You say that the elimination of bullets is no big deal since there are other alternatives. Why aren't you also saying that those other alternatives (conversions) are very expensive (30-50 times so?) relative to bullets. Of course you could counter that the conversions are available to the trader over many days thus the cost on a pro-rata basis is comparable, but it severely limits the number of stocks and number of shares a trader can feasibly "put up". It also kills the traders ability to get short in any stock on the fly - and it takes a lot longer to put up a conversion. Or......am I missing something?