Wynn Resorts owns a variety of popular gaming resorts. Its annual report contained the following information:
Debenture Conversions
Our convertible debentures are currently convertible at each holder’s option into shares of the Company’s common stock at a conversion price of $23.00 per share (equivalent to 43.4782 shares per $1,000 principal amount). During the fourth quarter of 2006, we issued 1,434 shares of common stock upon the conversion of $33,000 of convertible debentures.
The current selling price for Wynn stock is $90. Explain why some bondholders have not converted the bonds to common stock, given that they can do so at $23 per share.