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To: Giordano Bruno who wrote (349482)	11/27/2007 9:28:30 AM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

Depends what you mean by "worth" -- why would anyone move to convert a convertible into common at an exchange rate of $18 a share when they can just go buy the common on the street for less than $9 -- the convertibility feature has effectively been rendered valueless at this point Later on down the road a bit when the dividends also stop arriving due to Countrywide's lack of cash flow, the so-called preferred equity standing won't be worth anything either -- all equity claims in a liquidation will be worth NADA I suppose I should assign some residual value to BAC positioning themselves to have the biggest call on CFC equity in a re-org -- if BAC wanted to get into the mortgage business big time, and if the CFC share structure remains basically unaltered from here, BAC would have first dibs on the carcass