Now that we know why the convertible jumped yesterday, the question is why anyone would take the offer from Ford? You are essentially being offered a premium of $14.25 in Ford common in exchange for the annual $3.25 distribution. I say this because the balance of the conversion simply is the equivalence in Ford common that we already control through the convertible? Why would you want to sacrifice what effectively is a yield of 22.8% on that $14.25 (3.25/14.25) for what is a highly speculative, non-dividend paying ownership of Ford common? But the real question is why is Ford offering this "deal" right now? I don't have a good answer, but I wonder if there proposal isn't just the first act in a larger play. As I said earlier, I'm not smart enough to understand much of this, but the deal itself is not on its face attractive to me. For that matter, I wonder why the convertible broke $40 given the terms of the offer and its dilutive impact on the value of Ford common. I don't see Ford at $9.31 after the conversion--unless there is more to the story.