To: Madharry who wrote (31664 ) 7/31/2008 4:04:45 PM From: E_K_S Read Replies (2) | Respond to Hi Madharry - What's the symbol for the WM preferred? Is this the one finance.yahoo.com . There appears to be a Series T and Series S preferred. I do not like the mandatory conversion option. What prevents them from a mandatory conversion at the $8.75/share value when the market price is $5.00/share ? Is the pegged conversion rate changed by the company each six month anniversary? secinfo.com The Series T Preferred Stock is mandatorily convertible into shares of common stock on the final day of any calendar quarter in which the Company and/or the holders of Preferred Stock receive the following approvals: (i) the approval by the holders of the Company’s common stock of (A) the conversion of the Preferred Stock into common stock as required by the applicable NYSE rules, and (B) amendment to the Company’s Restated and Amended Articles of Incorporation to increase the number of authorized shares of common stock to permit the full conversion of the Preferred Stock into common stock, and (ii) the expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or the competition or merger control laws of other jurisdictions. The Series S Preferred Stock is mandatorily convertible upon receipt of the shareholder approvals described above. The Preferred Stock is initially convertible to shares of common stock at a rate of $8.75 per share of common stock; provided, however, such conversion price shall be reduced by $0.50, subject to a maximum reduction of $2.00, on each six-month anniversary of the original issue date if the shareholder approval described above has not been obtained.
