The FBP prefs were getting decent volume every day. That seems to have tapered off. Note the strong anti correlation between the prefs and the common over the past few months. Clearly there was an arbitrage thing going on. Looks like that may have been a bad bet. The bank stated no intention of converting. Might have looked like a good idea when the stock was $4 but at the current price, it looks too dilutive. Hope you guys like those prefs for the long term because they are hard to sell without making the market maker rich.