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I posted this on another board and didnt get a reponse...maybe some here can help please?

When LEAPS are converted to normal options why are both symbols still traded and why do they not trade in tandem? For example, I have a vertical spread for BAC, JAN-07 puts, the original tickers were VBAMJ VBAMK, the converted are BACMJ and BACMK. Why were mine converted and others werent? Also, why do the converted ones trade at a 30% discount?

I did some research on CBOE, which explained the conversion, but I dont understand why they wouldnt trade at the same price?

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