BAC’s convertible deal with CFC is NOT – I repeat NOT – a “floorless convertible” like the deal Jim Cramer describes in the piece TheBreeze posted. So, while CFC may still go to zero it will be in spite of, not because of, the BAC convertible deal. I’m a bear on real estate and CFC, but fer christ’s sake let’s not make stuff up and/or purposely mislead folks where the pertinent issues are concerned. The BAC/CFC convertible deal is a very straightforward deal – nothing AT ALL like the convertible Jim Cramer describes in the column referenced above. Let’s try to stick to facts; they’re bad enough as they are. There’s no need to overstate one’s case.
