This thing was a mess from the start. Merrill f0cked them, as they must have shopped the deal. Somebody got wind and sold at a fire sale. Then the announcement and they tank the stock again. I filed with the SEC a complaint against the unknown seller, as I am sure he or she had inside information. I am not the only one to file a complaint. Then the deal is done at 3.78, when it should have been done at around 4.75. This cost shareholders about 15% of their company. Now with the convertible, hedge funds who own the preferred will short the @#$% out of the stock as a hedge and treat the preferred as a 10% bond. This was a bad deal in execution, but good for the long term health of the company. Just don't expect a rebound anytime soon. There will be too much downward pressure.