Convert Case

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Convertme, Inc Wenjing Chen Convertme Inc. (Convertme) issued convertible debt with several features that call into question whether certain terms (conversion option and make-whole provisions) in the senior subordinated convertible notes (the notes) should be considered embedded derivatives. The holders of the notes can surrender them for cash or shares The principal amount must be settled in cash Convertme is required to pay a premium equal to interest that would have been payable during the lockout period if it decides to call the notes during the lockout period FAS 133, par. 12 “Embedded” derivative instruments—implicit or explicit terms that affect some or all of the cash flows or the value of other exchanges required by the contract in a manner similar to a derivative instrument. An embedded derivative instrument shall be separated from the host contract and accounted for as a derivative instrument pursuant to this Statement if and only if all of the following criteria are met: a. The economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract. _b. The contract (“the hybrid instrument”) that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur._ _c. A separate instrument with the same terms as the embedded derivative instrument would, pursuant to paragraphs 6–11, be a derivative instrument subject to the requirements of this Statement. However, this criterion is not met if the separate instrument with the same terms as the embedded derivative instrument would be classified as a liability (or an asset in some circumstances) under the provisions…...

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