Hi
I purchased these bonds in early 2019, bond 88160RAG6 expiring 2024. I have initiated conversion of the bond. I was told by Etrade that it would take 3 business days. It's now been 2 weeks and I still haven't received anything. Etrade just called me and said they have learned that it could take up to 20 days (initially they told me 3-5 days. They are clueless) and Tesla has the right to issue shares, cash, or a mix of the two.
I'm wondering if anyone has experience with this bond conversion and if what I'm being told is true. I would be quite upset if I receive anything but shares since that could trigger tax liability and my intention was to hold long term. Etrade also couldn't tell me what stock or bond price the conversion would be based on. I was under the impression I would simply receive shares equal to the number of bonds purchased multiplied by the conversion rate of 3.2276.
Since the conversion request 2 weeks ago the bonds have been gone from my account. Now just this morning the bonds are back in my account... no shares, no cash. The same bonds. I am leaning towards etrade simply did everything wrong. Waiting for a callback Monday
If anyone has any insight on this it would be appreciated. thanks!
I purchased these bonds in early 2019, bond 88160RAG6 expiring 2024. I have initiated conversion of the bond. I was told by Etrade that it would take 3 business days. It's now been 2 weeks and I still haven't received anything. Etrade just called me and said they have learned that it could take up to 20 days (initially they told me 3-5 days. They are clueless) and Tesla has the right to issue shares, cash, or a mix of the two.
I'm wondering if anyone has experience with this bond conversion and if what I'm being told is true. I would be quite upset if I receive anything but shares since that could trigger tax liability and my intention was to hold long term. Etrade also couldn't tell me what stock or bond price the conversion would be based on. I was under the impression I would simply receive shares equal to the number of bonds purchased multiplied by the conversion rate of 3.2276.
Since the conversion request 2 weeks ago the bonds have been gone from my account. Now just this morning the bonds are back in my account... no shares, no cash. The same bonds. I am leaning towards etrade simply did everything wrong. Waiting for a callback Monday
If anyone has any insight on this it would be appreciated. thanks!