The biggest mistake CLL has made to date is issuing convertable debentures. This is the reason the share price of CLL is depressed and will be hard to lift.

In end of Maj/2007 when the convertible debenture was issued the number of CLL short shares decrease from 4.7M to 3.9M in June/15 and SP moved up from $3.6 to $4.3

So much for the conspiracy theory. Debenture was a necessity .Cll SP was to low for new equity issue and they were running out of cash.

This is from my post long ago on CLL day traders (SH) board:

Let me just say again that this idea (arbitrage) which I originally posted on the CLL board was intended as a JOKE to answer the oilbent question about "who are the idiots which are shorting the CLL?".

You can theoretically make the case that this is possible but if you take to account the small size of CLL convertible shares ($100mln ---$5X 20M sh ---at low 4.75%), extremely low trading activity and look at the number of CLL short shares after May 25/2007 and the require leverage you have to conclude that institutions did not take advice from the old retired guy like me and move to other more lucrative opportunities.