You put forward a good idea about how you can use POD2 cash ($388M) to buy the $M100 debenture.

Unfortunately CLL can`t redeem the debenture before June 30,2010. After this date the redemption would cost the 100M plus accrued interest under condition that the CLL SP is above $6 .

You are right. The debenture is unsecured contrary to Brian`s Conspiracy Theory. Excluding initial dilution in May/2007(20M additional CLL shares) debenture has no effect on the CLL SP. In return CLL SP fluctuation will effect debenture SP. Brian`s Conspiracy Theory of shorting the CLL common shares and going long on the debentures is a JOKE.