Bank of America Prefer to Common Share Conversion

According this article Bank of America Announces Exchange Offer For Certain Series of Preferred Stock, the owner of certain Bank of America prefer share will have the choice to convert their shares into common shares by June 24, 2009

The number of shares of common stock issuable for each exchanged depositary share will be equal to this consideration amount divided by the average of the daily per share volume-weighted average price of Bank of America common stock for each of the five consecutive trading days ending on and including June 22, 2009 (the second business day prior to the scheduled expiration date of the exchange offer). Bank of America will announce this common stock average price no later than 9 a.m., New York City time, on June 23, 2009.

One of the conditions of the exchange offer that must be satisfied or waived is that the common stock average price be $10 or greater.

I am thinking starting tomorrow the price of BAC will take into effect for the prefer-to-common share conversion. For Bank of America share the coming five days is probably going to be a battle between the prefer and common share holder? I think the prefer share holder certainly want to push BAC price down so that their prefer shares can worth more common shares. I am not sure if that make sense. The big prefer shares holders may be very motivated to short Bank of America and bring the price level down