If you look at the volume you can see the shorts are covering. Also I cut and paste the debentures, they are redeamable at any time at $5.00 not $5.25. Most likely won'y be converted unless the SP hits over $5.00 and a couple of scenerios hit, 1) holder thinks SP will dive, so they will convert and sell shares. 2) The circumstances for CLL to acquire the debentures at principle plus accrued interest are about to happen so holder will convert. Nice to see the runup!!

The Debentures are senior, unsecured debentures of Connacher and will bear interest at a rate of 4.75% per

annum, payable semi-annually in arrears on June 30 and December 31 in each year commencing December

31, 2007. The Debentures are convertible at any time at the option of the holders into common shares at a

conversion price of $5.00 per common share, subject to adjustment under certain circumstances as described

in the related trust indenture. On or after June 30, 2010, Connacher has the right to redeem all or a portion

of the Debentures at the principal amount plus accrued interest provided Connacher’s common shares have

traded for at least 20 days on a weighted average basis, at a price which is at least 120% of the conversion

price.