83.668.

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It should be noted that the preferred shares are convertible, with a conversion ratio of: 20.

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It should be noted that the preferred shares are convertible, with a conversion ratio of 0.846.

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It should be noted that the preferred shares are convertible, with a conversion ratio of 1.7361 to 2.0833.

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It should be noted that the preferred shares are convertible, with a conversion ratio of 0.4582 to 0.5682 .

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Sinclair has a 6% series D preferred convertible into 2.2 shares of common.

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The new investors may buy convertible preferred securities, that is, bond-like equity with an option to change to a set number of common shares at an established price and at an exercise date in the future.

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