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E16-4B (Conversion of Bonds) On July 1, 2011, when its $1 par value common stock was selling for $66 per share, Indy Hotels Corp. issued

E16-4B (Conversion of Bonds) On July 1, 2011, when its $1 par value common stock was selling for $66 per share, Indy Hotels Corp. issued $25,000,000 of 6% convertible debentures due in 10 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into 10 shares of the corporation

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