Alright, now I am understanding you. You are emphatically stating the deal is not floorless on the basis of conversion. I think we had a miscommunication there.

My point on this and a big reason I am shorting what is the effect of never converting the preferred shares into common stock. What if there is a case of liquidation at a value of 1/4 to 1/2 of current market cap? At that point preferred shares command payment first in the event of a liquidation and without the conversion they get dibs on the first $2B in assets. At a common share price giving a market cap of $4B BAC would effectively receive 1/2 of CFCs assets in a liquidation. At $8B (optimistic in BK) they would receive 1/4 of CFCs assets. The effective ownership of the company is moot since CFC is now a carcass and BAC has preferred. The common shareholders get bent over and paid next to nothing while BAC gets the heart.