relax--safe and sound--forget abt book value...tough calculation but not material since the full conversion wont take place for quite a while. enjoy the yield and watch the stock rise with time. maybe 2 down, 30 up over next 3 years. put the stock away, into your deepest drawer...dont even think about selling it.
PBCT took a hit Thursday as all credit cards companies did. Bank One(First USA) down 26%. Long Term Capital Credit is throwing the market for a loop. Junk bond market, commercial loan securitization and credit card portfolio securitization are all but dead right now. This is not nearly as big a deal for PBCT as other large credit card companies. PBCT can easily afford to keep these on their books. This is a well- diversified financial services co. and short of a depression coming, this price is cheap.