I'm wondering about how the price of the underlying is determined if the ELK is converted to stock.  From what I can gather, convertible bonds have a specific price target for converting, but I'm not sure about ELKs. 

 

I tried the Amex site and found a little info, but not the price at which it converts.   The ELK is EGK, a %14 security based on RIMM.  I am long a call on RIMM (so that's the impetus for my curiousity).  

 

Any comments appreciated.