I had about 2000 total shares and I traded for common, after emailing investor relations, and the same afternoon they contacted me back (I was shocked) but I was told that the preferred might become inliquid or hard to sell, so I swapped, Take a few minutes and email them with your questions, they did answer mine. Good luck all
The conversion is Voluntary, with you don’t’ swap and the 2/3 swaps you will still be able to trade but you the preferred share (PN - OIBR4), will become practically illiquid.
If you don’t swap nothing happens
Oi – Investor Relations
This is what I got from Oi Investor Relations Today
I'm trying to figure this out also, I've talked to Scottrade no help there, I emailed oi and got the same info as before, the how to convert form. I asked questions to them not one answered. IF two thirds do not convert and we pay to convert from preferred to common what happens, do they convert back I doubt it . I'm at wits end with this.
taking profits in most cases is not dumb, but when something like this comes along the after the years of beat down, and the up side is crazy money why let the shorts cover and make your upside profit? I say let them bleed just like the longs have for 4 years. I will not sell at these levels, I will hold until heak freezes over or loose it all before I let shorts off the hook on this cash cow in the making. glad you made 50% good luck on future trades