It is a discounted bond, only convertible. Sorta like when I bought a bunch of savings bonds in the early 90's, I paid $50 for each $100 bond. It's a 6% savings bond, so using the Rule of 72 it doubles in 12 years.
The Lyon is a 30 year 1.75% convertible bond. One $1,000 Lyon bond cost $592.91. It converts into 7.1881 shares before 2032.
so $592.91 / 7.1881 shares = $84.48 per share
I'm guessing that if by 2032 the price of the stock has not reached $84.48 for a certain period then the bondholders get $1,000. If does get there before 2032, they convert and you get dilution. About 14.5 Million shares is what I'm guessing. About 9.5% dilution. They can be converted earlier under different conditions. This is why the stock started tanking in mid-March. It was placed in April. The insiders probably knew what was going on, and sold in February.
A guy at work picked up former SEC Chairman Arthur Levitt's new book. I'll probably get a copy. You should at least look at it in a bookstore to see if it interests you. Let's hope the brokers re-selling the Lyon will give this stock an upgrade.