I never thought of using the debenture as a put option. Nice thinking outside the box. The thing with the debenture is we all had an opportunity to buy it. you actually had to pay the $1.50 or whatever it was at the time. It was like a bond. You pay $15,000. for 10,000 shares and then you get 10% interest paid on it. When it comes mature or a certain amount of time prior to maturity(I recall an adustment on when to cash them in) you can either redeem for cash or shares. When the debenture was sold we were all thinking $3 but no where near it in SP. I think that was just before CIBC took us to the woodshed and tanked our SP to 70-80 cents if I recall correctly.