I am sure the recent mixed shelf is to deal with this debt when it becomes callable. In today's market, no need to pay 12.5% . I would imagine they would also deal with the callable 243M at 7&7/8 at this time as well. If etfc can increase earnings enough to meet its competitors, it can easily add some share dilution to take care of this problem. We have about 1/2 the share count of AMTD and 1/4 of SCHW. Maybe the uncertainty is what is keeping us down? I think everyone understands it is the best thing to do. All that interest savings will drop to the bottom line in 2013.