Capitalizing on the popular mania for sustainable energy, the penny-stock operators are converting failed Canadian mining outfits and Internet firms into green machines with names like Western Wind Energy and Hydrogen Power International.

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The latest subsidy changes mean that for many firms it's not worthwhile building bespoke biomass power stations, but it is worthwhile converting some existing coal-burning stock.

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Other defensive measures, such as converting non-voting shares into common stock, and paying a special dividend, also look reassuringly shareholder-friendly.

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While the big firms are likely lining their own pockets by doing so, Shiller says they are also doing a service by converting a chunk of the existing housing stock from (potentially underwater) owner-occupied to rental units.

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Sedona was so desperate (or naive) that it signed off on a dangerous conversion feature: The more the stock went down, the more shares the bondholder was entitled to upon converting.

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